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Survey: Retirement Savings Should Be ‘Off Limits’

An overwhelming majority of Americans believe that their retirement savings should be “off limits” to Congress and not part of any discussion about raising new revenue for the federal government, according to a new national survey released Nov. 7 by The Coalition to Protect Retirement. The survey reveals that 87% of all Americans, and 95% of those with some type of tax-deferred retirement account, believe Congress should not touch the current tax incentives. It was conducted by Juncture Strategies/ORC International on behalf of the Coalition.

The Coalition to Protection Retirement, of which ASPPA is a member, is a group of organizations dedicated to encouraging retirement savings among American workers. The Coalition is stepping up its efforts to preserve the current retirement savings tax incentives through a national education and advocacy campaign as Congress considers comprehensive tax reform legislation.

ASPPA strongly believes that the primary factor in determining whether or not a worker is savings for retirement is whether or not they have a retirement plan at work. Data from the Employee Benefit Research Institute (EBRI) shows that workers earning between $30,000 and $50,000 are 15 times more likely to save at work than on their own. The current retirement savings tax incentives power these arrangements and curtailing them would seriously undermine the retirement security of the tens of millions of working Americans.

Andrew Remo is ASPPA’s Congressional Affairs Manager.