Senate Banking subcommittee to hold hearing on retirement security

Senior Retirement PlanningThe Senate Banking Subcommittee on Economic Policy will hold a hearing on March 12 to examine the state of retirement security in the U.S.

The hearing, titled “The State of U.S. Retirement Security: Can the Middle Class Afford to Retire?” will be held between 2:30 p.m. to 4:30 p.m. at room 538 in the Dirksen Senate Office Building.

Witnesses at the hearing will include Oregon Treasurer Ted Wheeler; Monique Morrissey, an economist at the Economic Policy Institute; Robert Hiltonsmith, a policy analyst at research and policy center Demos; and Kristi Mitchem, the executive vice president of State Street Global Advisors and the head of the Americas Institutional Client Group.

According to a 2013 report from the Employee Benefit Research Institute, less than two-thirds of workers—66 percent—reported saving for retirement, unchanged from 2012 but a decrease from 75 percent in 2009.

The report also showed households with greater annual incomes were much more likely to report having saved for retirement. Ninety-four percent of households with incomes of $75,000 per year reported saving for retirement in 2013, while only 24 percent of households with annual incomes of less than $35,000 reported saving for retirement.

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