UMaine, AARP Maine release report on fiscal impact of insufficient retirement savings

New research by the University of Maine commissioned by AARP Maine reveals the fiscal impact of inadequate retirement savings in the state.

The Fiscal Implications of Inadequate Saving for Retirement” report shows that an aging Maine workforce moving into retirement is increasingly reliant on public assistance, signaling a trend that could have important fiscal implications for the state, according to AARP Maine.

The study was led by Philip Trostel, an economics and public policy professor at the UMaine School of Economics and Margaret Chase Smith Policy Center.

“This report can serve as a catalyst for change,” Trostel says. “Helping workers save during their career will reduce government spending for retiree benefits. It is important for the state of Maine to consider options that will create more vehicles for workers to save toward retirement through their workplace.”

The full AARP Maine release is online. More information, including the final report, is available on the Margaret Chase Smith Policy Center website.