AARP Policy Fundamentals: Financial Resilience

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Many Americans are approaching their later years without the financial resources they need to live securely. These populations include people from groups that are discriminated against as

well as many others who struggle to pay their bills and have little saved for emergencies. Too many people lack sufficient nest eggs for retirement. A strong Social Security system, better

access to workplace retirement plans, and more incentives to promote saving all play a role in helping individuals live out their lives with financial security. In addition, older adults

need to have the opportunity to work for as long as they need or desire. Government and the private sector each can take actions to encourage financial resilience for all. 

AARP is committed to preserving a Social Security program that retains its essential role and character for future generations. Social Security’s long-term finances will have to be addressed

but in a manner that keeps it strong and even more effective for families in the 21st century. Specifically, Social Security should be guided by the following principles:

Millions of Americans have little or nothing saved for the future. A variety of measures can bolster savings and help ensure that more Americans can bounce back from modest financial

setbacks — a major barrier to long-term savings — and that older adults do not outlive their retirement money.

People should have the tools they need to navigate the risks and opportunities of today’s workplace. All barriers to employment opportunities for older adults should be eliminated.

Individuals age 65 and older may have some distinct needs, but support and protections are required for people of all ages.

Millions of people in the United States have serious, unmet basic needs. Struggling families and individuals require help to pay for the necessities of life. Programs offering such

assistance should be efficiently administered and available and accessible to all individuals who need them. 

Government budgets and the taxation system reflect policy priorities about how to allocate scarce resources and raise the money to pay for those priorities. Given the far-reaching

consequences of these decisions, it is important that budget processes be fair and credible and that the tax system generate revenue equitably.

AARP is a nonprofit, nonpartisan organization that empowers people to choose how they live as they age.

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