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Congressional Hearing Focuses on Retirement Security - House Education and the Workforce Committee
Earlier this week, the Subcommittee on Health, Employment, Labor, and Pensions (a unit of the House Education and the Workforce Committee) held a hearing focused on maximizing the retirement security of American workers. Portions of the testimony focused on the matter of “decumulation,” described as ‘the use of accumulated retirement plan assets to provide enough spending money to live on each year during retirement, “without running out of money, no matter how long they live.”
Wayne Chopus, President and Chief Executive Officer at Insured Retirement Institute, offered this comment in testimony, “Sixty-four percent of Americans are more worried about running out of money than death…more access…to lifetime income options throughout the retirement plan landscape can…decrease anxiety [about] running out of money.” This comment showcased the hearing’s focus: “smart policies that allow American workers to maximize their retirement security.”
Click here to read the hearing recap.