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Help workers save for retirement
Unless Oregonians begin saving more money for retirement, the choices they will face in old age are stark: live in poverty, rely on public assistance or keep on working. The state Legislature can promote financial security in retirement by broadening access to the most effective savings method available to most people, which is to have a small amount automatically deducted from their paychecks and placed in a tax-deferred, professionally managed investment account. People’s need to build savings during their working lives has grown more urgent in recent decades as the old-fashioned company pension, which guarantees a certain amount of retirement income each month, has all but vanished in private-sector employment. Pensions have been partially replaced by defined contribution plans, which rely on savings set aside by employees, employers or both. Read more…