Senior Security Act of 2021

Bill 117 HR 1565, also known as the Senior Security Act of 2021, is a piece of legislation introduced in the US Congress aimed at addressing issues related to the financial security of senior citizens. The bill focuses on several key areas, including protecting seniors from financial exploitation, improving access to retirement savings options, and enhancing consumer protections for older Americans.

One of the main provisions of the Senior Security Act is the establishment of a Senior Investor Task Force within the Securities and Exchange Commission (SEC) to focus on issues related to the financial exploitation of seniors. The task force would be responsible for coordinating efforts to combat fraud targeting older Americans and would work to educate seniors about common scams and how to protect themselves.

Additionally, the bill seeks to expand access to retirement savings options for seniors by allowing individuals over the age of 65 to make catch-up contributions to their retirement accounts. This provision aims to help older Americans who may not have saved enough for retirement to boost their savings in their later years. The Senior Security Act also includes measures to enhance consumer protections for seniors, such as requiring financial institutions to report suspected cases of elder financial abuse to the appropriate authorities. The bill also calls for increased penalties for individuals found guilty of exploiting seniors financially. Overall, the Senior Security Act of 2021 is a comprehensive piece of legislation that aims to address the financial security of senior citizens by protecting them from exploitation, improving access to retirement savings options, and enhancing consumer protections.