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Financial Advisor Ric Edelman Testifies Before Congress on ASPIRE Act and Saving for Retirement

For Immediate Release
April 28, 2005

Media Contact: Will Casserly
wcasserly@ricedelman.com
(703) 251-0110

WASHINGTON, D.C. (April 28, 2005) ? Financial advisor and bestselling author Ric Edelman told U.S. Senators today to support the America Saving for Personal Investment, Retirement and Education Act ("The ASPIRE Act").

Testifying before the Senate Finance Committee's Subcommittee on Social Security and Family Policy, Edelman applauded the idea of giving every newborn in America an investment account funded with a $500 grant from the federal government.

Edelman called the act a "brilliant idea," and commended Senators Rick Santorum and Jon Corzine for sponsoring the legislation in the Senate. Edelman outlined similarities between the ASPIRE Act and his own invention, the Retirement InCome ? for Everyone Trust (the "RIC-E Trust®," pronounced RICKY) and the advantages it offers for enabling low and middle-income families to achieve retirement security.

Though he hailed the concept of the ASPIRE Act, Edelman advised the Subcommittee to restrict distributions to retirement age, with exceptions for death and disability; the current legislation permits withdrawals for education and buying homes. Edelman also asked the panel to let families voluntarily add more to these accounts than currently proposed, in order to let larger numbers of Americans enjoy financial security in retirement age while simultaneously reducing their dependency on the government.

"The more money people have in retirement, the less they'll need government assistance," Edelman said. "This will enable the government to focus its resources on other important needs of our country."

For a complete copy of Ric Edelman's testimony, go to http://www.RicEdelman.com/planning/basics/aspireact.asp

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