You can imagine, if somebody's approaching retirement, and all of a sudden the funds that he or she is depending on is depleted by 50% or however many, it gives them a sinking feeling in the pit of their stomach.
A secure retirement is one of the pillars of middle class life. For all too many Americans, however, that pillar needs more support.
A whole generation of Americans will retire in poverty instead of prosperity, because they simply are not preparing for retirement now.
We need to build on the success of Social Security by developing bold and innovative ways for Americans to build wealth and save for retirement. I believe we can work together in a bipartisan manner to accomplish these goals.
We want to develop innovative ways to promote savings so more Americans can save for their future, but first we need to reject privatization schemes and work together to strengthen Social Security.
The do-it-yourself version of pensions is a flop, as many Americans have painfully learned.
People just haven't saved enough for retirement. And they're going to outlive their money.
But while the state pension is a critical foundation for people's financial security as they age, it must be supplemented with other forms of retirement income.
Music has given me a decent pension. I am in that rare position for a clergyman of having some provision for my retirement. Thank you, young people of Europe.
