Senate Aging Committee to Analyze In-Depth Report on America’s $7.7 Trillion Retirement Security Gap

Washington, D.C. — U.S. Senators Susan Collins and Claire McCaskill, the Chairman and Ranking Member of the Senate Special Committee on Aging, will hold a hearing on Wednesday, September 7, 2016, at 2:30 pm, in SD-562, titled, “Securing America's Retirement Future: Examining the Bipartisan Policy Center's Recommendations to Boost Savings.”

As of 2015, the difference between what people have saved and what they will need to live in retirement was a staggering $7.7 trillion. This serious gap is concerning workers across our country, 82 percent of whom say their generation will have a much harder time achieving financial security compared to their parents’ generation.

As part of a bipartisan effort to address this growing crisis, a Bipartisan Policy Center (BPC) Commission conducted a two-year study to identify why this disparity exists and to identify solutions that could facilitate increased savings and improve the retirement security of Americans. Next week’s Senate Aging Committee hearing will examine the findings and recommendations of the Commission and seek to determine how these recommendations could be incorporated into potential policy solutions.

Under Chairman Collins’ and Ranking Member McCaskill’s leadership, the Senate Aging Committee has made addressing the retirement security crisis a top priority, holding a series of hearings to examine and advance solutions.

Witnesses for the hearing will include:

• Kent Conrad. Co-chair, Bipartisan Policy Center’s Commission on Retirement Security and Personal Savings, Washington, D.C.

• James B. Lockhart III. Co-chair, Bipartisan Policy Center’s Commission on Retirement Security and Personal Savings, Washington, D.C.

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