Well, here are some terrifying figures:
Fifty-eight percent of American workers are not even in a pension or 401(k) plan. The Social Security system faces the threat of a huge shortfall. One-third of America’s retirees get at least 90 percent of their retirement income from Social Security, with annual benefits averaging a modest $15,000 for an individual. And just ask any participant in a 401(k) plan about the scary roller-coaster ride of the last six years.
When it comes to making sure that people can actually retire when they reach a certain respectable age, America is doing a pretty terrible job, especially when compared to what other countries–including Australia and the Netherlands–are doing.
The problems in our retirement system were magnified by The Great Recession, which wiped out retirement savings for millions of people. If we don’t do something about it, working-age Oregonians today will have few choices: Work until you drop or retire in poverty.
But this isn’t inevitable. The retirement crisis is a political one, which means there are political solutions. In Oregon, one of the first steps is House Bill 3436, co-sponsored by Rep. Jules Bailey (D-Portland) and Sen. Lee Beyer (D-Eugene), which creates a task force to come up with some plans to help provide a secure retirement for every Oregonian. Yesterday, Gov. Kitzhaber announced his support of the bill.
This Tuesday at 1:30pm, we’ll be talking with Rep. Bailey and national retirement expert Teresa Ghilaraducci on the Inside Source online show. Want to ask questions and find out how you can get involved? Sign up here: