Reacting to today's release of the Trustees' report on the fate and future of Social Security, Dale Brown, president and CEO of the Financial Services Institute, had the following observations:

"Many years ago, this nation made a promise to its seniors – a promise that must be honored, not only for this generation, but for all who follow. Unfortunately, again today, we got a cold dose of reality into what it will take to keep our promise. While FSI understands and appreciates the critical benefits of Social Security, we also understand those benefits will undoubtedly diminish over time. Therefore, Americans must plan for retirement accordingly.

"That is why we recently announced that we are expanding our advocacy agenda to include retirement and tax issues both nationally and in the states. Specifically, we will be working towards: preserving the tax deferral on IRAs, 529 Plan Accounts, Health Savings Accounts and other tax advantaged accounts that promote planning to address common saving and investment needs; preserving the tax advantaged status of variable annuities; expanding opportunities and incentives for saving through the employer-provided retirement system; and reigning in government spending through entitlement program and tax code reform.