For most Americans a “secure retirement” means having a comfortable standard of living through retirement – from the first day of retirement to the very last. For the majority of Americans, that requires a steady stream of income that, combined with Social Security and other retirement income, covers basic living expenses – from rent to doctor’s bills, taxes to transportation, food to clothing.

Or, as future retirees across the nation told us, what most Americans want is a guaranteed retirement paycheck for life.

Yet, Americans today are facing a serious and growing challenge to retirement security. At the same time Americans are living longer, Social Security is replacing less and less pre-retirement income, and participation in defined benefit plans (such as pensions) is declining.. As a nation we face the very real risk that many people will experience dramatic declines in their standard of living during retirement.

The good news is that there are ways that Congress can help. Though Congress is correctly doing much to encourage saving for retirement, there are not sufficient incentives in place today to support the types of retirement vehicles that will pay retirees a steady“paycheck” for life and help them manage their retirement savings, like lifetime annuities.

That is why our coalition is supporting legislative action like The Retirement Security for Life Act, which was introduced on February 15, 2005 in both the House of Representatives and the Senate in order to provide retirees with a steady paycheck that can not be outlived.

With the private sector and government working together as partners, we can help retirees maintain an adequate standard of living for life.

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