Douglas, Spaulding warn that retirement savings are too low

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(Host) Top state officials are warning that many Vermonters face a tough old age, due to a widespread lack of adequate retirement savings.

Governor Jim Douglas warned that the average Vermonter will get about 12 thousand dollars a year from Social Security.

Like Douglas, Treasurer Jeb Spaulding says that’s not enough to live on.

(Spaulding) “I think it’s a crisis, an impending crisis. But it’s not too late to convince a lot of people that there’s steps they can take to ensure – or better ensure – the chances that they’re going to be able to retire in some semblance of what they imagined they would retire in.”

(Host) Spaulding’s office has set up a new financial literacy Web site to try to encourage people to set up retirement savings plans.

A link to the site is on vpr-dot-net.

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