Several members of the U.S. House Ways and Means Committee joined Tuesday to unveil a bill that could encourage individuals to buy lifetime retirement income annuities.[@@]
The bill, H.R. 4849, would “translate a lifetime of savings into a guaranteed lifetime of earnings,” by giving workers an incentive to supplement Social Security and Medicare with another, private income stream, according to Rep. Nancy Johnson, R-Conn., one of the bill’s 4 sponsors.
The other sponsors are Reps. John Tanner, D-Tenn., Phil English, R-Pa., and Stephanie Tubbs Jones, D-Ohio.
Tubbs Jones and others who spoke Tuesday at a press conference held to launch the bill warned about the risk that the baby boomers will outlive their retirement assets.