WASHINGTON-A new poll conducted by the National Institute for Retirement Security (NIRS) shows strong support for reforming the retirement system-a top priority of Senate Health, Education, Labor, and Pensions (HELP) Committee Chairman Tom Harkin (D-IA). Among other findings, the NIRS poll showed that 85% of respondents are concerned about their ability to have a secure retirement, and 87% said that the recent economic downturn exposed the fragility of our retirement system.
Harkin has proposed the creation of a new retirement plan, USA Retirement Funds, that would create privately-run, universally-available savings plans providing a monthly stream of income in retirement that cannot be outlived. The NIRS poll found strong public support for such a proposal, with 74% of respondents believing it to be a good idea.
“These statistics tell the same story I have heard from folks all over Iowa: the dream of a secure retirement is fading for American workers. With stagnant wages, rising costs of living, and traditional pensions disappearing, more families are relying on Social Security, which simply does not pay enough to provide financial security in retirement. Even workers who have some savings rarely have enough to ensure a secure retirement, and turning those savings into monthly income is both expensive and challenging. My proposal will make it simpler for people to save for retirement, and provide a reliable income stream that retirees cannot outlive," Harkin said.
Features of Harkin’s USA Retirement Fund plan scored high marks in the poll:
