Retirement Security Accounts: Making it easy to save for retirement

Report | January 1, 2005 | By Marilyn Watkins

Executive Summary

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.


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