A Quote by Elaine Chao

401k savings accounts have become so important in the landscape of retirement planning that their security and expansion became a top priority in formulating and implementing the Pension Protection Act of 2006 that was enacted during my tenure as the U.S. Secretary of Labor.
I favor every worker having access to a retirement savings account, and there are various options for doing this. I do support states implementing their own plans, and I expect them to play an important role in increasing retirement savings for young professionals especially.
The decision to incentivise savings for pension funds augurs well for infrastructure financing and retirement planning.
Retirement security is often compared to a three-legged stool supported by Social Security, employer-provided pension funds, and private savings.
My legislation, the Simple Savings Tax Relief Act of 2005, simply eliminates the taxation of interest earned in savings accounts, such as passbook savings accounts or bank certificates of deposit.
President Roosevelt, the author of Social Security, was the first to suggest that, in order to provide for the country's retirement needs, Social Security would need to be supplemented by personal savings accounts.
The system is not intended as a substitute for private savings, pension plans, and insurance protection. It is, rather, intended as the foundation upon which these other forms of protection can be soundly built. Thus, the individual's own work, his planning and his thrift will bring him a higher standard of living upon his retirement, or his family a higher standard of living in the event of his death, than would otherwise be the case. Hence the system both encourages thrift and self-reliance, and helps to prevent destitution in our national life.
If only the majority of the wealthiest top 10 percent of Americans own stock directly - which does not include pension and retirement accounts - then the divide between rich and poor is likely to expand.
We promote domestic savings by also things like the personal accounts associated with the president's Social Security initiative, which over time would generate more savings.
Since Social Security faces a large gap between what it promises younger workers and what it can afford to pay them, private savings will likely need to play a larger role in retirement planning for younger workers.
The security of our country is not just a top priority, it's the top priority.
Americans should be able to enjoy a secure retirement after a lifetime of hard work. But too many Americans reach retirement without enough savings to supplement their Social Security benefits.
It's time to stop the raid on the Social Security trust fund and start allowing Americans to invest their Social Security taxes in personal savings accounts.
By requiring that any surplus in Social Security taxes be returned to the American people in personal savings accounts, the plan ensures that Social Security taxes will be used for Social Security.
When top executives get huge pay hikes at the same time as middle-level and hourly workers lose their jobs and retirement savings, or have to accept negligible pay raises and cuts in health and pension benefits, company morale plummets. I hear it all the time from employees: This company, they say, is being run only for the benefit of the people at the top. So why should we put in extra effort, commit extra hours, take on extra responsibilities? We'll do the minimum, even cut corners. This is often the death knell of a company.
It has long been said the only things in life that are certain are death and taxes. Automatic enrollment for insurance of 401k loans would add an additional certainty. Fewer Americans would suffer the unnecessary loss of retirement savings due to unanticipated and untimely misfortune in an already stressful time of need.
The portfolio standard was enacted when I was secretary of the Department of Environmental Protection. It created investment, generated jobs, and gave a boost to local economies, all when helping to protect the environment.
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