All Americans deserve an opportunity to have a safe and secure retirement. Unfortunately, the pandemic made it harder for those with lower incomes to save and widened the gap between those who have retirement savings and those who do not. A higher percent of U.S. households risk losing their standard of living in retirement now than before COVID-19.

According to a recent AARP survey, 3-in-10 adults age 50-plus say that their financial situation has worsened since the start of the pandemic. Three in 10 adults age 50-plus are very or somewhat worried about their current financial situation, with worry especially high among those with low incomes, Hispanic adults, and those who are divorced, separated, or widowed. Fewer than 1-in-5 (17 percent) adults 50-plus are “very confident” that they will have enough money throughout retirement.

Congress has an opportunity to provide Americans with greater financial security in their retirement. We have been working together for 30 years to strengthen America’s retirement system. Our latest bill, the Retirement Security and Savings Act, includes dozens of provisions to help improve retirement security for all Americans. Most of this legislation was included in the Enhancing American Retirement Now (EARN) Act,which was unanimously passed by the Senate Finance Committee in June. Its House companion passed on an overwhelmingly bipartisan basis by a 414 to 5 vote in March, a rare feat in a deeply divided Congress.

Our bill will help in three key ways.

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.

Our bill will help people who have saved too little to save more by expanding the Saver’s Credit, a tax credit to help more lower-income Americans increase their retirement savings, making the credit directly refundable into a retirement account, which will help lower-income workers save more for retirement. The bill also requires employers to allow part-time workers who have completed two years of service to participate in 401(k) plans.

Women are more than one-and-a-half times more likely to work part time than men. It also helps near-retirees (over age 55) who have nothing in their private retirement accounts to save more by increasing catch-up contributions and helps recent graduates struggling with student debt to get employer matching contributions for student loan payments. All these together will help people who need more support to better prepare for a dignified retirement.

Second, we know that only about half of small-business workers have access to a workplace plan, compared with 92 percent of employees at large businesses. Small-business workers at family-owned companies help drive our economy and we need to ensure they have the opportunity to save. To help more small businesses offer robust retirement plans, our bill strengthens the tax credit they receive for starting a new retirement plan and creates a tax credit and legal relief for small-business plans that cover more workers through features like automatic enrollment and a minimum 3 percent employer match.

It also includes another credit for small-business plans with automatic reenrollment every three years.

Finally, in an age where more individuals are living longer and healthier lives, there is an increasing risk that people will outlive their retirement savings.

And more people who enjoy the work they do are choosing to hold off on retiring until later in life.

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This legislation improves the retirement system, providing more tools to live comfortably in their retirement years. This bill will help individuals save longer for retirement by improving lifetime income options for those at risk of outliving their savings, raising the required minimum distribution age from 72 to 75, protecting retirees who received overpayments through no fault of their own, and creating a national database for employees to find lost retirement accounts.

This bipartisan approach will provide new opportunities to save for those who need it the most. We hope the Senate will pass this legislation soon so it can be finalized and signed by President Biden before the end of the year.

This op-ed originally was published in The Hill and was shared with The Times Leader by U.S. Sen. Rob Portman’s staff. Sen Ben Cardin, a Democrat, is the senior senator from Maryland and chairman of the Small Business Committee. Portman, a Republican, is ranking member of the Finance Subcommittee on Social Security, Pensions, and Family Policy.