FSI Reacts to Troubling Social Security Trustees Report

April 23, 2012
Tough Economy & Aging Population Straining System, Report Shows

Financial Services Institute (FSI) President & CEO, Dale Brown, released the following statement in reaction to today’s Social Security Trustees report:

“Many years ago, this nation made a promise to its seniors – a promise that must be honored, not only for this generation, but for all who follow. Unfortunately, again today, we got a cold dose of reality into what it will take to keep our promise. While FSI understands and appreciates the critical benefits of Social Security, we also understand those benefits will undoubtedly diminish over time. Therefore, Americans must plan for retirement accordingly. That is why we recently announced that we are expanding our advocacy agenda to include retirement and tax issues both nationally and in the states. Specifically, we will be working towards: preserving the tax deferral on IRAs, 529 Plan Accounts, Health Savings Accounts and other tax advantaged accounts that promote planning to address common saving and investment needs; preserving the tax advantaged status of variable annuities; expanding opportunities and incentives for saving through the employer-provided retirement system; and reigning in government spending through entitlement program and tax code reform. Today’s report – coupled with an anemic 4% savings rate – does not bode well for the financial futures of hard-working Americans. This reiterates the fact that utilizing an independent financial advisor is the best way to ensure a secure retirement regardless of what happens with entitlements.”