In just the last year, we have seen a mortgage loan crisis, banks failing, and the stock market plunge. It’s no wonder that American’s are concerned about their retirement security.
A recent survey by the Employee Benefit Research Institute shows that the percentage of workers who feel very confident that they will have a comfortable retirement has plummeted from 27 percent a year ago to 18 percent this year. This 9 percent drop is the largest one year drop in the 18-year history of the survey.
As you might expect, younger workers and those with lower incomes felt the least secure, which is why EOI has taken on retirement security as priority policy area. We have championed the idea of Washington Voluntary Accounts (WVAs) and helped secure funding in the 2007 legislature to design this program.
Filed under: retirement security, public policy, retirement, retirement savings accounts, washington state
