WASHINGTON, D.C. (PRWEB) April 30, 2005
Financial advisor and bestselling author Ric Edelman told U.S. Senators today to support the America Saving for Personal Investment, Retirement and Education Act (ÂThe ASPIRE ActÂ).
Testifying before the Senate Finance CommitteeÂs Subcommittee on Social Security and Family Policy, Edelman applauded the idea of giving every newborn in America an investment account funded with a $500 grant from the federal government.
Edelman called the act a Âbrilliant idea,Â and commended Senators Rick Santorum and Jon Corzine for sponsoring the legislation in the Senate. Edelman outlined similarities between the ASPIRE Act and his own invention, the Retirement InCome Â for Everyone Trust (the ÂRIC-E TrustÂ®,Â pronounced RICKY) and the advantages it offers for enabling low and middle-income families to achieve retirement security.
Though he hailed the concept of the ASPIRE Act, Edelman advised the Subcommittee to restrict distributions to retirement age, with exceptions for death and disability; the current legislation permits withdrawals for education and buying homes. Edelman also asked the panel to let families voluntarily add more to these accounts than currently proposed, in order to let larger numbers of Americans enjoy financial security in retirement age while simultaneously reducing their dependency on the government.
ÂThe more money people have in retirement, the less theyÂll need government assistance,Â Edelman said. ÂThis will enable the government to focus its resources on other important needs of our country.Â
Ric Edelman, a 2004 inductee into the Financial Advisor Hall of Fame, is the author of five books on personal finance, including the national bestseller, The Truth About Money. His firm, Edelman Financial Services Inc, is one of the largest independent financial planning firms in the nation, managing more than $2.6 billion in client assets for more than 7,000 individuals and families. Ric also writes a nationally syndicated financial advice column, hosts weekly radio and television shows in the Washington, D.C. area, and offers a comprehensive free educational resource on personal finance online at http://www.RicEdelman.com
for a complete copy of Ric EdelmanÂs testimony, go to http://www.RicEdelman.com/planning/basics/aspireact.asp
For commentary or quotes on personal finance issues, or to schedule an interview with Ric Edelman, contact: Will Casserly at 703-251-0110 or email@example.com
Ric Edelman is also separately a registered representative of, and offers securities through, Royal Alliance Associates, Inc. Member NASD/SIPC.