Task Force Looks At Retirement Planning Post COVID-19
The COVID-19 pandemic has put retirement savings in Wisconsin on even shakier ground. That assessment from state Treasurer Sarah Godlewski who is heading up a task force on the issue.
Godlewski says about half of all Americans don't have access to retirement programs, or others may have lost access to retirement savings. She says some people are using retirement savings during a time when people are laid off or businesses are closed. She says the task force looked at what other states are doing...
"There are over 12 states that have(public) retirement savings plan, whether it's a state run ROTH IRA plan or 401K plan, that regardless who you work for, that plan is always there..."
She says states that have moved to have their own non-public retirement system found that over time it becomes self-sustaining, offering small business an avenue to their employees. Godlewski says people don't want retirement when times are good, more so when times are bad and finding a way to keep the savings resilient is key. She says beyond the stock market fluctuations, there's another question...
"We have to look beyond the market and really see whether our people are financially secure. Do they have the savings they need in times of hardship?"
The task force next will look at how retirement will look after the COVID-19 outbreak and how businesses can have access to a plan for employees.
She says the state of Oregon has a public retirement plan and they reported they think it gives businesses a competitive advantage for their people.