by Luke Loranger |
Oregon state treasurer Ted Wheeler spoke at UP Tuesday night on retirement security. While it might feel like a long way off, The Beacon collected four take-aways for students:
- Wheeler said retirement security is the most significant financial issue in most Americans’ lives. A recent poll by the American Association of Retired Persons (AARP) showed that 80 percent of Americans are more concerned about running out of retirement funds than dying.
- Half of Americans do not have enough money for retirement, and a quarter do not have any savings at all.
- Oregon has passed a new law that will go into effect in 2017 that requires all businesses to implement an “opt-out” retirement plan. Upon getting a job, an employer will be required to give employees information about retirement through a low-cost plan implemented by a private company, which takes a percentage of money out of their payroll.
- Students should save money for retirement now, so more interest will have been compounded 40 years down the road. Wheeler recommends a Vanguard-like program with an aggressive portfolio, and encourages students to add at least two to three percent of every paycheck.
Luke Loranger is a reporter for the Beacon and can be reached at @loranger18 or loranger18@up.edu
