POV | In Support of KYRA (3/5/15) - WDRB 41 Louisville News

POV | In Support of KYRA (3/5/15)

Posted: Updated:
Kentucky State Treasurer Todd Hollenbach recently appeared on Point of View in support of the Kentucky Retirement Account, or KYRA -- a legislative proposal that would automatically enroll all Kentuckians who lack access to a savings plan at their workplace into a payroll deduction plan that would divert a small percentage of their wages into a personal IRA.

I also support this, because it's estimated that the average Kentucky household currently has only $3000 set aside for retirement. And when all those people reach retirement age with such a meager amount of money, disaster awaits.

The beauty of KYRA is that while it is voluntary, it still makes it harder for people NOT to save. Yes, any employer or employee who wishes not to participate would still be able to opt out, no questions asked. But participation in the plan would be the default position that people would have to opt out of, rather than into. And the plan would cost nothing on the part of either the employee or the employer.

If we don't do this, sure -- most retirees will still survive. But they'll do it on the backs of an already-overburdened and ever-shrinking taxpayer base.

This is a better way, because under this plan, choosing to do nothing will actually be a choice to do something positive. And anything that encourages self-reliance is a good thing in my book.

I'm Bill Lamb and that's my Point of View.

Copyright 2015 by WDRB News. All rights reserved.
Powered by Frankly
All content © Copyright 2000 - 2017 WDRB. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.