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NASE President and CEO Keith Hall Testifies on Retirement Security
On Wednesday, March 27, NASE President and CEO, Keith Hall, provided testimony to the House Small Business Committee on the opportunities and challenges the self-employed face as it relates to retirement security.
In his testimony, Mr. Hall cited, “recent data from the AARP found that “the average household has only $3,000 saved for retirement. In fact, 18% of retirees in the next 15 years will retire with more debt than savings.” This is a staggering statistic – and is the foundation for our conversation today as to how we can best help provide the tools and resources for the 27 million self-employed and micro-business owners to elevate retirement security as a business issue.”
Mr. Hall cited four opportunities for the self-employment to achieve retirement security:
1. Newly developed state programs that facilitate savings.
2. Ensuring Congress facilitates a legislative and regulatory environment for multi-employer pension plans as outlined in the August 2018 executive order.
3. Identify opportunities for simplifying retirement accounts.
4. Increased communication to new business owners the importance of planning for retirement.
Read Mr. Hall’s testimony here.