OregonSaves started its pilot phase in July. The savings option would give Oregon workers who don’t have access to an employer-sponsored plan. The opportunity to put away part of their paycheck in an individual retirement account, also known as “IRA.”
AARP said the key to successfully saving for retirement is to start early.
“The job may have gone, may have disappeared. You may get laid off or you may need to leave for health reason or you may need to leave because you’re a caregiver. So we all need to plan ahead,” said Joyce DeMonnin, AARP Oregon.
The program is overseen by the Oregon retirement savings board. AARP research said, about one million Oregon workers could be eligible for OregonSaves, because they don’t have access to an employer-sponsored retirement savings plan.
According to AARP research, more than half of Oregonians, between the ages of 55 to 64, are anxious about their financial security in retirement. When asked what age they think they will retire, Oregon workers said they would try to stop working at 64 years.