© 2024 Connecticut Public

FCC Public Inspection Files:
WPKT · WRLI-FM · WEDW-FM · Public Files Contact
Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations

Bill Aims to Help Low-Income Workers Save For Retirement


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.

Credit Chion Wolf / 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.

Stand up for civility

This news story is funded in large part by Connecticut Public’s Members — listeners, viewers, and readers like you who value fact-based journalism and trustworthy information.

We hope their support inspires you to donate so that we can continue telling stories that inform, educate, and inspire you and your neighbors. As a community-supported public media service, Connecticut Public has relied on donor support for more than 50 years.

Your donation today will allow us to continue this work on your behalf. Give today at any amount and join the 50,000 members who are building a better—and more civil—Connecticut to live, work, and play.

Related Content