Retirement in America is changing
As recently as a few decades ago, workers usually worked for one company their whole career. That company job often came with a pension that, along with the promise of Social Security, assured workers of a secure retirement in their golden years.
But that’s no longer the case for most workers.
Today, people don’t stay at one job their whole lives, or often even work one job at a time, and fewer and fewer have an employer-sponsored pension plan. That means that retirement savings need to help make up the difference—but for many workers, effective retirement savings accounts are out of reach. Currently, 68 million Americans work for an employer that does not sponsor a retirement plan and nearly one-third of all working-age Americans report having no retirement savings.
The American Savings Act would help fix this.
Learn more about the American Savings Act
The American Savings Act would establish a new retirement savings system—American Savings Accounts—that will automatically enroll employees who don’t have access to an employer sponsored plan. This legislation will make our country’s system of saving for retirement more fair and effective so all Americans have the best chance to achieve a financially secure retirement.
By creating American Savings Accounts and improving Social Security benefits, we can give all Americans access to a universal, portable, simple and personal retirement savings plan, and give hardworking Americans a little more security in their financial future.
Click here to read the press release for the American Savings Act and click here to download a short summary of the bill.
To see the full text of the bill, click here.
To download a copy of Senator Merkley’s American Savings Act pamphlet (PDF), click here.