Help for retirement savings
To the editor:
Most of us were taught the importance of saving for the future, but if there is a barrier to saving then we probably won’t do it.
The troubling fact is that on average, according to a report from Georgetown University’s Center for Retirement Initiatives, Maine working households have less than $2,500 in savings for retirement. On top of that, it is estimated that 207,000 working Mainers don’t have a way to save through their job wherever they work.
As the oldest state in the nation we can, and must, do better.
Maine has the opportunity this legislative session to do just that. I hope you will join me in voicing strong support for LD 1622. The measure is sponsored by Senator Eloise Vitelli and I’m happy to see that local state Senator Trey Stewart has signed on as a co-sponsor. This bill will put Maine on the right track when it comes to saving for retirement.
All working Mainers deserve a better opportunity to save, and our communities and state will only benefit from more Mainers having greater financial security as they get older. When Mainers have access to a retirement savings program through their employer, they are 15 times more likely to save. LD 1622 supports a public-private retirement savings program for Maine workers that would follow them from job to job. Employees would be automatically enrolled through payroll deduction unless they chose to opt out.
Saving for retirement can be hard, but it’s important to remember that it’s never too late to start saving for your future. Over time, even a small contribution can make a big difference. LD 1622 is a game-changer for Maine. Even a few dollars saved each week can eventually become a valuable nest-egg and that means more financial security for working Mainers and our communities.