Peters Joins Congressional Financial Security and Life Insurance Caucus

WASHINGTON, DC – U.S. Senator Gary Peters (MI) today announced that he has joined the Congressional Financial Security and Life Insurance Caucus, a bicameral and bipartisan caucus that encourages Americans to increase their savings, plan ahead for retirement and protect their financial and retirement security.

“Americans of all ages need the knowledge and tools to make smart financial decisions that will ensure their future economic success and security,” said Senator Peters. “Whether it is opening a credit card, buying a home or paying for college, every American should be informed when it comes to managing their personal finances and planning for a secure retirement. I’m proud to join my colleagues to promote financial literacy and ensure families are better able to make good financial choices that will put them on a path to long-term financial success.”

About 10,000 Americans turn 65 every day, but as many as 40 percent of retirees have not adequately prepared for their retirement. Building a strong financial future is a concern for Americans of all ages according to an April 2014 Gallup survey that found that 68 percent of Baby Boomers and 50 percent of millennials were worried about saving enough for retirement.

Peters, who spent more than two decades working as an investment advisor helping families save for their retirement and provide for their children’s college education, is a strong supporter of financial literacy education. Last month, the Senate passed the Every Child Achieves Act, which included a Peters amendment to allow Title I Parent and Family Engagement funding to be spent on financial literacy programming. In 2014, the U.S. House of Representatives passed a Peters amendment that would require counseling for student borrowers to explain how defaulting on a loan would impact their credit score.