The Bipartisan Policy Center has announced the launch of a new Personal Savings Initiative to address the future of Social Security amid evidence that fewer Americans are accumulating sufficient savings for retirement.

The initiative will be led by former Senate Budget Committee Chairman Kent Conrad, a Democrat, and Jim Lockhart, former Deputy Commissioner of the Social Security Administration under President George W. Bush. 

Millions of Americans are approaching retirement with insufficient savings to maintain their current standard of living, with half of all households nearing retirement age holding less than $12,000 in retirement accounts, the center said in a press release.

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