Fewer pensions for Nebraska workers mean retirees' pain will be felt by state, too

[Omaha Steve]

DUH!!!!


http://www.omaha.com/article/20131211/NEWS/131219764/1685#fewer-pensions-for-nebraska-workers-mean-retirees-pain-will-be-felt-by-state-too

By Paul Hammel

LINCOLN — The number of Nebraska workers whose employers offer pension or 401(k) plans to their workers has declined significantly over the past decade or so, leaving more and more families financially unprepared for retirement.

That could be bad news for the State of Nebraska as well — increasing its costs for serving the elderly.

Nebraska lawmakers heard that warning Tuesday from officials with AARP and the New School in New York City. The officials said the decline in private retirement savings plans will put more stress on state resources, which already provide about $373 million a year in Medicaid services to Nebraskans over age 65.

“As things stand today, Social Security will likely be the main source of retirement income for most future middle-class retirees,” said Sarah Mysiewicz, a senior legislative representative in AARP's Washington, D.C., office. Without additional private savings, she said, those retirees won't have enough to pay their bills.

FULL story at link.