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EDITORIAL: Facing a retirement crunch

Wednesday, August 10, 2016

The Register Guard

Americans employed in the private sector are pretty much on their own when it comes to financing retirement…A new program taking shape in Oregon will broaden those choices, and ultimately reduce the burden on public services…

…nationwide, 42 percent of full-time private-sector employees between the ages of 18 and 64 have no workplace retirement savings plan. In Oregon, about half have no access to a (sic) such a plan…

The Oregon Legislature confronted this problem in 2015 by creating the Oregon Retirement Savings Plan…The plan will be open to all workers whose employers do not offer a plan of their own. It will be administered by the Oregon Retirement Savings Board…

…Enrollment will be automatic — workers will participate unless they choose not to. No employer contribution will be required. The savings rate will be 5 percent, unless workers choose to contribute at a higher or lower rate. The money will go into Roth IRA accounts…

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And now… the Salem brainiacs who did such a great job with the Columbia River Crossing ($200 Million down the drain), Cover Oregon (another $300 million), and PERS (God only knows what a mess this is)…

Are lining up to manage…your retirement! Herewith the “Progressive” principles on which this coming disaster are based:

  • You’re too stupid to save for retirement;
  • You need government “experts” to do it for you;
  • Because you’re too stupid to sign up they’ll do that for you, too.

The timeless cliché comes to mind: “We’re from the government – we’re here to help you out.”

When you first notice that 5% of your paycheck is missing, just think “Columbia Crossing…Cover Oregon…MY RETIREMENT???” If you haven’t already opened an IRA this horror should be all the encouragement you need.

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