“We live in a society where the short term benefit is the focus for everybody: people and companies,” said Creighton.

FSR spotlighted the need for workers to save more and spend less now by pointing out nearly half of Americans aren’t saving enough to maintain their current standard of living in retirement, while nearly a third have saved nothing to help take care of their needs when they stop working.

Responding to Save 10, Consumer Federation of America Director of Investor Protection Barbara Roper said encouraging workers to save more is an important part of our nation’s efforts to address the retirement savings crisis.

She said the Department of Labor’s proposed fiduciary rule is also vital aid to increasing retirement security.

FSR has criticized the proposal as harming low and moderate wage earners.

Investor advocate and advisor Ric Edelman said he is not familiar with the initiative, but virtually anything that manages to get American workers to save 10% of their pay for retirement gets his endorsement.
 

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