Lawmakers try to find solutions to retirement crisis

Washington-DC

WASHINGTON, D.C. (NEXSTAR) —  Lawmakers had yet another hearing on Tuesday to try to find solutions to a crisis facing Americans — retirement.

Currently, a third of Americans have less than a thousand dollars saved for retirement and many employers don’t offer a way to put away funds. 

Senator Debbie Stabenow says it’s time for Congress to pass a plan to help millions of people avoid poverty when they retire.

“There has to be a different sense of urgency here,” Stabenow, a Democrat from Michigan, said.

Joan Ruff, board chairwoman of the AARP, says half of working Americans don’t have access to retirement saving plans at their jobs, and a third have almost nothing saved.

“(It’s) leaving them increasingly dependent on social security,” Ruff said.

However, social security benefits may not provide enough income for many retired Americans. In addition, social security will eventually run low on money if Congress doesn’t act.

Lawmakers say that’s more reason to pass reforms now.

Republican Sen. Rob Portman of Ohio says the Retirement Enhancement Savings Act or RESA would give millions of people, even those working part-time, access to job-sponsored saving accounts for the first time.

“We’ve got this opportunity with RESA, and I think it’s an important first step,” Portman said.

Portman has also introduced a bipartisan bill that aims to provide even more incentives for retirement savings. 

Democrat Sen. Sherrod Brown of Ohio says there are generations of families in jeopardy.

“You see the desperation,” Brown said.

He says RESA will help, but fears Republicans will use the measure to undermine social security.

The plan has failed to pass two years in a row, but lawmakers say they will continue to have hearings in the hopes of passing it this year. 

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Overcast

Abbeville

76°F Overcast Feels like 76°
Wind
5 mph ENE
Humidity
92%
Sunrise
Sunset

Tonight

Partly to mostly cloudy. Low 71F. Winds light and variable.
74°F Partly to mostly cloudy. Low 71F. Winds light and variable.
Wind
3 mph SE
Precip
30%
Sunset
Moon Phase
Waning Gibbous
Overcast

Crowley

72°F Overcast Feels like 72°
Wind
mph
Humidity
95%
Sunrise
Sunset

Tonight

Mostly cloudy. Low 71F. Winds light and variable.
74°F Mostly cloudy. Low 71F. Winds light and variable.
Wind
3 mph SE
Precip
30%
Sunset
Moon Phase
Waning Gibbous
Overcast

Opelousas

69°F Overcast Feels like 69°
Wind
12 mph N
Humidity
98%
Sunrise
Sunset

Tonight

Mostly cloudy. Low 68F. Winds light and variable.
74°F Mostly cloudy. Low 68F. Winds light and variable.
Wind
3 mph SE
Precip
30%
Sunset
Moon Phase
Waning Gibbous
Overcast

Breaux Bridge

74°F Overcast Feels like 74°
Wind
5 mph ENE
Humidity
91%
Sunrise
Sunset

Tonight

Mostly cloudy skies. Scattered thunderstorms this evening. Low around 70F. Winds light and variable. Chance of rain 50%.
74°F Mostly cloudy skies. Scattered thunderstorms this evening. Low around 70F. Winds light and variable. Chance of rain 50%.
Wind
3 mph SE
Precip
30%
Sunset
Moon Phase
Waning Gibbous
Overcast

New Iberia

77°F Overcast Feels like 78°
Wind
8 mph ENE
Humidity
94%
Sunrise
Sunset

Tonight

Showers early, becoming a steady rain late. Low 64F. Winds light and variable. Chance of rain 100%. Rainfall near a half an inch. Locally heavy rainfall possible.
71°F Showers early, becoming a steady rain late. Low 64F. Winds light and variable. Chance of rain 100%. Rainfall near a half an inch. Locally heavy rainfall possible.
Wind
3 mph SE
Precip
100%
Sunset
Moon Phase
Waning Gibbous

Local News

More Local

Sidebar