Daily Archives: April 8, 2014

8 04, 2014

Democrats hold work session on retirement preparedness

April 8th, 2014|Radio|

State Democratic legislators held a work session on Tuesday to shine light onto the considerable and growing problem of retirement insecurity in our state and in our country (TRT: 1:12) CLICK TO DOWNLOAD

SCRIPT:

Staggeringly, a majority of Americans nationwide have less than $10,000 in savings and a third of working people say they have even less than that saved for retirement. Sen. Steve Conway of South Tacoma led Tuesday’s work session and is worried that too many Washingtonians aren’t prepared for retirement.

Sen. Steve Conway, D- South Tacoma: (TRT: 25 ) CLICK TO DOWNLOAD: “You know, we have 45 percent of our citizens that have no savings for retirement. And we need to figure out a way to help them and so we gotta begin this dialogue. We have certain citizens who are employed by people where they do have access to good retirement and we have many who are not. And so it is critical for this state – for the sake of all the citizens of this state – for us to start this dialogue.”

One in four Washington residents between the ages of 45-64 years old has $25,000 or less in savings for retirement. With more and more employers offering 401k plans instead of traditional defined benefit plans, this makes retirement even more difficult to navigate. Tuesday’s work session in Olympia was surely only the first of many conversations surrounding retirement insecurity in Washington state.

Nicole Vukonich reporting in Olympia.

8 04, 2014

Democratic lawmakers host retirement insecurity work session

April 8th, 2014|Uncategorized|

OLYMPIA – State legislators held a work session today, casting a light on the growing problem of retirement insecurity in Washington.

One in four Washington residents between the ages of 45-64 years old has $25,000 or less in savings for retirement. In addition, 77 percent of employees who work for small businesses lack the option to save through a workplace retirement plan. Nationwide, the majority of Americans have less than $10,000 in savings and a third of working people say they have even less than that saved for retirement.

There were nine presenters from business, labor, finance and research sectors. They discussed a wide variety of issues ranging from defined benefit pension plans, to small business options and worker retirement readiness.

Even though the economy is recovering, Americans remain concerned and anxious about retirement, and they want help. In fact, 89 percent of Americans have indicated that they are seeking some form of retirement assistance or guidance. More and more employers are offering 401k plans instead of traditional defined benefit plans, making retirement even more difficult to navigate.

Click on the links below for more information and to view the documents and presentations from today’s work session:

Overview of Retirement in Washington (Millman)

How Washington Rates on Retirement Security and Defined Benefit Plan Issues (National Institute on Retirement Security)

Can you afford to grow old in Washington State? (Washington Association of Area Agencies on Aging)

State Based Social Security (AFSCME)

Are Washington Workers Ready for Retirement? (The New School)

Retirement Plans that Work for Small Business (Small Business Majority)

Public Sector and Non-Profit Retirement (TIAA CREF)

Work and Save (AARP)

Work Session Agenda

Legislators who participated: Sen. Steve Conway, D-South Tacoma; Sen. Jeanne Kohl-Welles, D-Seattle; Sen. Maralyn Chase, D- Seattle; Sen. Karen Fraser, D- Thurston County; Sen. Bob Hasegawa, D- Seattle; Sen. Karen Keiser, D- Kent; and Rep. Chris Reykdal, D-Tumwater.