Governor Gordon and Senator Enzi Express Support for National Retirement Security Week
October 14, 2019
CHEYENNE, Wyo. – Governor Mark Gordon and U.S. Senator Mike Enzi have joined together to raise awareness of the importance of saving for retirement.
Senator Enzi has again introduced a bipartisan Senate resolution establishing October 20-26 as National Retirement Security Week, while Governor Gordon signed a proclamation declaring October 13-19 Wyoming’s “Retirement Security Week.” Wyoming state legislators are also signing on as supporters of the event.
“Now more than ever, as recent bankruptcies have highlighted so clearly, Wyoming citizens young and old need to take steps to ensure their retirement is secure,” Governor Gordon said. “Every high school junior should open an Individual Retirement Account (IRA) and start saving. There has never been a better time than today to begin saving for the future.”
“Retirement security is not talked about often enough,” Enzi said. “Saving for retirement is one of the most important goals families can undertake. Regardless of your age, it is never too early to look at options that can help provide the financial security you will need in the future. I encourage everyone to learn more about the retirement options available to them to help save for a secure retirement and their golden years.”
Recent data from the Employee Benefit Research Institute indicates that few U.S. workers have saved for retirement and many more workers need to adequately fund their retirement years. A legislative report produced in 2018 noted that in 2015 the average working-age Wyoming household had only $2,500 saved for retirement. Wyoming’s retirement savings gap– the amount of money needed to retire vs. the amount of money actually saved– is between $360,000 and $540,000 per person, an amount forecast to total $23.5 billion by 2028.
Governor Gordon emphasized the importance of planning for retirement, including developing personal budgets and utilizing. He noted that this retirement savings gap is forecast to have a significant impact on the state’s budget going forward.
National Retirement Security Week began in 2006, when U.S. Senators Gordon Smith, R-Ore., and Kent Conrad, D-N.D., introduced the first resolution establishing the week. Enzi has introduced this resolution since 2015.