[Congressional Record Volume 167, Number 171 (Thursday, September 30, 2021)]
[Senate]
[Page S6850]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  SENATE RESOLUTION 404--SUPPORTING THE GOALS AND IDEALS OF NATIONAL 
 RETIREMENT SECURITY MONTH, INCLUDING RAISING PUBLIC AWARENESS OF THE 
    VARIOUS TAX-PREFERRED RETIREMENT VEHICLES, INCREASING PERSONAL 
FINANCIAL LITERACY, AND ENGAGING THE PEOPLE OF THE UNITED STATES ON THE 
   KEYS TO SUCCESS IN ACHIEVING AND MAINTAINING RETIREMENT SECURITY 
                       THROUGHOUT THEIR LIFETIMES

  Mr. CARDIN (for himself, Ms. Collins, Mrs. Murray, Mr. Young, Ms. 
Hassan, Mr. Barrasso, and Mr. Scott of South Carolina) submitted the 
following resolution; which was considered and agreed to:

                              S. Res. 404

       Whereas people in the United States are living longer, and 
     the cost of retirement is increasing significantly;
       Whereas Social Security remains the bedrock of retirement 
     income for the great majority of the people of the United 
     States but was never intended by Congress to be the sole 
     source of retirement income for families;
       Whereas data from the Employee Benefit Research Institute 
     indicates that, in the United States--
       (1) up to 40 percent of households in which the head of 
     household is between the ages of 35 and 64 are likely to run 
     out of money in retirement; and
       (2) the amount that workers have saved for retirement is 
     much less than the amount those workers need to adequately 
     fund their retirement years;
       Whereas the financial literacy of workers in the United 
     States is important so that those workers understand the need 
     to save for retirement;
       Whereas saving for retirement is a key component of overall 
     financial health and security during retirement years, and 
     the importance of financial literacy in planning for 
     retirement must be advocated;
       Whereas many workers may not--
       (1) be aware of their various options in saving for 
     retirement; or
       (2) have focused on the importance of, and need for, saving 
     for retirement and successfully achieving retirement 
     security;
       Whereas, although many employees have access to defined 
     benefit and defined contribution plans through their 
     employers to assist such employees in preparing for 
     retirement, many of those employees may not be taking 
     advantage of those plans at all or to the full extent allowed 
     by Federal law;
       Whereas saving for retirement is necessary even during 
     economic downturns or market declines, underscoring the 
     importance of continued contributions;
       Whereas all workers, including public and private sector 
     employees, employees of tax-exempt organizations, and self-
     employed individuals, can benefit from developing personal 
     budgets and financial plans that include retirement savings 
     strategies that take advantage of tax-preferred retirement 
     savings vehicles;
       Whereas effectively and sustainably withdrawing retirement 
     resources throughout an individual's retirement years is as 
     important and crucial as saving and accumulating funds for 
     retirement; and
       Whereas the month of October 2021 has been designated as 
     ``National Retirement Security Month'': Now, therefore, be it
       Resolved, That the Senate--
       (1) supports the goals and ideals of National Retirement 
     Security Month, including raising public awareness of the 
     importance of saving adequately for retirement;
       (2) acknowledges the need to raise public awareness of the 
     variety of tax-preferred retirement vehicles that are used by 
     many people in the United States, but remain underutilized; 
     and
       (3) calls on States, localities, schools, universities, 
     nonprofit organizations, businesses, other entities, and the 
     people of the United States to observe National Retirement 
     Security Month with appropriate programs and activities, with 
     the goal of increasing the retirement savings and personal 
     financial literacy of all people in the United States and 
     enhancing the retirement security of the people of the United 
     States.

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