Yesterday, Jonathan XIV, a three month old Siberian Husky was introduced as the new mascot for the UCONN Huskies. That means a sigh of relief for Jonathan XIII, who is retiring after representing University of Connecticut sports for 6 years –that’s 42 dog years.
It’s an impressive run. Now Jonathan XIII will retire with dignity and pride. Doesn’t every human worker deserve the same?
But the sad truth is that 53% of American workers 30 and older are “at risk” to have insufficient assets for retirement when they reach the age 65.
But this year, we can start to fix that in Connecticut: Tell your state representatives that we need a public retirement plan that provides secure retirement.
Unlike Jonathan XIII, many Connecticut workers won’t ever be able to afford to retire with dignity and security. Less than half of Connecticut’s workers have an employer-sponsored retirement plan like a 401k. Those who do are saving less and less as wages stagnate. That leaves Social Security as the only safety net — but that’s often not enough to maintain a decent living standard.
It’s a quiet crisis that doesn’t get much attention. But this year, we can tackle it head-on. A new plan being introduced at the State Capitol in Hartford would create a public, state-run retirement savings plan every worker can contribute to so they can retire securely. Think of it as like a “public option” for a retirement savings account.
Workers would be able to deposit a percentage of their wages into a trust fund that would be invested for them until they are ready to retire. That would give everyone access to a professionally-managed retirement fund, without having to be a financial whiz or paying the high management fees usually associated with private 401k accounts.
You can guess who’s going to be fighting this: the big banks. That’s why we need to make sure our legislators hear from you first.