Maine Public reports on UMaine, AARP Maine study on retirement savings

Maine Public reported a new University of Maine study commissioned by AARP Maine suggests that as more people retire, inadequate personal savings means taxpayers will have to take on more of the burden. According to the research conducted by Philip Trostel, an economics and public policy professor at the UMaine School of Economics and Margaret Chase Smith Policy Center, last year Mainers aged 65 to 79 received $164 million in social services, with $28 million financed by the state. With the number of retired persons expected to grow by 30 percent over the next 15 years, the report suggests the state’s burden will increase to $61 million over that period, Maine Public reported. WVII (Channel 7) also reported on the study.