Retirement Security
Today’s middle-class families are struggling to pay for exploding health care costs, rising college tuitions, and higher gas prices at the pump. Many Americans are also facing the dismal prospect of finding their pensions increasingly at risk as companies such as United Airlines enter bankruptcy. These realities make saving for retirement an even greater challenge.
Democrats are fighting ongoing attempts to privatize Social Security in whole or in part, but we must do more so that every American has the opportunity to build a secure retirement. Unfortunately, the previous Republican controlled Congress did little to help American families save for their retirement years and failed to protect pension benefits that workers were promised.
We are committed to providing middle-class families with the tools they need to achieve retirement security. The AmeriSave Plan will expand and improve existing retirement accounts, such as 401(k)s and IRAs, so that American families can benefit from the power of compound interest while retaining Social Security’s guaranteed benefit. Under AmeriSave, nearly 100 million Americans will be eligible for the “AmeriSave Match,” which will match dollar-for-dollar the first $1,000 contributed to an IRA, 401(k), or similar retirement plan.
We will strengthen retirement security without adding to the deficit. The AmeriSave Plan will increase national savings and grow our economy while helping middle-class families prepare for a brighter future.