Issue Position: Retirement Security

Issue Position

Issue Position: Retirement Security

Americans are living longer than ever before. Many may spend decades out of the workplace in retirement. That puts even greater urgency on building an adequate nest egg to last and accommodate a lifestyle people grow accustomed to while still in the workforce.

From my position on the tax-writing Senate Finance Committee, which has jurisdiction over Social Security, Medicare and Medicaid, I have worked for the last 25 years in the U.S. Senate on issues affecting retirement security. During my chairmanship of the Senate Special Committee on Aging, I also led efforts to improve enforcement of nursing home standards for the nation's most vulnerable elderly, provide resources to family caregivers, and root out waste, fraud and abuse in Medicare spending.

The Social Security Challenge: The New Deal program offers a good deal for my generation, just like it was for my parents and grandparents. But now we know Social Security will be a raw deal for my grandkids' generation if reforms aren't made to fix the funding shortfall. Obviously this is a politically sensitive issue. It will take a bipartisan consensus among lawmakers and grassroots support to get the job done. Until then, current law keeps us on a trajectory to insolvency.

I tell Iowans the hardest dollar to save is the first. It's never too early to start saving for retirement.

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