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AMAC Supports Bill to Encourage Earlier Retirement Saving

Saving

This bill helps Americans to protect their financial futures by increasing their savings options.

 
 
 
 
 
 

September 12, 2022


The Honorable David Schweikert
6th Congressional District of Arizona
304 Cannon House Office Building
Washington, D.C. 20515


The Honorable Byron Donalds
19th Congressional District of Florida
523 Cannon House Office Building
Washington, D.C. 20515


Dear Congressman Schweikert and Congressman Donalds,


On behalf of the 2.3 million members of AMAC – the Association of Mature American Citizens, including over 8,500 residing in AZ-06 and nearly 10,400 in FL-19, I write to offer our support for H.R. 8579, the Retirement Protection Act.

With current inflation rates upwards of 8.5 percent since May 2022, and an economic recession looming over the horizon, this bill opens the door to available cash and the opportunity to save for retirement for lower and middle-income citizens.

By placing a reduction on the amount of taxable income, increasing a potential tax rebate, and by allowing a higher contribution to individual retirement accounts, this bill encourages the nearly 42% of Americans under 29 years old, and the nearly 26% of Americans between 30 to 44 years old to start or increase saving for their retirement years. This effort alone may significantly reduce federal assistance paid to those who may need to benefit from various social programs as they age into retirement and/or out of the workforce and are otherwise unable to fully support themselves.

In addition, with Social Security insolvency as a reality for post baby boomer generations, having saved the extra funds allowed by this legislation, the affected population will be a little better off than by relying on Social Security alone to provide for their wellbeing.

AMAC thanks you, Representatives Schweikert and Donalds, for your vision and strong leadership in introducing this important legislation that enables Americans to protect their future by increasing their savings options now. We are pleased to offer our organization’s full support for H.R. 8579, the Retirement Protection Act.

Sincerely,

Bob Carlstrom

President
AMAC Action

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palmcut
2 months ago

This initiative alone has the potential to dramatically decrease government assistance provided to people who may require it driving directions as a result of retirement and/or leaving the employment and being unable to sustain themselves financially.

Tom
2 months ago

Interesting.

Juanita
2 months ago

No NO NO NO
WHEREVER MITCH MACANO SUGGESTS IS A NO

DO NOT ALLOWED MITCH MACANO TO TAP INTO PRESIDENTS TRUMP’s MONEY ACCOUNT

MACANO CAN NOT BE TRUSTED

HE JUST SAID ALL PRESIDENT TRUMP CANDIDATES ARE NOT ELECTABLE
WHY THEN PRESIDENT TRUMP ALLOWED MACANO TO TAP INTO THE MONEY?

NO WAY
ALL MACANO RINO SAYS DO THE OPPOSITE BECAUSE ALL THE TIME HE IS HELPING DEMOCRATS

PRESIDENT TRUMP USE YOUR MONEY TO CAMPAIGN FOR THIS CANDIDATES ARD NOT ELECTABLE

SO HE NEED TO TAP INTO PRESIDENT TRUMP MINEY TO MAKE THIS CANDIDATES ELECTABLE????

NO WAY
NO WAY
KEEP MACANO AWAY FROM THE MONEY HE IS PLANING SOMETHING VERY BAD WITH HIS IDEA OF GETTING PRESIDENT TRUMPS MONEY

PaulE
2 months ago

Still just nibbling around the edges trying to address the problem of a comfortable retirement in the United States without taking on the problem head on. Sufficient income for a comfortable retirement continues to be viewed in Washington and much of the public as something that can only be addressed by Washington through some sort of legislative solution. When in reality it is really a lack of financial education problem. The education problem is chiefly the result of near non-existent educattion in our public high schools in the area of economics and finance for the general public to understand financial markets and how to invest for the long-term on their own. This requires specialized teachers that know the subject matter cold. Not some teacher who is reading from a handout. You can get retired financial professionals to teach this sort of class, so they can provide real world insight on the pros and cons of various options and strategies. Rather than view a comfortable retirement as being “someone else’s problem to fix for you”, the reality is it is up to the individual to prepare during their entire working lives for the stage of life we all call retirement.

If the federal government wants to help out, by creating a completely tax free IRA type account each person can open at 18 years old and put an unlimited amount of whatever they earn into during their working lives (with almost no option to withdraw funds until at least age 55 – medical emergency being one of the very few options) and then invest that money any way they wish without government restrictions or interference, then great! Whatever you manage to build in retirement assets within your personal IRA type account is yours tax free. The government did nothing to build the value of the account, so it shouldn’t be entitled to anything you’ve made.

People need to understand that their comfort in retirement is their responsibility. Social Security was NEVER intended to provide a comfortable retirement and the federal government’s restriction of only investing an excess in Treasury Bonds and Notes within SS has produced substandard rates of return for decades. Most people should be retiring after 35 to 45 years of working with at least $750,000 to $1,000,000 in retirement funds. Any other solution proposed is really just trying to put a band aid on a gushing chest wound.

Obviously, I don’t expect this perspective will be viewed very positively by most here. That doesn’t mean it isn’t correct however. You should all be encouraging your children and grandchildren to take control of their financial lives as soon as they can, because relying on the federal government for their retirement will only lead to disappointment in their futures.

JL Hammond
4 days ago
Reply to  PaulE

“If the federal government wants to help out, by creating a completely tax free IRA type account each person can open at 18 years old and put an unlimited amount of whatever they earn into during their working lives (with almost no option to withdraw funds until at least age 55…”

They did that already. It’s called Social Security. Unfortunately, they’ve stolen most of it, given our “savings for retirement” away, and replaced what they “borrowed” with a useless stack of IOUs. And they want to sucker our youth into the same kind of money grab, on TOP of stealing their income, saying it’s going to SS and Medicare, when it’s really more for the government to just freely grab whenever they deem it convenient.

How aboutthe government pays back every penny of the stolen funds from each of our retirement accounts. They invested that money, but we never got credit for its returns on that investment. Somebody got those returns, but we did not.

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