Hoosiers Not Saving Enough for Retirement

Are you saving enough for retirement? Many of us believe we are but, unfortunately, statistics show that’s just not the case here in Indiana.

According to a National Financial Capability Study, research participants were asked five questions covering aspects of economics and finance encountered in everyday life. Only 35 percent of Hoosiers (and 37 percent of U.S. adults) could correctly answer 4 or 5 out of 5. Furthermore, a Retirement Income Literacy Survey conducted by the American College New York Life Center for Retirement Income found that 74 percent of Americans age 60-74 failed a 38-question retirement literacy quiz.

Many Americans aren’t prepared for retirement, which could threaten their financial security later in life. Federal lawmakers have taken notice of the retirement shortfalls facing Americans, prompting them to take action.

In order to help Hoosiers – and all Americans – plan adequately for retirement, Indiana Senator Todd Young (R) has proposed a Commission to the Subcommittee on Primary Health and Retirement Security to assess retirement security. The Network wholeheartedly supports Senator Young’s proposal and applauds him for his leadership on this matter.