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Posted inCT Viewpoints

Government must help with Connecticut’s individual retirement security

Recently we have witnessed a disturbing shortfall in the effectiveness of government policies towards retirement security. Many businesses are eliminating or reducing the pension benefit notwithstanding government incentives. The IRA has not grown in coverage to make up the difference. Today nearly 50 percent of private sector workers are looking forward to an old age income that limited to just Social Security, which is inadequate to stay out of poverty. The Connecticut Retirement Security Board proposal to offer a state-run IRA with contributions through payroll deduction and with low fees would mostly repair the shortfall in Connecticut retirement savings.