LETTER: Urge lawmakers to support veterans retirement act
The York County Veterans Outreach is an organization that was established in the fall of 2013.
Recognizing a need to assist local veterans and their families, our organization enlisted the help of a wide range of individuals and veteran-affiliated organizations. Our mission remains to assist local veterans and their families in a time of need.
It has come to our attention that Congress has an opportunity to pass legislation that will have a meaningful impact on veterans’ and military families’ financial and retirement security. It is imperative we get the U.S. Senate to bring this legislation up for a vote.
The Setting Every Community Up for Retirement Enhancement Act represents the most comprehensive retirement security legislation Congress has considered in more than a decade. It comes at a critical time for all retirement savers, including military veterans.
Our working veterans are struggling to save for retirement. According to a study by the U.S. Census Bureau, the median retirement account balance for working veterans between the ages of 55 and 64 is only $112,000, which is 20 percent lower than retirement balances of non-veteran workers. The reason for the shortfall is because while veterans were on active duty, they did not have access to a workplace retirement plan. We can not allow our older veterans to risk running out of their retirement balances.
The SECURE Act would assist veterans to make up this savings deficit and expand retirement plan access for veterans.
As an organization dedicated to serving veterans, we applaud members of Congress who have supported the SECURE Act. It overwhelmingly passed the U.S. House of Representatives 417-3. We encourage the U.S. Senate to bring this bill up for a vote and do likewise.