WASHINGTON, D.C. (KCAU) – As baby boomers age, the number of people retiring continues to rise.
According to the AARP, a third of Americans have less than $1000 saved for retirement.
Lawmakers in Washington held a finance hearing Tuesday, looking for ways to intervene before its too late.
A new bill called RESA introduced by Iowa Senator Chuck Grassley and Oregon Senator Ron Wyden would give millions of Americans access to job sponsored saving accounts.
Grassley said this is just a step, but more needs to be done.
“What more can we do now to increase coverage in the existing system? How we can encourage more people to save, and what approaches should we take to help workers plan, save, and critically live in retirement?” asked Grassley.
This isnt the first time RESA has been proposed to lawmakers. The plan has failed to pass Congress two years in a row..