Gov. Tony Evers signed Executive Order #45 on Monday to address the ongoing phenomenon of retirement insecurity throughout Wisconsin.
Wisconsin’s aging population is expected to increase 60 percent by 2030, yet one out of every seven voters has no method to save for retirement.
“Hard-working Wisconsinites deserve to have peace of mind in retirement so they can enjoy those years with their friends and family, yet too many Wisconsinites are unprepared," Evers said.
The Governor’s executive order will create the Retirement Security Task Force to assess Wisconsin’s social services in supporting its citizens’ ability to retire in a financially secure manner. The task force also plans to evaluate Wisconsin’s current retirement system and various retirement plans’ financial impact to the state and overall economy.
Additionally, the task force is assigned with identifying barriers to accessing existing employer-sponsored and individual retirement plans, as well as options to participate in public and private retirement.
Leading the task force is Wisconsin Treasurer Sarah Godlewski, who along with Evers and other task force members want to ensure those approaching retirement have better methods for managing their retirement plans.
According to the Treasurer's report, if lower income households — up to $40,000 per year — were to save three percent of their income through 2030, state expenses could drop by $3.1 billion annually.
“Our first step as a task force is to hear from and understand the barriers Wisconsinites are facing across our state when it comes to saving for retirement,” Godlewski said in a press release. “We’re working to schedule events around the state to continue to hear the perspectives of people on all corners of this issue.”
