Retirement Security Week Highlights Importance of Saving
Written by jordanmckamey on October 17, 2019
Governor Mark Gordon and U.S. Senator Mike Enzi have joined together to raise awareness of the importance of saving for retirement.
Senator Enzi has again introduced a bipartisan Senate resolution establishing October 20-26 as National Retirement Security Week, while Governor Gordon signed a proclamation declaring October 13-19 Wyoming’s “Retirement Security Week.” Wyoming state legislators are also signing on as supporters of the event.
Recent data from the Employee Benefit Research Institute indicates that few U.S. workers have saved for retirement and many more workers need to adequately fund their retirement years. A legislative report produced in 2018 noted that in 2015 the average working-age Wyoming household had only $2,500 saved for retirement. Wyoming’s retirement savings gap– the amount of money needed to retire vs. the amount of money actually saved– is between $360,000 and $540,000 per person, an amount forecast to total $23.5 billion by 2028.
Governor Gordon emphasized the importance of planning for retirement, including developing personal budgets and utilizing. He noted that this retirement savings gap is forecast to have a significant impact on the state’s budget going forward.