Aging Committee to Hold Hearing to Examine 21st Century Retirement Security Solutions Titled: “Closing the Gap: Innovations to Promote Americans’ Financial Security”
Hearing scheduled for Wednesday, June 15th, 2:30 PM, Dirksen Room 562
Washington, D.C.—U.S. Senators Susan Collins and Claire McCaskill, the Chairman and Ranking Member of the Senate Special Committee on Aging, will hold a hearing on Wednesday, June 15th, at 2:30 PM titled, “Closing the Gap: Innovations to Promote Americans’ Financial Security.” The hearing is part of the Committee’s continuing focus on the retirement security crisis and will identify new and innovative tools that may help improve Americans’ retirement savings.
According to the Center for Retirement Research at Boston College, the difference between what people have saved and what they need to save to live in retirement is about $7.7 trillion as of 2013.
The Aging Committee will examine innovations that encourage Americans to save, including new apps, computer programs, and technology platforms that offer 21st century solutions to bridge this gap and improve retirement security. For example, many new apps and programs have the potential to leverage behavioral economics to steer people to desired savings outcomes and help to improve their financial literacy. Others incorporate principles of games, such as prizes or competing with friends, to incentivize people to learn more about topics generally found to be less engaging, such as finance.
By both educating individuals and encouraging them to make better choices with their money, the financial technology sector has the potential to continue increasing Americans’ engagement with retirement accounts in new ways.
Witnesses for the hearing include:
- Catherine Collinson, President, Transamerica Center for Retirement Studies® (TCRS) and Transamerica Institute®, Los Angeles, CA
- Aron Szapiro, Associate Director, Policy Research, Morningstar, owner of HelloWallet, Washington, DC
- Tim Flacke, Executive Director, Doorways to Dreams (D2D), Allston, MA
- Brian Plum, President and CEO, Blue Ridge Bank, Luray, VA