Forum Post: Unions & Senator Tom Harkin, The Retirement Crisis and a Plan to Solve It, $6.6 Trillion, July 2012, plus Social Security Fix

Not sure if Unions are aware of this Initiative. Probably...

http://www.harkin.senate.gov/documents/pdf/5011b69191eb4.pdf

We are facing a retirement crisis, and at $6.6 trillion, it is simply too big to ignore. This report provides concrete solutions to the retirement crisis. They are intended to be a starting place in an evolving discussion, and over the coming months, the discussion will continue on Capitol Hill, in Iowa, and across the country. Public input on this issue is critically important, so people with ideas or stories they want to share can contact Chairman Harkin by:

Sending emails to: Retirement_Security@help.senate.gov

Sending letters to: Retirement Security Project
Senate Committee on Health, Education, Labor, and Pensions
428 Senate Dirksen Office Building
Washington, DC 20510

The Retirement Crisis and a Plan to Solve It, July 2012.

• The retirement income deficit – i.e., the difference between what people have saved for retirement and what they should have at this point – is $6.6 trillion;
• Only one in five people in the private sector workforce has a defined benefit pension plan; and
• Half of Americans have less than $10,000 in savings.

OWS People must add: The economic Austerity caused by elderly or older people not spending money .... leaves the USA in an Economic Recession.

This section lays out a two-part plan to solve the retirement crisis by making some bold changes to the private retirement system and Social Security. The first proposal would rebuild the private pension system by providing universal access to Universal, Secure, and Adaptable (“USA”) Retirement Funds, a new type of private pension plan that would give people the opportunity to earn a secure benefit and would be easy for employers to offer. The second proposal will improve Social Security by increasing benefits while strengthening the long-term finances of the trust fund. Together, those two reforms would go a long way toward rebuilding the three-legged stool of retirement security and helping people retire with dignity and financial independence.

Must read more on PDF File prepared by Tom Harkin who is Retiring his Senate Seat....