In Maine and across the country, many people face the prospect of long retirements with inadequate savings. According to the Federal Reserve, nearly a quarter of adults have nothing saved for retirements that could last 20 years or longer. Fortunately, a solution to this looming retirement crisis is on the edge of approval in Congress, but only if the Senate acts on it.

The SECURE Act would expand access to workplace retirement plans, allow older workers and retirees to contribute more to their individual retirement accounts and increase 401(k) coverage to part-time employees. More than 700,000 U.S. workers, including more than 2,500 in Maine, would start saving for retirement if the SECURE Act is signed into law.

The bill also helps families of fallen soldiers by correcting recent inadvertent tax increases on their survivor benefits. It protects 4 million defined-benefit pension holders from benefits cuts and safeguards 1,400 retirement plans at religiously affiliated organizations. It also helps new parents better manage expenses when they have or adopt a child by allowing them tax-free withdrawals from their retirement savings.

The SECURE Act overwhelmingly passed the U.S. House in May. However, it is still awaiting action in the Senate. As leaders in Congress, Sen. Susan Collins and Sen. Angus King can help get this important legislation to the president’s desk. The Senate must act on SECURE now.

Matthew Tassey

Ocean Park

Only subscribers are eligible to post comments. Please subscribe or to participate in the conversation. Here’s why.

Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.

filed under: