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Efforts continue to quell the backlash over President Donald Trump’s changing statements on the Russia summit. Also on the Thursday rundown: protestors are out for Mike Pence’s visit to Missouri; and nobody wants to go, but one option is green burials.

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AARP Survey: VA Lawmakers Should Back Public-Private Retirement Savings Plan

HJ 103 requests the Virginia Retirement System to study the feasibility and merits of a state-run retirement savings plan for employers and their employees who do not have access to an employer-provided retirement savings plan. (Pixabay)
HJ 103 requests the Virginia Retirement System to study the feasibility and merits of a state-run retirement savings plan for employers and their employees who do not have access to an employer-provided retirement savings plan. (Pixabay)
February 1, 2018

RICHMOND, Va. — A survey by AARP shows a vast majority of Virginians have something in common: They don't feel financially prepared for retirement.

The telephone survey conducted in January of registered Virginia voters ages 18-64 who are in the workforce found that many workers don't believe they've saved enough for retirement - and 55 percent believe they are too far behind schedule to even afford the rising costs of retirement.

Jim Dau, state director of the Virgina AARP, said the survey also shows that most agree lawmakers should do more to help ease those concerns by creating a public-private retirement savings plan.

"Today in the House of Delegates, a key subcommittee is going to be voting on legislation that will take one important procedural step, which is to commission a study conducted by Christopher Newport University that would determine the feasibility, look at how the mechanics behind how Virginia could implement a plan like this,” Dau said.

House Rules Subcommittee Number 1 meets at 5 p.m. and will consider HJ 103.

Dau said while 76 percent of respondents with workplace savings options make regular contributions to their retirement plans, nearly 1-in-4 voters in the survey did not have access to a plan in which they could make a retirement contribution - though an overwhelming majority said they would if they had the chance.

"Being able to live with some degree of independence and comfort when you're retired is going to be difficult for people that do have access to those workplace savings options,” Dau said. “It's going to be almost impossible for about 1.3 million Virginia workers who do not have access to something like a 401-K or a pension."

A report released by AARP Virginia in 2016 found that a "10 percent increase in net worth among retirees could save taxpayers as much as $326 million through 2030 in reduced costs of government-funded benefits to retirees in Virginia without sufficient resources."

Trimmel Gomes, Public News Service - VA