Hallgren, KathleenJones, RichWaterous, Frank
The number of working families living in poverty in Colorado increased by 16,000 from 2004 to 2012 – a jump of almost 50 percent, the Bell Policy Center reports in "Measuring Opportunities for Working Families." In addition, the portion of all Colorado working families living in poverty increased from one in 17 to one in 12 over the same period.
A financially secure and healthy retirement is our ninth and final gateway to a life of opportunity. A secure and healthy retirement should be the reward for a life of hard work and contribution to family and community.
Articles: Bell updates Working Poor families indicators, Governor, Legislature hit 25 homers for opportunity, Fewer kids covered by health insurance, U.S. hosts 11 million undocumented immigrants, Poor families pay more for basic goods and services, Incentives increase retirement saving, Bell research cited in national report on TABOR
Colorado's political, business and community leaders should encourage employers to use automatic enrollment for 401(k) pension plans. We should also educate workers about the value of participating in these plans and of increasing contributions over time to meet retirement needs. Automatic enrollment is allowed under federal law, and pension reform legislation passed by Congress in August provides additional incentives to do so.
By showing how very reliant the elderly are on Social Security income, these data demonstrate that the majority of the elderly can ill-afford to gamble with their retirement income now or in the future. Ending up on the losing side of this bet would have a devastating impact on their quality of life.
A Boulder Daily Camera commentary outlining the problems with the country's main mechanisms for saving for retirement - Social Security, company pensions and personal savings accounts - and proposing some solutions to improve the system.