It's a Matter of Fairness by Matthew P. Fink President, Investment Company Institute Americans today are living longer, but they're not saving enough to ensure a secure retirement.
Personal savings are a core component of a financially secure retirement policy.
In order to ensure that individuals have sufficient savings to support themselves in their retirement years, Americans must increase the portion of their retirement savings accumulated through individual savings vehicles and employer-sponsored plans. As things stand today, the IRA contribution limit is not adequate to meet the growing retirement needs of Americans. IRAs no longer provide sufficient savings opportunities for many Americans. The failure of the value of the IRA to keep pace with inflation has hindered the efforts of many Americans, especially those with no employer-sponsored plan alternative, to accumulate the retirement savings that they will need to have a financially secure retirement. If passed, this initiative would make the nation's retirement plan system significantly more responsive to the retirement savings needs of Americans and encourage greater retirement savings.