As the Chair of the House Ways and Means Committee, Congressman Richard Neal has made it his mission to ensure that Americans do not lose benefits they’ve earned throughout their working lives.
At a roundtable discussion on Thursday, Congressman Neal addressed the retirement savings crisis. With more seniors having to return to work than ever before, Congressman Neal is trying to make it easier for young people to start saving for retirement.
“I think the retirement issue is really based upon the principle that we all pull the wagon in our youth because we might have to sit in the wagon in old age,” Neal explained.
Part of Neal’s plan to bridge the gap between personal savings and Social Security includes the creation of a new office within the Treasury Department.
The Pension Rehabilitation Administration would loan money to declining pension plans so that employees aren’t losing portions of their life savings.
Congressman Neal noted that 1,400 pension plans currently cover about 10 million Americans. With the aging Baby Boomer population, a smart retirement savings plan must be in place to help keep these people from running out of money in retirement.
Neal told 22News that his proposal has bipartisan support, but policymakers weren’t able to agree on the bill’s language last session.