What's So Hard About Saving for Retirement?

David Franklin

A new task force will study why many Wyoming employers find it difficult to offer their workers a way to save for retirement.

More than 57 percent of private sector employees in the state—about 123,000 workers—do not have access to a retirement savings plan at work. As a result, more than half of workers 65 and older have little to no savings, and the state is saddled with safety-net costs for many who need nursing home care. The state spends $130 million a year on long-term care, and with the population aging, the cost could grow to more than $300 million by 2030.

AARP research shows that workers who can save for retirement through payroll deductions are 15 times more likely to do so than those who lack such a plan.

The task force is expected to report its recommendations to the legislature by Dec. 1.