President Bush has urged American workers to save more money for their financial security in retirement.
The president told a national conference on retirement savings in Washington Thursday that most Americans can expect longer, healthier lives, thanks to advances in medical science. But he said the federal Social Security pension plan will not provide most retired people with enough money to live in safety and comfort.
Mr. Bush urged reforms in Social Security that would allow workers who like the program the way it is to make no changes. However, he said younger workers should be allowed to choose personal retirement accounts within the Social Security system.
The president said saving is an individual responsibility, but that the government can help by passing laws that protect workers' accounts. He praised Congress for passing legislation last year that makes it easier for workers to control their retirement funds, but said more needs to be done.
In an apparent reference to the Enron bankruptcy scandal, Mr. Bush said laws are needed to prevent executives of failing corporations from selling their personal holdings while lower-level workers find their investments frozen.