After decades of stagnant incomes, the inability to save, and disappearing pensions, 75 percent of Americans nearing retirement have less than $30,000 saved, which won’t last long. One third of Connecticut residents are baby boomers -- a big demographic that is headed straight towards retirement. In fact, Connecticut’s population of 65 and up is growing ten times faster than the general population.
To try to curb the coming baby boomer retirement crisis, President Obama has proposed a savings bond that encourages people to save money, called MyRA.
This hour, we talk retirement in Connecticut, and hear what MyRA, and a proposed state run retirement plan, would look like in our expensive state.
Are you worried about your retirement? Are you retired?
This program originally aired on March 31, 2014.
- Julia Evans Starr, Executive Director of the Connecticut's Legislative Commission on Aging
- Thomas Scanlon, CPA, Financial Advisor at Raymond James
- Bette Marafino, President of the Connecticut Alliance for Retired Americans
- Jacob Hacker, Pofessor of Political Science, Director of the Institution for Social and Policy Studies at Yale University