Jonathan XIV, a three month old Siberian Husky was recently introduced as the new mascot for the UCONN Huskies athletic program. That means a sigh of relief for Jonathan XIII, who is retiring after 6 years -- that's 42 dog years.
It's an impressive run. Now Jonathan XIII will retire with dignity and pride. Doesn't every human worker deserve the same?
But the sad truth is that 53% of American workers 30 and older are “at risk” to have insufficient assets for retirement when they reach the age 65.
But this year, we can start to fix that in Connecticut:
Unlike Jonathan XIII, many Connecticut workers won't ever be able to afford to retire with dignity and security. Less than half of Connecticut's workers have an employer-sponsored retirement plan like a pension. That leaves Social Security as the only safety net -- but that's often not enough to maintain a decent living standard.
It's a quiet crisis that doesn't get much attention. But this year, we can tackle it head-on. A new plan being introduced at the State Capitol in Hartford would create a public, state-run retirement savings plan every worker can contribute to so they can retire securely.
Workers would be able to deposit a percentage of their wages into a trust fund that would be invested for them until they are ready to retire. That would give everyone access to a professionally-managed retirement fund, without having to be a financial whiz or paying the high management fees usually associated with private 401k accounts.