National Institute on Retirement Security Testifies Before House Ways and Means Committee on the U.S. Retirement Savings Shortfall

Diane Oakley, executive director of the National Institute on Retirement Security, will testify today before the U.S. House of Representative Ways and Means Committee hearing, Improving Retirement Security for Americas Workers. The hearing will begin at 10:00 AM ET in 1100 Longworth House Office Building, Washington, D.C.

Oakley will provide committee members with an overview of the fundamental changes to the nations retirement system that have made it increasingly difficult for Americans to prepare for retirement. She will discuss how the disappearance of pensions and declining workplace retirement plan coverage means that Americans have a dim retirement outlook.

She also will provide insight on how the deep retirement savings shortfall means that many Americans will face the prospect of continuing to work well into their 60s, a substantially reduced standard of living, and/or the need to turn to families or government for financial assistance. Ultimately, the inability of older Americans to be self-sufficient after a lifetime of work will have negative impacts on the U.S. economy, government budgets and families.

The testimony also will provide committee members with insight on bold actions that can be taken to improve the retirement outlook for working Americans.

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Download the testimony here.

Read more about NIRS research cited in the testimony, including:

The full body of research is available at www.nirsonline.org.

The National Institute on Retirement Security is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers and the economy as a whole. Located in Washington, D.C., NIRS diverse membership includes financial services firms, employee benefit plans, trade associations, and other retirement service providers. More information is available at www.nirsonline.org. Follow NIRS on Twitter @nirsonline.

Kelly Kenneally
[email protected]
202.457.8190