The Insured Retirement Institute (IR) is encouraging federal leaders to work with Congress to consider additional measures to alleviate workers’ and retirees’ retirement anxiety.
The IRI has forwarded correspondence to the Biden Administration in that regard, espousing the benefits of the Secure 2.0 Act, an analysis the IRI maintains would boost retirement savings by more than $70 billion.
“The SECURE 2.0 Act is helping America’s workers and retirees achieve economic equity, strengthen their financial security, and protect their income to sustain them throughout their retirement years,” IRI President and CEO Wayne Chopus said.
Additionally, the IRI indicated the law expands opportunities for millions of the nation’s workers and retirees to save for retirement and includes measures that incentivizes lower- to middle-income savers to invest for their retirement while filling gaps in employer coverage; extends retirement plan coverage to part-time employees; assists younger workers with student debt by providing opportunities to establish savings for employees who may not be able to save on their own for retirement; and ensures retirement savings follow workers through job changes.
There are four proposals that would substantially expand access to workplace retirement plans and facilitate access to protected, guaranteed lifetime income solutions.
The IRI acknowledged that while the new law will enhance the retirement security of millions of workers and retirees, an April 2023 Gallup survey revealed 43 percent of respondents said they would have enough money to live comfortably in their retirement years.