Elaine Chao Quotes

The decision to incentivise savings for pension funds augurs well for infrastructure financing and retirement planning.

What we should be trying to do is to encourage people to establish private retirement accounts and help them take pressure off the Social Security system.

The fact remains that most of us are anesthetized to the true cost and true value of long term care insurance.

Do not leave yourself or your family unprotected against financial storms... Build up savings.

Automate your savings so that you have money taken directly from each paycheck and deposited into a 401(k) or other workplace retirement account. If that's not an option, automatically have money transferred out of checking into savings each time you get paid.

It is true that a population which is growing older needs to save, but the question is in what form the savings are made.

Workers are most likely to save for retirement if they have access to a workplace savings plan and are automatically enrolled in that plan.

Payroll savings plans are vital because they are essentially the only way that middle-class Americans reliably save for retirement.

When employees are first eligible for a retirement savings plan, they should be enrolled unless they choose to opt out.

While conventional wisdom has traditionally sided against borrowing from retirement savings, sentiment has shifted toward borrowing from one's own assets with the realization that other forms of credit come at a much higher cost and often are not even available to borrowers with limited means and urgent needs.

Life gets weird enough without having to worry about whether you are covered for this or have to have a deductible for that, so the less stress when you are in need, the better.

Whatever your income level is, save as much as you can - up to 20 percent, but more if you can - and invest it. Put that into an IRA; put that into a brokerage account.

Let's also teach people about pensions and savings, insurance and the like. But if they aren't already familiar with numbers that won't be as effective as it might be.

To the hard-working people who set a little bit aside each month, to provide for their children, or to fund their own retirement, I say: you should be rewarded not punished.

I think to the extent you die with money in the bank, you've miscalculated.

I can't retire.

In the 1970s we saw a massive shift of household savings from the banks to the brokerage firms.

Financial literacy is an issue that should command our attention because many Americans are not adequately organizing finances for their education, healthcare and retirement.

We promote domestic savings by also things like the personal accounts associated with the president's Social Security initiative, which over time would generate more savings.

I worry about putting food on the table, paying for my kids needs, their college fees in years to come. It's about earning enough to have a living to be able to look after your children.

And, I believe that if a man dies with a single penny still sitting in the bank, he's a fool.

I'm just trying to get used to living on a fixed income. Now, it's going to get unfixed.

I don't know if the money I've earned is going to need to last me for the next few weeks or the rest of my life.

The best advice that I can offer is that being proactive and a careful planner is key. Think about the major things that could shake up your financial life, and I'll bet there are some great ways to protect yourself.

Since Social Security faces a large gap between what it promises younger workers and what it can afford to pay them, private savings will likely need to play a larger role in retirement planning for younger workers.