Millennials need better tool for saving

Labor

Apr 29

About 66 percent of millennials have no retirement savings.

Most millennials who are saving have something in common—access to a retirement savings plan at work. More than 94 percent of millennials who are eligible participate in retirement plans offered through work.

The rest of us—some like me, who freelance in the gig economy, others who work part-time jobs or who work for small businesses that can’t afford to offer retirement savings—have no way of saving through payroll deduction. That’s unfortunate because you are 15 times more likely to save if the money is taken out of your paycheck, before you get a chance to spend it.

A bill in the state legislature, Senate Bill 2333, would have taken the first step to create a Hawaiʻi Saves program, an easy way for businesses, especially small businesses, to offer simple retirement savings to workers.

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Will Caron

Award-winning illustrator, painter, cartoonist, photographer, editor & writer; former editor-in-chief of Summit magazine, The Hawaii Independent, INhonolulu & Ka Leo O Hawaiʻi. Current communications director for Hawaiʻi Appleseed Center.

https://www.willcaronhawaii.com/

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