EDITORIAL – Face up to pending retirement crisis

State plan could help Oregonians build savings to supplement Social Security

– The Oregonian

A convergence of economic and demographic factors…threatens the United States with a retirement crisis…

…According to the Employee Benefits Research Institute, 36 percent of Americans have saved $1,000 or less for retirement…

In 2011, 31 percent of private-sector workers participated in a defined-contribution retirement plan….

That leaves about two-thirds with no workplace-based pension or retirement savings plan…

[Oregon Treasurer Ted] Wheeler asked the state Legislature to address the retirement crisis last year, and it responded by creating a Task Force on Oregon Retirement Savings…

The task force’s draft report…recommends creating a workplace savings plan that would be available to anyone employed in Oregon… Money to fund savings accounts would be automatically deducted from workers’ paychecks unless they chose to opt out… The savings accounts would be pooled and professionally invested by private fund managers, overseen by a state board…

We Respond & Your Comments

And now – from those wizards who blew $175 million of your dollars planning the Columbia Crossing bridge, light rail and highway complex and have nothing to show for it and then tossed another $248 million after it to build the Cover Oregon health insurance exchange, which featured a website that couldn’t sign up a single individual…

Comes a program to manage your retirement nest egg! Who could resist this offer? Where do we sign up? What could possibly go wrong?

http://registerguard.com/rg/opinion/32044981-78/face-up-to-pending-retirement-crisis.html.csp

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