Opinion

Retirement savings bill will help Mainers get on the right track

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To the Editor;

Saving for retirement is one of the most important things you can do for your future.

 

As a college student about to enter the workforce, it is hard for me to even think of what all retirement involves. There is one thing I know for certain, retirement is expensive. More expensive than one can imagine. I’ve always been told by my grandparents, “Start saving for retirement early, you’ll be happy you did.” When talking with my grandparents about retirement, they said the easiest way to save is by having a plan. It becomes second nature you don’t even think about as time goes on.

 

When researching different plan options, I found proposed legislation LD594, A Retirement Savings Program for Maine. LD594 provides an easy pathway to start saving for retirement out of my regular paycheck, regardless if my employer offers a program or not. This program would give employees the option to put a percentage of their paycheck into a retirement savings account. This program would be portable, meaning I can take it from job to job with me.

 

It makes sense that people are more likely to save when they can do so through their employer. Imagine what putting away just $20 a paycheck will amount to in 10 years, let alone 40-plus years.

 

I’m hoping Maine will pass LD 594. I don’t think a lot of people my age realize how expensive retirement is. This bill will help Mainers of all ages get on the right track.  

 

Harrison Quidort

Portland

 

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