Minority Press

McCaskill Statement on Data Showing a Staggering $7.7 Trillion ‘Retirement Gap’

WASHINGTON – U.S. Senator Claire McCaskill today released the following statement after the Center for Retirement Research at Boston College released information showing a $7.7 trillion dollar “retirement gap” for American workers. This number represents the amount of additional savings American households would have to add in order to maintain their living standards in retirement:

“$7.7 trillion is a staggering number, and a clear illustration that we need to find a way to make saving possible for everyday Americans. Many low- and middle- income households either don’t have the ability to save for retirement or don’t know their options and what’s the best fit for them—and unless that situation improves we’re looking at a scary retirement future for too many hard-working Americans.”

McCaskill, the top-ranking Democrat on the Senate Special Committee on Aging, helped lead a hearing today focused on the issue of retirement security, and what could be done to ensure that low and middle income households could save for a comfortable retirement.