AARP Utah recently released a survey showing that most Utahns hope to retire one day, yet many have woefully inadequate savings. One in 6 of those surveyed have less than $5,000 in savings, and AARP research shows that more than half of Utahns lack access to a workplace retirement savings plan, such as a 401(k).
But the good news is that Sen. Todd Weiler, R-Woods Cross, has introduced Senate Joint Resolution 9 that would bring businesses, workers, legislators and the state treasurer together to develop a workplace savings plan similar to the 529 plans now in place for college savings. Contributions to the plan would be voluntary and portable from job to job, enabling workers to set aside money to grow toward retirement savings.
Retirement income comes from careful planning over a lifetime of work, and development of a workplace savings plan for small businesses will help everyone build toward a more stable financial future.
Alan Ormsby
Midvale