A Quote by Tammy Baldwin
Americans are not saving enough for retirement.
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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.
Instead of saving for someone else's college education, I'm currently saving for a luxury retirement community replete with golf carts and handsome young male nurses who love butterscotch.
Saving enough to retire has become impossible for most Americans.
Retirement savings is probably behavioral economists' greatest success story. It is a prototypical behavioral-economics problem because saving for retirement is cognitively hard - figuring out how much to save - and requires self-control.
The problem is that Americans care more about saving whales than saving males.
The truth is, if you are a woman saving 10% of your income for retirement, and you put it in the bank account, your chances of retiring well - living on 90% of your pre-retirement income for your full life - is 0%.
Social Security is the foundation stone of that kind of retirement security. It not only needs to be strengthened in order to make sure it's there for younger baby boomers and Generations X and Y, but it probably needs to be strengthened and expanded because the retirement benefits now being offered by most employers are not sufficient to support middle-income Americans in their long years of retirement.
The proven method for saving the lives of innocent Americans is not disarming them. The proven method for saving the lives of innocent Americans is to arrest, prosecute, convict and jail criminal offenders, especially armed career criminals illegally using guns. This is the way to reduce gun violence.
Social Security not only helps Americans enjoy a secure retirement, it has also kept millions of Americans out of poverty.
Indeed, I think most Americans now know that in 1935 when Social Security was created, there were some 42 Americans working for every American collecting retirement benefits.
I always tell people, it's never too late to start saving for retirement. It's not that important how much you have already saved. What's important is that you start saving. And save as much as you can. You will be amazed at how quickly it will build up.
The idea of working all your life, saving, and putting money into a retirement account is a very slow plan.
Americans believe that people should work hard and get ahead on their own, but when disaster strikes and they need help with retirement or disability, Americans as a whole should come to their aid.
Overwhelming, student loan payments are holding millions back from buying homes, starting families, and saving for retirement.
One of the strongest lessons I learned in doing six months of work on retirement topic was how absolutely crucial the Social Security system is for the great mass of Americans. The research of professionals and our own reporting convinced me that many millions of people are not capable of effectively managing the finances for their own retirement.
Increased awareness and education could be a great help toward improving spending and saving habits and increasing participation and contribution levels to retirement plans.
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