Congresswoman Shelley Moore Capito, R.WVa., announced her support for National Save for Retirement Week and encourages businesses and professionals to learn more about ways to save for the long-term.

“Planning for the future can be daunting and confusing, and the reality is that many workers are not prepared for retirement.  Especially during times of economic uncertainty, employees should be armed with important information in order to make the right investment decisions for themselves and their families,” stated Capito.  “It’s never too early to start saving for the future.   Parents should take this opportunity to not only educate themselves on ways to maximize their retirement savings, but also teach their children about simple, yet effective, ways they can invest for the future.”   

In April, Capito introduced H.R. 5031, The Young Savers' Tax Credit Act of 2010, to encourage young people to start saving for retirement sooner rather than later.  The bill, which has been referred to the Ways and Means Committee, would amend the Internal Revenue Code to allow a $500 annual tax credit for contributions to retirement plans by individuals who are age 30 or younger.

Since 2006, Congress has approved resolutions designating the third week in October as National Save for Retirement Week. The resolutions seek to increase personal financial literacy and raise public awareness of the retirement-savings vehicles available to all workers, including public- and private-sector employees, employees of tax-exempt organizations, and self-employed individuals.

For more information about National Save for Retirement Week and for access to resources and toolkits on how to invest and save, visit www.retirementweek.org.