Rep. Kelly Co-Founds Bipartisan House Retirement Security Caucus

WASHINGTON — U.S. Representative Mike Kelly (R-PA) – a member of the House Ways and Means Subcommittee on Social Security – issued the following statement today announcing the creation of the Retirement Security Caucus in the House of Representatives, a bipartisan organization that he has officially co-founded with his co-chairman and fellow Ways and Means Committee member, Rep. Richard Neal (D-MA). The Senate Retirement Security Caucus is being co-chaired by Sens. Rob Portman (R-OH) and Ben Cardin (D-MD).

“I am proud to announce this new bipartisan, bicameral caucus to raise awareness about the importance of properly planning ahead for a safe and secure retirement. All Americans deserve to enjoy their later years in comfort and in peace of mind—and wallet. This caucus will heed the concerns of millions of Americans about achieving financial security in their retirement and ensure that federal policies are crafted to make such security as easy to realize as possible.”

NOTE: The primary mission of the House Retirement Security Caucus is to educate policy makers and the public about how national retirement policies can encourage Americans to save more money and plan more responsibly for their retirement. As the retirement income landscape has changed over the past few decades, recent studies confirm that many Americans are not saving enough for retirement, or are not saving at all.

According to the Congressional Research Service, “[a] persistent concern among policymakers is whether households will have sufficient resources to maintain their pre-retirement standards of living throughout retirement.” According to recent census figures, Americans ages 55 to 65 had about $45,000 in savings and assets, not including their homes. In another survey, by the Employee Benefit Research Institute, 57 percent of American workers said they have less than $25,000 in total savings and investments. (NPR, March 27, 2013) According to the Gallup Economy and Personal Finance poll taken in April 2014, 68 percent of Baby Boomers aged 50-64 and 50 percent of Millennials aged 18-29 are worried about not having enough money for retirement.

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