ST. LOUIS, Dec. 9, 2020 /PRNewswire/ -- Edward Jones Financial Advisor Scott Barr today testified before the Senate Finance Subcommittee on Social Security, Pensions and Family Policy, underscoring the value of the private retirement savings system, which has helped millions of Americans save for a secure and dignified retirement.
Barr, who is based in Zanesville, Ohio, extended strong support on behalf of financial services firm Edward Jones and its more than 7 million clients for the Retirement Security & Savings Act (S. 1431), sponsored by Senator Rob Portman (R-OH) and Senator Ben Cardin (D-MD), highlighting the importance of a strengthened retirement savings system that makes it easier for businesses, particularly small businesses, to offer workplace retirement plans and increase opportunities for Americans to save and invest for a financially secure retirement.
The COVID-19 pandemic has altered the retirement timing of nearly 68 million Americans, with most planning to retire later due to pandemic-related challenges. Edward Jones found that 20 million Americans stopped making retirement savings contributions during the first few months of the COVID-19 pandemic, according to a study conducted with Age Wave, the nation's foremost thought leader on aging.
"Although Congressional efforts to encourage personal retirement savings have benefited millions of Americans, much more can, and should, be done to increase personal retirement savings and encourage the creation of workplace retirement plans, especially for the employees of small businesses," Barr said in his testimony. "We strongly support the Portman/Cardin legislation and believe it will help more Americans enjoy the secure and dignified retirement they are working so hard to achieve."
To further encourage personal retirement savings and lessen the burden of competing financial priorities, Barr urged the Senate to advance the full suite of changes included in the Retirement Security & Savings Act (S. 1431). The goals of this legislation will make it easier and less costly for businesses of all sizes to offer workplace retirement plans to their employees and eliminate other barriers that currently prevent more Americans from adequately saving and preparing for their financial future in retirement.
A recording of today's full hearing can be found here.
About Edward Jones
Edward Jones, a FORTUNE 500 firm headquartered in St. Louis, provides financial services in the U.S. and, through its affiliate, in Canada. Every aspect of the firm's business, from the investments its financial advisors offer to the location of its branch offices caters to individual investors. The firm's 19,000-plus financial advisors serve more than 7 million clients and care for $1.3 trillion in assets under management. The Edward Jones website is at www.edwardjones.com, and its recruiting Web site is www.careers.edwardjones.com/. Member SIPC.
SOURCE Edward Jones
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