{"id":220400,"date":"2025-05-03T06:53:23","date_gmt":"2025-05-03T06:53:23","guid":{"rendered":"https:\/\/som2nynetwork.com\/alabama\/rep-sewell-introduces-the-retirement-savings-for-americans-act\/"},"modified":"2025-05-03T06:53:23","modified_gmt":"2025-05-03T06:53:23","slug":"rep-sewell-introduces-the-retirement-savings-for-americans-act","status":"publish","type":"post","link":"https:\/\/accountants4yourbusiness.co.uk\/alabama\/rep-sewell-introduces-the-retirement-savings-for-americans-act\/","title":{"rendered":"Rep. Sewell introduces the Retirement Savings for Americans Act"},"content":{"rendered":"


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U.S. Reps. Terri Sewell, AL-07, and Lloyd Smucker, PA-11, and U.S. Senators John Hickenlooper, D-CO, and Thom Tillis, R-NC, introduced the Retirement Savings for Americans Act, bipartisan legislation to help low- and middle-income Americans build wealth and save for retirement. The bill would establish a new program that gives eligible workers access to portable, tax-advantaged retirement savings accounts. If passed, the RSAA would allow the federal government to match contributions for low- and middle-income workers, with the match beginning to phase out at median income.<\/span>\u00a0<\/span><\/p>\n

\u201cEvery Alabamian and every American should be able to retire with dignity after a lifetime of work,\u201d\u00a0said Rep. Sewell.\u00a0\u201cDemocrats and Republicans alike recognize the urgent need for Congress to address the gaps in our retirement system and make it easier for low- and middle-income workers to save for retirement. I am proud to once again work with my House and Senate colleagues on both sides of the aisle to advance the Retirement Savings for Americans Act which would level the playing field for working families and build a stronger economy for all Americans.\u201d<\/span><\/p>\n

\u201cToo many hard-working Americans are not able to prepare financially for retirement. Over half of working employees lack access to the tax-advantaged retirement benefits that many higher-income earners take advantage of to save. Additionally, as the workforce continues to innovate and more Americans become categorized as \u2018gig workers,\u2019 the reliance on traditional employer-sponsored plans causes too many workers to slip through the cracks. Hard-working Americans deserve a modern pathway to find financial security in their retirement. I am proud to join in this bipartisan and bicameral effort to advance the Retirement Savings for Americans Act, to help millions of Americans save for their retirements. I will continue to advocate for policies which help hard workers live their American Dream, including a well-earned and financially stable retirement,\u201d said Rep. Smucker.<\/span><\/p>\n

\u201cAmericans who work hard their entire lives deserve to retire with dignity,\u201d\u00a0said Sen. Hickenlooper.\u00a0\u201cThis bill helps low-income workers enjoy a secure retirement and fulfill their American dream.\u2019\u2019<\/span><\/p>\n

\u201cRoughly 50 million Americans lack access to an employer-sponsored retirement plan, which represents a significant roadblock to achieving financial security for their retirement,\u201d\u00a0said Sen. Tillis.\u00a0\u201cThe Retirement Savings for Americans Act tackles this real problem by establishing a pathway for savings for Americans lacking retirement options.\u201d<\/span><\/p>\n

A study by the\u00a0National Council on Aging<\/span><\/a><\/span>\u00a0<\/span>found that 80 percent of aging Americans are struggling financially or are at risk of financial insecurity, and therefore, not prepared to retire. In a new ranking of the world\u2019s retirement systems, the U.S. scored a C+<\/span><\/a>, mainly because the current system works well for white collar workers but fails gig workers and blue collar workers. If trends continue, inadequate retirement savings will cost state and federal governments a combined\u00a0$1.3 trillion<\/span><\/a><\/span>\u00a0<\/span>in increased spending by 2040.<\/span><\/p>\n

The Retirement Savings for Americans Act contains the following provisions:<\/span><\/p>\n

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