Last week, Rep. Jules Bailey (D-Portland) and Labor Economist Teresa Ghilarducci appeared on Our Oregon’s Inside Source to discuss the growing retirement crisis in Oregon (and across the nation) and what we can do to provide opportunities for our future seniors to retire securely and save state dollars.
Ghilarducci kicked off the program by explaining the shortfalls with our nation’s current retirement plans and emphasizing the safer options possible, including guaranteed returns, low fees, and portability of funds. She answered questions from viewers about how we got into this crisis in the first place, identifying a 30-year slide in workers’ compensation across the nation.
Rep. Bailey spoke about what retirement planning looks like specifically in Oregon. He discussed how daunting the process of retirement planning is, sharing the personal experiences he had when he and his wife began setting their financial plans: “My training is in economics, I’ve served as Vice-Chair of the House Revenue Committee now every term, I’m steeped in many of these issues, and I find it frankly pretty overwhelming to look through all of these different choices.” Think about that! If the process is confusing and challenging for Rep. Bailey, what must these decisions look like to someone without training as an economist or the time to become a retirement expert? There must be a simpler way — and Rep. Bailey thinks there is.
Bailey sponsored House Bill 3436, a bill that establishes a committee to determine how to provide retirement savings opportunities and simplified choices for all Oregonians. The bill would begin the process of improving retirement security for all Oregonians who don’t have access to retirement accounts through their employers. The plan would be optional, opening up opportunities to those who decide to participate. As HB 3436 provides a path for safe and simplified options for retirement security for all Oregonians, it would similarly help Oregon save overall dollars by reducing state-funded senior services down the road.
The bill is currently making its way through the House, with a committee work session scheduled this Thursday.
Check out the video above for the full conversation, or visit the Inside Source channel to check out past episodes!