These are all staggering stats and reinforce the seriousness of addressing the retirement crisis. We recently spoke with a number of members of the Alliance for Prosperity and a Secure Retirement (APSR) to hear directly from them about their concerns related to retirement as well some of their thoughts on solutions that policymakers should contemplate in tackling the problem.

These are all staggering stats and reinforce the seriousness of addressing the retirement crisis. We recently spoke with a number of members of the Alliance for Prosperity and a Secure Retirement (APSR) to hear directly from them about their concerns related to retirement as well some of their thoughts on solutions that policymakers should contemplate in tackling the problem.

“There is clearly a retirement crisis in the United States. Most individuals have very little saved towards retirement. Particularly in the private sector, the disappearance of defined benefit funds has adversely affected retirement security. Senior citizens are the fastest-growing segment of the homeless population, and I believe a lot of that is tied to the inability to save for retirement.”

We have the opportunity to strengthen defined benefit plans and make them more affordable, said Shannon Taylor, Spotsylvania County (Va.) Fire Lieutenant:

“I think we should be taking the opportunity as a country to strengthen pension and retirement plans by looking at the opportunities to make retirement a little bit more affordable… [and ensure] that if people do need to move around because of spouses or family or other circumstances, that they’re not completely out on that opportunity to build a retirement just because they’ve had to move from a jurisdiction or a locality or a department.”

The absence of a clear and reliable path from full-time work to secure retirement is uncertain for many firefighters and other public servants, said Imran Salek, a Northern Virginia Firefighter:

“The future of America and the future of people is kind of up in limbo, especially with our firefighters and the wage gap between what is necessary for retirement and what they’re being paid currently, I think, aids in that.”

James Slevin of the New York City Fire Department expanded on that and emphasized the importance of defined benefit pension plans for many workers, particularly those in the public sector hoping for a financially stable retirement.

“Anybody that doesn’t have a defined benefit pension plan is struggling to try to figure out how they’re going to support themselves in retirement. So, when they started taking away defined benefit pension plans, you know, millions and millions of Americans are now struggling. Because they just don’t, it’s hard to put away that savings when you’re trying to cover the cost to support your family. And nobody should have to be put in that position, so we need to get back to a system where you provide defined benefit pension plans for every single member.”

Though some have concern over political interference in investment decisions made by public pension plans, and others worry about the state of Social Security, all of our members are focused on solutions to ensure financially secure retirements for themselves and their fellow workers.

The goal of APSR is to represent those saving and investing for their retirement and to advance constructive solutions to address the American retirement crisis. It is vital our members are heard by the policymakers debating the solutions to the impending retirement crisis in the country.

Have additional thoughts on this important topic? You can share your story and perspective with us here as we work to amplify the perspectives of retirees and investors.