U.S. Rep. Mike Kelly announced Monday he had co-founded the Retirement Security Caucus in the House of Representatives, a bipartisan organization that looks to spread information about planning for retirement.
The bipartisan caucus was co-founded by Kelly, who serves on the House Ways and Means Subcommittee on Social Security, and by Rep. Richard Neal, a Democrat from Massachusetts who also serves on the subcommittee.
“All Americans deserve to enjoy their later years in comfort and in peace of mind—and wallet,” Kelly said. “This caucus will heed the concerns of millions of Americans about achieving financial security in their retirement and ensure that federal policies are crafted to make such security as easy to realize as possible.”
The caucus' primary goal will be to educate the public and other policymakers on how national retirement policies can help encourage citizens to plan and save money for their retirement. Kelly said recent studies have shown that many Americans don't save enough or aren't saving any money for their retirement.
According to U.S. Census Bureau data, people ages 55 to 65 had only about $45,000 in savings and assets not including their homes. The Employee Benefit Institute found about 57 percent of Americans working have less than $25,000 in total investments and savings.
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