Newscasts

PNS Daily Newscast - April 20, 2018 


The DOJ delivers the Comey memos to congress. Also on our rundown: more evidence that the rent is too, damn, high; Marathon County braces for sulfide mining; and the focus on recycling this weekend for Earth Day in North Dakota.

Daily Newscasts

Study: Wisconsin Workers Aren’t Saving Enough for Retirement

PHOTO: A new AARP survey indicates most Wisconsinites are not saving nearly enough money to live comfortably in retirement. Lisa Lamkins of AARP Wisconsin has some insights on the raw data. Photo courtesy AARP-Wisconsin.
PHOTO: A new AARP survey indicates most Wisconsinites are not saving nearly enough money to live comfortably in retirement. Lisa Lamkins of AARP Wisconsin has some insights on the raw data. Photo courtesy AARP-Wisconsin.
February 2, 2015

MADISON, Wis. – Most Wisconsin workers aren't confident they'll have enough money to retire and say they will put off retirement for as long as possible, according to a survey just released by AARP Wisconsin.

Social Security payments, which average $1,200 a month in Wisconsin, are not enough for most people to afford to retire comfortably, says Lisa Lamkins, federal issues advocacy director with AARP Wisconsin.

"They ultimately end up relying on government safety-net programs to meet their basic needs,” she points out. “If we increase personal saving, it will help Wisconsinites be self-sufficient in retirement – and then they don't have to depend on the state government for extra help."

Lamkins is hoping the survey will be a wake-up call for state legislators to support a state-run savings program for those without access to a pension or retirement plan at work, which she says is the case for nearly half the workers in Wisconsin.

She favors another chance for the Wisconsin Private Secure Retirement Act, which was introduced but did not pass in the last session.

According to Lamkins, such a plan has a number of attractive features.

"It's portable from job to job, so it's not tied to your employer,” she explains. “It is no or low-cost to taxpayers. It's voluntary for employees, and we know that retirement savings just increase exponentially if people have a way to save at work."

Lamkins says similar plans have been introduced and are moving through the legislatures in many other states. She says part of their appeal is that, although the state would manage the plan, it wouldn't be on the hook financially.

"There's no ongoing cost or risk for the state,” she stresses. “They are intended to be self-sustaining. They're 100 percent participant-funded after some minimal initial start-up costs, and the state's not responsible for an employee's gain or loss in the stock market."

Lamkins says savings plans help ensure that seniors can continue to live independently in their own homes as they grow older.

In other states, lawmakers have been wary of state involvement in the plans. Some have created task forces to study the idea.


Tim Morrissey, Public News Service - WI