November 25, 2014

Bipartisan Policy Center Launches Initiative on Savings

  • Social Security, established in 1935, is the federal government’s largest program. It represents approximately one-fifth of the federal budget and...

The Bipartisan Policy Center (BPC) launched its Personal Savings Initiative at a press conference Wednesday featuring former Senate Budget Committee Chairman Kent Conrad (D-N.D.) and Jim Lockhart, former deputy commissioner of the Social Security Administration.

Lockhart and Conrad will chair an 18-member commission to develop policy recommendations. The bipartisan panel, which includes both of the public trustees for Social Security, hopes to address topics such as retirement savings, Social Security, defined-contribution accounts, annuities, housing and higher-education debt.

Statistics have long shown that many Americans are financially unprepared for challenges such as college, serious health problems and retirement. As an aging population puts increasing strain on the federal retirement and health care programs, it is particularly important for many Americans to save substantially more for their later years.

The BPC initiative will feature roundtable discussions on these concerns and will release a final report in early 2015.