Below are highlights of what members of Americans for Secure Retirement are saying regarding the launch of the coalition and the need for Congress to address retirement security issues:
“Many members of the farm community have saved beyond the equity in their farm to help them in retirement years, however part of the challenge for farmers, is to learn how to turn those savings into sustainable income that lasts throughout our lifetime. The more tools we have at our fingertips to help us manage retirement savings, the easier it will be for us to maintain our standard of living in our golden years.”
Cole Sims
President, National Association of Farmer Elected Committees
“Largely self-employed, farmers and agricultural workers are left facing unpredictable challenges affecting their annual income and long-term savings. Without the safety net of a pension or employer-provided 401(k) plans, annuities could provide America ’s rural communities with the opportunity to provide a steady income for their retirement.”
Harvey Joe Sanner
President, American Agriculture Movement of Arkansas
“There are two sides to retirement security. Having enough savings is critical, but that’s only half the battle. Retirees must manage their savings so they’ll still have a decent standard of living when they’re in their 90s or older. We must encourage people to choose retirement vehicles that pay a guaranteed paycheck for life.”
Former Oklahoma Governor Frank Keating
President & CEO, American Council of Life Insurers
"American women are at a significant disadvantage in retirement. Women live longer than men and are therefore in danger of outliving their savings; they take significant time out of the paid workforce for caregiving, thereby affecting their lifetime earnings; and they are paid on average 76 cents for every dollar paid to their male counterparts. You cannot save what you aren't paid.. "Women face a very serious problem that their retirement savings will not be enough to support them during their older years."
Jennifer Sweeney
Director of Public Policy, Business and Professional Women/USA
“Congress should make it a priority to help Americans maintain a reasonable standard of living in retirement. The more tools we give seniors to help them be financially secure, the better off our public and private retirement systems will be, given the changes and pressures they face. As a former mayor, I also know how much pressure it will take off of local and state relief programs.”
Steve Bartlett
President and CEO, Financial Services Roundtable
“Hispanic-Americans are less likely to have traditional employer provided pensions or retirement savings vehicles. We are hopeful the coalition can promote awareness of this problem in our community, as well as highlight retirement vehicles, like life annuities, that can provide a steady income throughout retirement.”
Honorio Padron
President, Hispanic Business Roundtable
“Social Security benefits are the sole source of income for one-third of Hispanic-American retirees, compared to only 16 percent of white beneficiaries. As 77 million baby boomers near retirement, the detriment to our Social Security system is looming, it is clear that Congress needs to provide these workers with another option. Life-contingent annuities provide Hispanic-Americans with a clear and necessary alternative.”
Roberto G. De Posada
The Latino Coalition
“Policy makers have long recognized the value of using public policy to provide incentives for households to increase their retirement savings. This is an opportunity to provide Americans with a secure financial future.”
Mark J. Mackey
President, National Association for Variable Annuities
“With dramatic advances in life expectancy, baby boom retirees can look forward to 20 to 30 or more years of retirement. But many will lack the tools to maintain a steady stream of income throughout their retirement. Annuities could be a part of retirement plans.”
Linda Golodner
President, National Consumer League
“There are very few challenges facing Congress more vital than immediately addressing the vast unfunded liabilities of Social Security and Medicare. Providing tax incentives for individuals to plan for their own retirement future is one of the solutions.”
John Berthoud
President, National Taxpayers Union
“Small business owners and their employees are often left to plan their retirement by themselves. They would benefit immensely from a tax exclusion on the payout side of their retirement savings such as the ones advocated by Americans for Secure Retirement.”
Raymond J. Keating
Chief Economist, Small Business Survival Committee
“Annuities can help America ’s farmers use their assets to provide a steady stream of income through their retirement.”
Dan McGuire
President, Soybean Producers of America
“With the looming financial pressures facing Social Security, it is clear that individuals and public policy makers have every incentive to closely examine the private and public approaches to providing for a financially secure retirement.”
R. Bruce Josten
Executive Vice President, Government Affairs, U.S. Chamber of Commerce
“Faced with unique challenges, as they traditionally live longer, have lower incomes and work for a shorter time span than males, women are at high risk of outlining their personal savings. Annuities provide women with a unique ability to plan for retirement by providing themselves a paycheck for life.”
Karen Kerrigan
President & CEO, Women Entrepreneurs, Inc.
“Women are especially at risk of suffering dramatic declines in their standard of living during retirement. It is important for women’s groups to come together to make sure they have access to retirement vehicles that provide guaranteed lifetime income.”
Terry Neese
President and CEO, Women Impacting Public Policy
“Women face a dramatically different retirement picture than men. Women traditionally live longer and have lower incomes leading to a dramatic decline in their standard of living. Congress should enact policies that help women protect their savings and provide a lifetime income.”
Cindy Hounsell
Executive Director, Women’s Institute for a Secure Retirement
“If we don’t provide professional and working women with the tools to manage their retirement income, we are sentencing them to live on very meager means. We urge Congress to solve this unique problem as they address retirement reforms in the coming year.”“If we don’t provide professional and working women with the tools to manage their retirement income, we are sentencing them to live on very meager means. We urge Congress to solve this unique problem as they address retirement reforms in the coming year.”
Marsha Firestone
President, Women Presidents’ Organization
