AUGUSTA, Maine - At a hearing of the Senate Committee on Aging, Sen. Susan Collins, chair of the panel, called for greater federal action to address the growing gap between retirement savings and retirement needs.
"It is clear that that Congress and the administration must do more to address the looming retirement crisis,” Collins said.
The Maine Republican says the gap between retirement savings and retirement needs is estimated at more than $7 trillion. She says Congress needs to do more to encourage savings, pointing to another study indicating that most Americans do not have the cash to meet a $400 unplanned need.
Collins says part of the solution is her legislation to encourage small businesses to offer retirement plans.
"One of my personal hopes and goals is that we can make progress toward the goal of ensuring those that work for decades do not spend their retirement years in poverty.”