III 

117TH CONGRESS 

1ST SESSION S. RES. 404 

Supporting the goals and ideals of National Retirement Security Month, 

including raising public awareness of the various tax-preferred retirement 

vehicles, increasing personal financial literacy, and engaging the people 

of the United States on the keys to success in achieving and maintaining 

retirement security throughout their lifetimes. 

IN THE SENATE OF THE UNITED STATES 

SEPTEMBER 30, 2021 

Mr. CARDIN (for himself, Ms. COLLINS, Mrs. MURRAY, Mr. YOUNG, Ms. HASSAN, Mr. BARRASSO, and Mr. SCOTT of South Carolina) submitted the 

following resolution; which was considered and agreed to 

RESOLUTION 

Supporting the goals and ideals of National Retirement Security Month, including raising public awareness of the 

various tax-preferred retirement vehicles, increasing personal financial literacy, and engaging the people of the 

United States on the keys to success in achieving and 

maintaining retirement security throughout their lifetimes. 

Whereas people in the United States are living longer, and 

the cost of retirement is increasing significantly; 

Whereas Social Security remains the bedrock of retirement 

income for the great majority of the people of the United 


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•SRES 404 ATS 

States but was never intended by Congress to be the sole 

source of retirement income for families; 

Whereas data from the Employee Benefit Research Institute 

indicates that, in the United States— 

(1) up to 40 percent of households in which the head 

of household is between the ages of 35 and 64 are likely 

to run out of money in retirement; and 

(2) the amount that workers have saved for retirement is much less than the amount those workers need 

to adequately fund their retirement years; 

Whereas the financial literacy of workers in the United 

States is important so that those workers understand the 

need to save for retirement; 

Whereas saving for retirement is a key component of overall 

financial health and security during retirement years, and 

the importance of financial literacy in planning for retirement must be advocated; 

Whereas many workers may not— 

(1) be aware of their various options in saving for 

retirement; or 

(2) have focused on the importance of, and need for, 

saving for retirement and successfully achieving retirement security; 

Whereas, although many employees have access to defined 

benefit and defined contribution plans through their employers to assist such employees in preparing for retirement, many of those employees may not be taking advantage of those plans at all or to the full extent allowed by 

Federal law; 


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Whereas saving for retirement is necessary even during economic downturns or market declines, underscoring the 

importance of continued contributions; 

Whereas all workers, including public and private sector employees, employees of tax-exempt organizations, and selfemployed individuals, can benefit from developing personal budgets and financial plans that include retirement 

savings strategies that take advantage of tax-preferred 

retirement savings vehicles; 

Whereas effectively and sustainably withdrawing retirement 

resources throughout an individual’s retirement years is 

as important and crucial as saving and accumulating 

funds for retirement; and 

Whereas the month of October 2021 has been designated as 

‘‘National Retirement Security Month’’: Now, therefore, 

be it 

1 Resolved, That the Senate— 

2 (1) supports the goals and ideals of National 

3 Retirement Security Month, including raising public 

4 awareness of the importance of saving adequately for 

5 retirement; 

6 (2) acknowledges the need to raise public 

7 awareness of the variety of tax-preferred retirement 

8 vehicles that are used by many people in the United 

9 States, but remain underutilized; and 

10 (3) calls on States, localities, schools, univer11 sities, nonprofit organizations, businesses, other en12 tities, and the people of the United States to observe 


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1 National Retirement Security Month with appro2 priate programs and activities, with the goal of in3 creasing the retirement savings and personal finan4 cial literacy of all people in the United States and 

5 enhancing the retirement security of the people of 

6 the United States. 

Æ 


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