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Opinion: A better retirement future

Sen. Martin Looney at the lectern with Rep. Joe Aresimowicz (left) (CTNJ file photo)
Sen. Martin Looney at the lectern with Rep. Joe Aresimowicz (left) (CTNJ file photo)

As our citizens approach retirement, far too many of them rely exclusively on Social Security as retirement income. While Social Security has lifted many senior citizens out of abject poverty, it does not in fact provide a decent living for those with no other source of retirement income. This problem will become one of extraordinary urgency as more and more baby boomers reach retirement age.

But change is on its way. We are proud to say that Connecticut has taken a crucial step forward to address this crisis. On June 17, the Governor signed Public Act 14-217 which appropriates $400,000 to create the Connecticut Retirement Security Board. Chaired by the State Treasurer and State Comptroller, the Board will conduct a market feasibility study which will lead to the creation of a cost-effective, state-run retirement option for private-sector workers by April 2016. It is the largest investment that any U.S. state has made toward resolving this crucial problem.

See the complete story at CT News Junkie.

Comments

3 responses to “Opinion: A better retirement future”

  1. piberman

    Norwalk already has a special “retirement plan” for older citizens.
    We use punitive property taxes to fund excessive public salaries to encourage long time residents to move elsewhere. Together with stagnant property values for years and years. We’re long past time when social security monthly checks could pay City property taxes. And without any real prospect of property appreciation even long time home owners not familiar with finance have a powerful incentive to move. It’s the Norwalk “retirement plan”. Of course, our overpaid City workers have their own special “retirement plan”. One that all of us wish we had. Norwalk is the City that really takes care of its retired homeowners.

  2. Don’t Panic

    We are also saturated with low wage jobs that don’t cover the cost of living, up to and icluding taxes. And this drumbeat to reduce the remaining ones to the same level will ensure there is no demand left to create new ones.

  3. Bill

    Retirement is great for state and municipal employees who get to retire in their 50’s with 6 figure salaries

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