Organizations urge President Biden to prioritize retirement security
Americans’ retirement security is unstable, and legislation focused on pensions, Social Security and other savings or healthcare concerns must be a priority for government officials, a group of 31 organizations wrote in a recent public letter to President Biden.
“The proverbial three-legged retirement stool is shakier than ever. Social Security and Medicare face financing shortfalls, while pension plans have largely disappeared for younger workers,” the letter, published on the Bipartisan Policy Center’s website, stated. “At the same time, rising life expectancies, soaring health care and long-term care costs, and rock-bottom interest rates have created new risks to retirement security.
Near-retirees could use more guidance upon retirement, which an inter-agency taskforce could provide. “Modern retirement requires baby boomers to navigate a series of decisions ranging from Social Security to Medicare to retirement income and more,” said Rhian Horgan, founder and chief executive officer of retirement planning app Silvur. “Continuing a siloed approach to supporting retirees as they navigate these decisions further complicates the process.
Also see: I’m retiring on my 78th birthday, have more than $200,000 in savings and share expenses with my 80-year-old boyfriend. Will I be OK?
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