Findings

Congress finds as follows: (1) 3 out of 10 private-sector workers lack access to any workplace retirement plan, according to a Bureau of Labor Statistics report from a 2023 report. (2) A retirement study conducted by the Government Accountability Office found that 48 percent of households age 55 and older have no retirement savings in a defined contribution plan or individual retirement account, and nearly 30 percent of households age 55 and older have no retirement savings and no defined benefit plan. (3) A 2022 report on the economic well-being of United States households conducted by the Federal Reserve found that 28 percent of non-retirees reportedly did not have any retirement savings, and that 60 percent of non-retirees with self-directed retirement accounts expressed low levels of confidence in their ability to make the right investment decisions when investing in such accounts.