Nearly three-quarters (72%) of respondents to a TD Ameritrade survey indicated they do not believe Social Security will cover their spending in retirement, and 51% said they do not believe they’ll have more than enough money to cover their needs in retirement.
The 2018 Retirement in America Survey from First National Bank of Omaha found 69% of people not yet retired have not calculated how much money they will need for retirement, while debt is plaguing retirees.
A press release about the bill mentions a Government Accountability Office report in which the GAO said: “Congress should consider establishing an independent commission to comprehensively examine the U.S. retirement system and make recommendations to clarify key policy goals for the system and improve how the nation promotes retirement security.”