Washington, D.C. – U.S. Rep. Allyson Schwartz announced she will introduce a resolution this week highlighting the importance of Americans saving for retirement. The resolution will designate October 17 through October 23 as “Save for Retirement Week” and would raise public awareness of various retirement vehicles to increase personal financial responsibility and literacy.

Previous resolutions introduced by Schwartz were passed by the House of Representatives in 2007, 2008, and 2009.

“With less than two-thirds of workers saving for retirement, it is critical that we highlight the need for every family and individual to understand the importance of ensuring a financially stable future,” Schwartz said. “Many workers may not be aware of their options for saving for retirement and therefore we must raise awareness of the importance of financial planning.”

While Social Security remains the main source of retirement income for the majority of Americans, it was never intended to be the sole source of retirement income for families. Other options for retirement savings include 401Ks, Roth IRAs, and traditional IRAs.

With people in the United States living longer and the cost of retirement continuing to rise, Schwartz believes everyone should understand that saving for retirement is a key component to overall financial health and security.

Data from the Employee Benefit Research Institute indicates that, in the United States, less than 2⁄3 of workers or their spouses are currently saving for retirement and that the actual amount of retirement savings of workers lags far behind the amount that will be needed to adequately fund their retirement years.

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