Congress Kicks Off Event to Promote the Importance of Saving for Retirement

National Save for Retirement Week kicked off its fourth annual event to raise public awareness about the importance of saving for retirement this week.

Established by Congress, the event takes place October 17-23 and the awareness couldn’t come at a better time. According to TIAA-CREF’s “Saving in America” survey, the company found that more than one in three Americans (39%) are not saving anything toward retirement.

“Many people know they need to save but are unsure how to begin,” said Jennifer Anker, a wealth management director with TIAA-CREF in Seattle. “National Save for Retirement Week presents an opportunity for people to learn about savings opportunities, objective advice and educational information that can help them plan and achieve the future they envision for themselves. Saving is a journey and for people who haven’t started this week is a great time to take the first step.”

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According to the survey, more than three-quarters of Washington residents (77%) rely on themselves to make household financial decisions. However, more than half (55%) say they don’t know much about finance.

Research from the Employee Benefits Research Institute also found that more than half of all workers in the United States have less than $25,000 in total savings and investments.

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  • No matter how we save for retirement, the market can eat up our savings, and circumstances beyond our control — rising prices in gas, heating oil, electricity, and food — can take a chunk of retirement savings. I deal with seniors all the time who have depleted savings because of such losses. Are we sticking a finger in the dike by instructing people now that they have to “plan for retirement” or are we sticking our fingers in our ears by not recognizing that a vast majority of them who are in trouble DID plan? I don’t know. Should we take instruction from Congress on how to save? LOL! I don’t know, do you?

  • We finally have an allegedly pro union Democratically controlled Congress and what is the tone of their endeavors regarding retirement?

    SAVE FOR THE FUTURE.

    Wow, the G. W. Bush Administration reincarnated in a Democratic Congress. It is very understandable why the Party has only the marginal support of unions and so much support from business.

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