Tuesday, October 14, 2008

Media Release: The Road to Economic Security for Retirees and Families

For Immediate Release

Contact: Joan Grangenois-Thomas

212-627-2404 or joan@makewavesnotnoise.com

October 14, 2008

The Road to Economic Security for Retirees and Families

Washington, DC - Both presidential campaign camps have put forth their ideas on how to get the economy back on track. Wider Opportunities for Women has known for quite some time what’s needed for retirees to reach economic security.

The following is a statement by Ramsey Alwin, Director of National Economic Security Programs at Wider Opportunities for Women:

“Leaders and decision makers, including the presidential candidates and the Bush Administration, have announced plans to restore economic security to retirees who are feeling the sting of the current economic downturn. We commend these efforts to offer solutions, such as allowing people to borrow from their 401k plans without penalties. But, many elders well into their golden years have spent down most of their retirement savings or they never had retirement plans to begin with. Price increases on food, home utilities, gasoline and other basic goods put these elders in real jeopardy and they need help now. WOW has a new tool, the Elder Economic Security Standard™ Index, that will help policymakers assess what that help should look like for elders nationwide. We want to help policymakers construct realistic, effective policies to help older Americans live well and independently.”

1 comment:

Anonymous said...

Taking funds from one's 401(k) really should be a last resort. With dwindling support from employers when it comes to retirement savings, workers need every penny they have. Regardless of the current economic crisis, younger to middle aged workers really do have time and compound interest to look forward to when it comes to their 401(k). Also, if we have workers withdrawing capital from the market, I am not sure how the market will again stabilize...I hope policymakers are considering the implications of their policies.