This legislative session, there is an important bill, L.D. 1622, making its way through the process. This is a bill that would establish a retirement savings program for Maine, which is something we sorely need.

Too many retired Mainers have virtually no savings at all. I’m one of them. I worked hard all my life and although I tried to save for my retirement, I didn’t have that opportunity through my employer and so I didn’t succeed at saving for my golden years. I wish I had been able to, but it didn’t work out that way.

Mainers in their 60s who plan to retire soon face the same difficulty, and so it continues one generation to the next. Our aging workforce moving into retirement increases public-assistance spending on the elderly and results in an enormous burden for all Maine taxpayers. We need a retirement savings plan for our state and L.D. 1622 will help get us there.

The program works by offering employees a way to save money through automatic contributions directly from their paychecks. There is no cost to the employer and the employee will see their money grow week after week, year after year. Setting aside even a small amount will make a huge difference down the line. Plus, if you change jobs, your money comes with you so you can keep saving.

Our state cannot afford to continue without a viable savings program for working Mainers. It would be fiscally irresponsible not to pass L.D. 1622 and I strongly urge our legislators to pass this critical bill.

 

Rena Heath

Hallowell

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