Evers creates task force to study retirement savings

MADISON, Wis. (CBS 58) – State leaders announced the rollout of a task force with the goal of examining Wisconsin’s retirement issues in the hopes of avoiding a potential crisis as the state’s population ages.

Governor Tony Evers signed an executive order Monday forming the Retirement Security Task Force. State Treasurer Sarah Godlewski made the announcement at a news conference at the State Capitol.

“The governor and I believe hard-working Wisconsinites deserve to have a peace of mind and feel secure when they retire,” Godlewski said. “We want to do everything we can to make sure the state and the people are set up for financial success.”

The average working household in Wisconsin has less than $3,000 saved for retirement. That, along with a projected increase of 60 percent in the number of people aged 65 and older in Wisconsin by 2030, is a recipe for a crisis, according to state leaders.

If the issue isn’t addressed, state expenses on senior programs like Medicaid could expand by $3.5 billion by 2030. On top of that, the state could see approximately 400,000 more people at risk of living in poverty if solutions are not reached.

The task force looks to avoid those potential issues.

“The purpose of the task force is to understand, first and foremost, the challenges and the barriers that individuals face, that small businesses face and that the state face,” Godlewski said.

The task force is a group of bipartisan lawmakers, members of state agencies, private sector experts and retirees. It will begin touring the state holding listening sessions in October and is expected to release a report with recommendations in August 2020.