Americans –especially low- and middle-income workers– are simply not saving enough for their retirement. The current retirement income deficit — the gap between what Americans will need in retirement and what they will actually have — is $6.6 trillion, according to the non-partisan Center for Retirement Research at Boston College.
This gap is insurmountable without a significant change to current tax policy to help incentivize more Americans to save for their own retirement.
Hosted by the Senate Special Committee on Aging, this bicameral briefing featured a panel of the nation’s leading experts on tax, retirement, and budget policy and explored new ways to help Americans save more for their retirement years without increasing government spending.
Moderated by Aspen Institute Initiative on Financial Security Executive Director, Lisa Mensah, the event featured discussants William Gale, Senior Fellow at the Brookings Institution, Co-Director of the Urban-Brookings Tax Policy Center, and Director of the Retirement Savings Security Project; and David John, Senior Research Fellow in Retirement Security and Financial Institutions in the Thomas A. Roe Institute for Economic Policy Studies at the Heritage Foundation.