consequences for Americans nearing or of retirement 
age. 
(6) Research indicates that there are now 4 
basic sources of retirement income security. Those 
sources are social security benefits, pensions and 
savings, healthcare insurance coverage, and, for an 
increasing number of older individuals, necessary 
earnings from working during ‘‘retirement’’ years. 
(7) The Congressional Budget Office has found 
that about a quarter of baby-boomer households 
have so far failed to accumulate significant savings 
and that they appear likely to depend entirely on 
government benefits in retirement. 
(8) Over the next 30 years, the number of older 
individuals in the United States is expected to dou-
ble, from 35,000,000 to nearly 75,000,000, and 
long-term care costs are expected to skyrocket. 
(9) Over the next 25 years, the number of indi-
viduals over 65 years of age requiring long term care 
services is expected to double to approximately 12 
million. 
(10) Fraud against older individuals, including 
telemarketing schemes, predatory lending, identity 
theft and Internet fraud has risen dramatically. 
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SEC. 3. GRANT PROGRAM TO ENHANCE FINANCIAL AND RE-
TIREMENT LITERACY AND REDUCE FINAN-
CIAL ABUSE AND FRAUD AMONG MID-LIFE 
AND OLDER AMERICANS. 
(a) AUTHORITY.—The Secretary is authorized to 
award grants to eligible entities to provide financial edu-
cation programs to mid-life and older individuals who re-
side in local communities in order to— 
(1) enhance and promote knowledge of financial 
issues, long-term care, and retirement issues among 
such individuals; and 
(2) reduce financial abuse and fraud, including 
telemarketing, mortgage, and pension fraud, among 
such individuals. 
(b) ELIGIBLE ENTITIES.—An entity is eligible to re-
ceive a grant under this section if such entity is— 
(1) a State agency or area agency on aging; or 
(2) a non-profit organization organized under 
section 501(c)(3) of the Internal Revenue Code with 
a proven record of providing— 
(A) services to mid-life and older individ-
uals; 
(B) consumer awareness programs; or 
(C) supportive services to low-income fami-
lies. 
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(c) APPLICATION.—An eligible entity desiring a grant 
under this section shall submit an application to the Sec-
retary in such form and containing such information as 
the Secretary may require, including a plan for continuing 
the programs provided with grant funds under this section 
after the grant expires. 
(d) LIMITATION ON ADMINISTRATIVE COSTS.—A re-
cipient of a grant under this section may not use more 
than 4 percent of the total amount of the grant in each 
fiscal year for the administrative costs of carrying out the 
programs provided with grant funds under this section. 
(e) EVALUATION AND REPORT.— 
(1) ESTABLISHMENT OF PERFORMANCE MEAS-
URES.—The Secretary shall develop measures to 
evaluate the programs provided with grant funds 
under this section. 
(2) EVALUATION ACCORDING TO PERFORMANCE 
MEASURES.—Applying the performance measures 
developed under paragraph (1), the Secretary shall 
evaluate the programs provided with grant funds 
under this section in order to— 
(A) judge the performance and effective-
ness of such programs; 
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(B) identify which programs represent the 
best practices of entities developing such pro-
grams for mid-life and older individuals; and 
(C) identify which programs may be rep-
licated. 
(3) ANNUAL REPORTS.—For each fiscal year in 
which a grant is awarded under this section, the 
Secretary shall submit a report to Congress con-
taining a description of the status of the grant pro-
gram under this section, a description of the pro-
grams provided with grant funds under this section, 
and the results of the evaluation of such programs 
under paragraph (2). 
SEC. 4. NATIONAL TRAINING AND TECHNICAL ASSISTANCE 
PROGRAM. 
(a) AUTHORITY.—The Secretary is authorized to 
award a grant to 1 or more eligible entities to— 
(1) create and make available instructional ma-
terials and information that promote financial edu-
cation; and 
(2) provide training and other related assist-
ance regarding the establishment of financial edu-
cation programs to eligible entities awarded a grant 
under section 3. 
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(b) ELIGIBLE ENTITIES.—An entity is eligible to re-
ceive a grant under this section if such entity is a non-
profit organization organized under Section 501(c)(3) of 
the Internal Revenue Code with substantial experience in 
the field of financial education. 
(c) APPLICATION.—An eligible entity desiring a grant 
under this section shall submit an application to the Sec-
retary in such form and containing such information as 
the Secretary may require. 
(d) BASIS AND TERM.—The Secretary shall award a 
grant under this section on a competitive, merit basis. 
SEC. 5. SENSE OF CONGRESS. 
It is the sense of Congress that, in providing assist-
ance under this Act, the Secretary should place a high pri-
ority on the provision of such assistance to organizations 
that have demonstrated experience in providing financial 
education to older women. 
SEC. 6. DEFINITIONS. 
In this Act: 
(1) AREA AGENCY ON AGING.—The term ‘‘area 
agency on aging’’ has the meaning given such term 
in section 102 of the Older Americans Act of 1965 
(42 U.S.C. 3002). 
(2) FINANCIAL EDUCATION.—The term ‘‘finan-
cial education’’ means education that promotes an 
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