The coronavirus pandemic and the resulting economic downturn has affected the finances of millions of Americans. Yet, saving for retirement is still the top priority for American workers.
Building on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 which helped improve access to retirement security for American workers, House Ways & Means Committee Chairman Richie Neal (D-Mass.) and Ranking Member Kevin Brady (R-Texas) today introduced the Securing a Strong Retirement Act of 2020 (SECURE 2.0).
Chairman Neal and Ranking Member Brady are extraordinary champions for workers saving for retirement. Their proposal reflects many important bipartisan priorities, and we look forward to continuing to work with them to strengthen Americans’ financial footing.
I had the opportunity to sit down recently with Chairman Neal and Ranking Member Brady to discuss this legislation and other vital financial security concerns. This conversation was part of Protecting Every Future’s Kitchen Table Conversation series. An initiative of the American Council of Life Insurers, Protecting Every Future is a network of diverse people across the nation who support common sense policies that protect and strengthen the financial futures of all Americans.
Launched during National Retirement Security Month, the Kitchen Table Conversation series provides a platform for government, industry and policy leaders to come together and speak their minds about important financial security issues.
Earlier this month I was honored to moderate the conversation about the savings gap for caregivers, which featured U.S. Rep. Gwen Moore (D-Wis.); Vivian Nava-Schellinger, Associate Director, Strategic Partnerships & External Affairs Program Committee Co-Chair, National Council on Aging; and Abigail Zapote, former executive director and current board member, Latinos for a Secure Retirement.
Conversations like these are all the more important with COVID-19 hampering the nation’s economy.
SECURE 2.0, along with other sensible nonpartisan legislation like the Retirement Security and Savings Act, introduced by Sens. Rob Portman (R-Ohio) and Ben Cardin (D-Md.), will help people plan and prepare for retirement in valuable ways during and after the pandemic. Now more than ever, it’s crucial for the nation’s leaders to take steps to help lessen the retirement savings gap.