Senator Thomas speaks at a press conference held in the Capital Building.
One of the most important things Americans can do for their own financial future is to save. I introduced savings proposals in 2004 and again in 2005 that go a long way toward encouraging Americans to save by allowing people to save without penalty -- both for lifetime expenses and for retirement. My savings proposals will simplify the way people contribute, allow tax-free earnings for savings, and streamline the different employer-provided retirement vehicles. There has been such a wide array of existing plans, with a myriad of conflicting restrictions, my proposal combines the various plans into single accounts. The savings rates among Americans has been on a steady decline for years -- hovering around 2 percent. My plan is to give people options and incentives to save their money for their own use and for their own retirement.
