Last week HLF was lucky enough to attend a summit focused on “Redefining Retirement.”  The event was hosted by investment management firm BlackRock, the Bipartisan Policy Center, and Semafor.  Speakers ranged from elected officials, corporate leaders, small business owners, union representatives, pensioners, and state and federal policymakers.

In advance of the Summit, BlackRock released a new survey highlighting the retirement crisis in the United States.  Unfortunately, the results indicate that most Americans feel their ability to retire with dignity is out of reach.  

Some of the most important survey findings:

  • One-third (33%) reported having no retirement savings.
  • More than half (51%) said they fear running out of money in retirement more than they fear dying.
  • Barely over one-quarter (28%) reported they believe working Americans have the necessary tools and resources to properly save for a secure retirement.
  • A strong majority (80%) believe Congress and the new administration should prioritize legislation to help people plan and save for a secure retirement.

Given these startling numbers, it is clear how critical it is for the public and private sectors to think about retirement in new ways.  Neither Congress, private companies, or individuals can do it alone.  We need these sectors to work together toward real solutions to make secure retirement more affordable.

Elected officials should ensure that Social Security is solvent.  The conversation around the SECURE 2.0 Act reinforced how mandating automatic enrollment for 401(k) and 403(b) plans can be expanded.

Private companies can coordinate to provide employees with simple retirement options and/or employer matching options.  General financial literacy and awareness should be a priority for nonprofits, community organizations, and educational institutions.

Throughout the Summit, panel after panel demonstrated that addressing the retirement crisis is something both Democrats and Republicans agree about.  We can also agree that everyone deserves to live out their Golden Years with dignity and peace.

The good news lies in the economic power of American capital markets, which for decades have helped provide stability to millions of families.  With the right leadership, we can establish policies that increase access to the markets and turn the tide on the retirement crisis.