Bend town hall on retirement proposal draws few

Surveys across the nation find that American’s aren’t saving enough for retirement. An AARP poll shows that one in six Oregonians between 45 and 65 have less than $5,000 in their retirement savings accounts.

State leaders are hoping a new program implemented through employers will encourage more to contribute to their own futures.

“We’re really getting together to talk about what we can do to help the 50 percent of people in this state who do not have access to (an employer-sponsored) retirement savings program,” Oregon Treasurer Ted Wheeler said at a Bend town hall Wednesday night.

The Bend meeting drew in a small crowd for such a large issue.

Last September, the Oregon Retirement Savings Task Force agreed on a structure for a state-sponsored retirement plan.

“Like the rest of the nation, the state of Oregon is facing a crisis around retirement security,” Wheeler said. “Half the people in the state of Oregon have less than $25,000 saved for retirement.”

The program suggested by the task force for lawmakers to consider should be easy for employers to implement, because employers will not be required to make a contribution.

Bend’s new state representative said he supports efforts to get more Oregonians saving for retirement. But Rep. Knute Buehler, R-Ore., said he wants to make sure the Legislature heads in the right direction.

“Is the problem that we’re trying to solve that there’s not enough retirement plans for people to participate in?” Buehler asked. “Or is the problem that people are not earning enough money so they feel financially secure enough to invest in a retirement plan?”

Legislators head to Salem next week for the start of the 2015 session, with the proposed retirement savings program just one of many issues they will deal with

For more information about the issue, visit: www.savetodaysecuretomorrow.org.