House passes Sam Johnson’s retirement proposal

June 26, 2008

Today the House of Representatives passed legislation to designate October 19 – 25, 2008, as “National Save for Retirement Week,” a measure introduced by U.S. Congressman Sam Johnson (3rd Dist.-Texas).

Earlier this year the Employee Benefits Research Institute released its annual Retirement Confidence Survey that shows 44% of Americans age 55 and older have saved less than $100,000. In addition, the study finds “Americans’ confidence in their ability to afford a comfortable retirement has dropped to its lowest level” in several years.

“I know that Americans are strapped for cash and that, right now, saving is a hard thing to do. Rising gas prices are taking bigger and bigger bites out of everyone’s income. But Americans don’t want to work forever. The only way to retire is to plan and save,” said Johnson.

This is the second year in a row Johnson has initiated the creation of National Save for Retirement week. Johnson has long championed increasing the national savings rate and boosting retirement savings. Johnson directed the first comprehensive pension reform in a generation and enacted “phased retirement” so older employees can work a reduced schedule and collect a pension at the same time. He also led the fight to repeal the “earnings limit” so seniors could work past retirement and collect Social Security without a penalty tax.

“I hope to work with more employers in my Congressional District this year to bring the message of ‘Save for Retirement Week’ to employees,” continued Johnson.

“Hopefully this week will make employees more aware of how critical it is to save now for their financial future and learn how to take advantage of ‘free money’ when saving for retirement by contributing enough to the retirement plan to receive the company match,” concluded Johnson.

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