Task force will “look broadly at households’ ability to achieve financial security and save during their working years, as well as their ability to sustain a lifetime of income and maintain their standard of living in retirementThe call to action letter, signed by all 31 Funding Our Future partners, was created in the hope the task force will help promote their shared commitment to ensuring a dignified retirement for all Americans. Read the letter here.
Washington, DC — Today, thirty-one members of the Bipartisan Policy Center’s Funding Our Future initiative released a letter urging the Biden-Harris administration to create an inter-agency retirement security task force. The letter expresses the need for a holistic examination of the nation’s retirement readiness, its challenges, and a coordinated policy response.
“Retirement is a precarious and daunting prospect for many Americans, with an estimated half of households at risk of not being able to maintain their standard of living in retirement.” said Kara Watkins, senior manager of Funding Our Future. “This interagency task force will be an important tool for understanding and addressing the urgent challenges faced by workers as they plan for retirement.”
“We know that issues like student loan debt, emergency savings, and financial literacy inform households’ long-term financial wellbeing, but they are all dispersed across different executive agencies,” said Jason Fichtner, Chief Economist at the Bipartisan Policy Center. “This task force will bring together leaders from those relevant agencies to address interconnected retirement challenges and collaborate on holistic solutions.”
Inside The Letter
They ask for an executive order to establish this body and require a biannual report to the president and the American public summarizing its work and priorities. They also call for the task force to host a biannual summit that invites a diverse group of stakeholders and experts to discuss some of the most pressing issues in retirement policy.
With millions of Americans at risk of falling short in retirement, time is of the essence. A majority of Americans worry about running out of money in retirement, making it the country’s most common financial worry. Public policy can address many of the urgent challenges facing workers’ retirement savings and income. Their aspiration is for the task force to look broadly at households’ ability to achieve financial security and save during their working years—including issues such as student loan debt, emergency savings, and financial capability—as well as their ability to sustain a lifetime of income and maintain their standard of living in retirement.
Much work needs to be done to fill the gaps in our retirement system, which is why their organizations are all partners in the Funding Our Future (FOF) initiative. The FOF effort is premised upon three key goals agreed to by the 50 organizations in the coalition: (1) make it easier for Americans to save at all ages; (2) help them transform nest eggs into retirement income; and (3) ensure that Social Security continues to be financially stable, for both current and future retirees. The coalition works to highlight the gaps in our existing system, encourage more people to save, and promote solutions that improve financial security for older Americans.