The Senate Resolution, introduced by Senator Foil, addresses the escalating retirement security crisis affecting American workers, including state employees. It highlights that a significant number of older adults are struggling to save enough for retirement, leading to increased financial insecurity. Research from the National Council on Aging indicates that 80% of households with individuals aged 60 and older are either financially struggling or at risk of economic insecurity, a situation likely to worsen over time due to factors such as rising healthcare costs and the decline of traditional pension plans.

The resolution calls for urgent action from federal and state policymakers to improve retirement security by promoting awareness of the crisis and encouraging the inclusion of lifetime income options in retirement plans. It also advocates for public and private employers to educate their employees about these options to help them secure a dignified retirement. The Senate emphasizes the need for increased financial education initiatives to empower workers in their retirement planning, recognizing that the implications of this crisis extend beyond individual households to broader economic and social concerns.