GUEST POV | The Kentucky Retirement Account is a Win for Every Kentuckian
Hundreds of thousands of Kentuckians are nearing retirement with meager savings. The average household has only $3,000 set aside and the number of retirees is growing dramatically.
Unless we successfully encourage personal savings, many Kentuckians will retire dependent upon overburdened government programs costing taxpayers millions of dollars.
That's why I've proposed legislation to create a private sector retirement savings opportunity for the nearly 800,000 Kentuckians currently without access to a retirement savings plan at their workplace.
Introduced by Representative Martha Jane King and known as the Kentucky Retirement Account, or KYRA, this voluntary program would be managed and marketed by the private sector for small businesses and their employees.
Research shows workers are 15 times more likely to save for retirement if their employers offer a plan, and that most employers want to offer their workers an affordable option.
KYRA answers both needs. This legislation creates affordable, convenient options for businesses and their employees. This legislation weans people off government dependency and promotes self-reliance. This legislation demonstrates for the people of Kentucky that their elected leaders can proactively address a critical issue before it becomes an unmanageable crisis. This legislation saves Kentucky taxpayers hundreds of millions of dollars.
KYRA -- The Kentucky Retirement Account. A win for every Kentuckian!