January 11, 2016

The Honorable Jeff Flake

U.S. Senator, Arizona
413 Russell Senate Office Building
Washington, DC 20510

The Honorable Dave Brat

7 th District, Virginia
330 Cannon House Office Building
Washington, DC 20515

Dear Senator Flake and Congressman Brat,

On behalf of the 1.3 million members of AMAC, the Association of Mature American Citizens, I am writing in
support of H.R. 4094, the Universal Savings Account Act. This important piece of legislation goes a long-way in
helping todays maturing Americans and future senior citizens adequately prepare for the costs associated with
retirement. Indeed, at a time when Social Security is facing the threat of pending bankruptcy, legislation like H.R.
4094 brings a welcome reprieve to senior citizens.
According to a recent study by the Government Accountability Office (GAO), nearly 29% of households with
residents over the age of 55 have neither a retirement savings nor a traditional pension plan. Coupling these
findings with the fact that nearly 65% of retired Americans rely on Social Security as their major source of
income, and with Social Security payments averaging roughly $16,000 a year per individual, more needs to be
done to help senior citizens be sufficiently prepared for the costs associated with retirement. The Universal
Savings Account Act takes a big step in helping senior citizens diversify their retirement savings plans and grow
sustainable retirement savings.
AMAC has long-been a staunch advocate of alternative savings plans to help Americans save for retirement. Like
AMACs Early Retirement Account (ERA), the Universal Savings Account Act incentivizes savings by reducing
double taxation and encouraging diversification of investments. Similar to H.R. 4094, in 2009, Canada
introduced a similar plan called the Tax-Free Savings Account (TFSA). Since its introduction, upwards of 48% of
Canadians are successfully contributing to and using the TFSA. Similar savings plans have been implemented in
the United Kingdom and are gaining popular support amongst retirement savers.
As an organization committed to representing the interests of mature Americans and seniors, AMAC is dedicated
to ensuring senior citizens interests are protected. Stagnant Social Security payouts, pending Social Security
bankruptcy, and sky-rocketing cost of living expenses are leaving millions of Americans unsure of their ability to
retire. Senior citizens and the American people are desperate for alternative sources to invest their retirement
savings. Therefore, AMAC is pleased to offer the organizations full support to the Universal Savings Account
Act.
Sincerely,
Dan Weber
President and Founder of AMAC

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Association of Mature American Citizens www.amac.us 888.262.2006