Everybody hopes for a financially secure retirement plan at the end of their working years, but the truth is most Americans haven’t been able to save or prepare enough to reach that goal.

While more Americans are saving more in 401(k)s and individual retirement accounts, according to a recent study by Northwestern Mutual, more than two-thirds of Americans think there’s a chance they will outlast their retirement savings — and they’re right. Among households over the age of 55, nearly three in 10 have no retirement savings or pension plan whatsoever.

While we’re fortunate to have Social Security as a guaranteed safety net, it is hard to live on Social Security alone. For most people private retirement savings are needed to maintain your preretirement standard of living and retire with dignity.

Late last year, Congress made progress on this issue by passing the Secure Act, which took a number of steps to strengthen our private retirement system, prevent more than 400,000 U.S. citizens from losing their pension benefits, and expand access to 401(k)s for 700,000 small business employees and millions of part-time workers. This new law will boost national savings, an important component to our long-term economic outlook.

But much more can and should be done and we can build on the success of the Secure Act. That’s why we’ve introduced the Retirement Security & Savings Act, which includes 57 reforms to help more Americans achieve a safe and secure retirement, ensuring that Americans can retire with dignity as the economy changes. In particular, our bill addresses four major opportunities to improve our retirement system.

First, we know many lower-income Americans lack access to robust workplace retirement plans and have trouble saving. Only one in four American workers in the lowest income bracket participates in a workplace retirement plan. And among part-time workers in the private sector, only 22 percent have access to a savings plan. When hard-working people are still living paycheck to paycheck, it’s tough to set aside money for tomorrow when you need it for today.

To address this reality, our bill expands the Saver’s Credit to help more low-income Americans increase their retirement savings and make it directly refundable into a retirement account. Additionally, it increases the credit amount available for many low-income savers. The bill also requires employers to allow part-time workers who have completed two years of service to participate in 401(k) plans.

Second, we know some older workers simply haven’t saved as much for their retirement as they’d hoped. A recent Government Accountability Office report found that nearly half of all near-retirees (over age 55) have nothing in their private retirement accounts.

To address that problem, our bill increases “catch-up” retirement plan contribution limits after age 60, letting workers save more money in less time. It also encourages employers to make larger contributions to their employees’ retirement funds through both tax credits and regulatory improvements.

Third, the legislation focuses on workplace plans at small businesses, because that is where there is the most potential for expanded 401(k) savings. Less than half of workers employed by small business have access to employer-sponsored plans, compared to 88 percent of workers employed by large businesses. Americans who work for small businesses often find themselves without much to live on when they retire, and that’s wrong.

To help more small businesses offer robust retirement plans, the bill would further strengthen the small business tax credit, and create a tax credit and legal relief for small business plans with both automatic enrollment features and a 3% employer match. It also includes another credit for small businesses plans with automatic re-enrollment every three years, and reduces some burdensome or duplicative regulations associated with administering a plan.

Our legislation also permits employers to make matching contributions to the 401(k) accounts of employees paying off student loans who otherwise would not receive the full match because they don’t contribute enough to their retirement account.

Finally, as people are living longer, even retirees who have accumulated some savings are increasingly outliving them. While living longer is good news, it’s tough on our bank accounts, especially when current laws force Americans to start depleting and taxing their retirement savings accounts at age 72.

Our bill raises that age requirement before Americans are required to start withdrawing their retirement savings to 75 years, and for people with less than $100,000 in their retirement account, removes the requirement entirely. This will give seniors the peace of mind to set aside money for retirement and continue to work for longer if they want.

While Congress has made progress on this issue, the lack of sufficient retirement savings remains an urgent problem that requires more congressional attention. In 2020, we’re committed to moving this critical legislation forward so that even more Americans can start saving up today for a more secure tomorrow.