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Bill Aims to Help Low-Income Workers Save For Retirement

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Three quarters of Americans nearing retirement have saved less than $30,000 for their retirement years, according to data from the New School for Social Research. Decades of stagnant incomes, an inability to save, and disappearing pensions are part of the reason.

One third of Connecticut residents are baby boomers, and state legislators are proposing a program to help them do a better job preparing for retirement.

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WNPR
Julia Evans Starr of the Connecticut Commission On Aging.

Julia Evans Starr, executive director of the Connecticut Commission On Aging, appeared on WNPR’s Where We Live. "We know that they used to rely on Social Security and retirement saving plans, and their own savings," she said. "We have seen definitely from the retirement saving plan a major decrease in the ability to access those. We're really hoping to help  low-income private sector workers -- folks who are making between $30,000 and $60,000."

Senate Bill 249 is meant to reach the 740,000 residents who are unable to access retirement funding through their employers. They would be able to set aside a portion of their salaries directly into a state trust fund.

With Connecticut spending millions of dollars for Medicaid services to residents over age 65, the hope is that the bill would also save the state money in the future.

The independent journalism and non-commercial programming you rely on every day is in danger.

If you’re reading this, you believe in trusted journalism and in learning without paywalls. You value access to educational content kids love and enriching cultural programming.

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SOMOS CONNECTICUT is an initiative from Connecticut Public, the state’s local NPR and PBS station, to elevate Latino stories and expand programming that uplifts and informs our Latino communities. Visit CTPublic.org/latino for more stories and resources. For updates, sign up for the SOMOS CONNECTICUT newsletter at ctpublic.org/newsletters.

SOMOS CONNECTICUT es una iniciativa de Connecticut Public, la emisora local de NPR y PBS del estado, que busca elevar nuestras historias latinas y expandir programación que alza y informa nuestras comunidades latinas locales. Visita CTPublic.org/latino para más reportajes y recursos. Para noticias, suscríbase a nuestro boletín informativo en ctpublic.org/newsletters.

The independent journalism and non-commercial programming you rely on every day is in danger.

If you’re reading this, you believe in trusted journalism and in learning without paywalls. You value access to educational content kids love and enriching cultural programming.

Now all of that is at risk.

Federal funding for public media is under threat and if it goes, the impact to our communities will be devastating.

Together, we can defend it. It’s time to protect what matters.

Your voice has protected public media before. Now, it’s needed again. Learn how you can protect the news and programming you depend on.