One in four Washington residents between the ages of 45-64 years old has $25,000 or less in savings and nearly half of near-retirement households ages 55-64 in Washington have no retirement plan at all. These statistics could lead to devastating results both for those close to retirement and the state itself.
Therefore, a few state legislators are trying to get to the crux of the problems and look at steps our state can take to start creating solutions. Senator Steve Conway, Senator Karen Keiser, and Senator Bob Hasegawa held an invaluable work session on ‘Retirement Insecurity in Washington State’ on Tuesday, April 8th. This work session featured two national authorities on retirement security: Diane Oakley, Executive Director, National Institute of Retirement Security, and Professor Theresa Ghilarducci, Schwarz Center for Economic Policy. The workshop addressed the question “Is retirement insecurity a looming crisis for the middle class?” Topics of discussion included senior economic security issues in our state, the status of defined benefit programs and defined contribution programs in Washington State, and small business retirement options.
Below is a link to TVW’s recording of the Work Session on Retirement Insecurity.
Sen. Steve Conway, D-South Tacoma; Sen. Karen Keiser, D-Kent; Sen. Bob Hasegawa, D-Seattle; Sen. Maralyn Chase, D-Shoreline; Sen. Jeanne Kohl-Welles, D-Seattle, Diane Oakley, Executive Director, National Institute on Retirement Security; Professor Teresa Ghilarducci, Director Schwartz Center for Economic Policy Analysis, The New School For Social Research; Terry Gardiner, VP Policy and Strategy, Small Business Majority; Ingrid McDonald, Advocacy Director, AARP Washington; Steve Kreisberg, AFSCME