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AARP AARP States Advocacy

Bill Helps Wisconsinites Fund Their Future

Retirement Sign_ValDisalvio_499998 CROP
James Brey

Throughout his entire working life, Jim Lamont of Milton has tried to play by the rules so that he and his wife Wilma could enjoy their retirement without worrying whether they’d be able to make ends meet.

Jim worked for one of Wisconsin’s better known employers for much of his career and was self-employed at other times. He saved for retirement and even participated in a 401(k) plan when one was available to him.

But for Jim and many others in Wisconsin, one thing is missing. He does not have a pension plan. That became even more evident during the recession when Jim saw his savings, investments and 401K all those value and jeopardize his financial future in retirement. Steady amounts of guaranteed income from pension plan would have been most welcomed.

Jim and his wife travel in their RV during winter months and when they meet up with retirees, one thing is clear. Those with pension plans are less anxious about the economy than those who are without and left with the fear of outliving their savings.

Access to a pension plan, like the one currently being proposed in the state legislature, would give all working Wisconsinites a chance to save for retirement in a way that would provide them a steady stream of income.

“It’s something I wish I had had the opportunity to do when I was working. And doing it this way helps employers by taking the risk out of helping their employees get access to a pension plan,” Jim said.

AARP Wisconsin supports this bill because we know Social Security and savings alone are not enough to provide financial security in retirement. 

Help us urge our state legislators to support the Wisconsin Private Secure Retirement Act (SB611 and AB838) by scheduling a hearing on the bill as soon as possible. Call today! 1-800-844-2847

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