The proposal for Washington Voluntary Accounts (WVAs) offers an easy mechanism for individuals to save for retirement. WVAs directly address the importance of a retirement program for about half of all workers who do not have a retirement savings plan in their workplace.
- Social Security provides a foundation for retirement, but Social Security alone is not enough for a comfortable retirement.
- Too many workers do not have access to a systematic retirement savings program in their workplace.
- Retirement savings are an important component for the long-term financial security of individuals and families.
- Existing options have high barriers for small businesses and lower-income workers.
Washington Voluntary Accounts enables individuals to invest in their future through a portable, voluntary, defined-contribution plan. The Washington State Legislature has the opportunity to enact WVAs in 2005.