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Study: Hoosiers Contribute To Retirement, But Don't Really Save

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Keith Cooper
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https://www.flickr.com/photos/cooperweb/8363160192

About half of Hoosier workers contribute to a retirement plan. That’s a better percentage than nearly two-thirds of the country.  Yet the amount of money they put into those savings is well below the national average. 

Indiana is middle of the pack when compared to the rest of that nation in a report from the National Institute on Retirement Security. 

It’s well above average when it comes to Medicare costs and the hourly wage for older workers.  But Institute executive director Diane Oakley says when it comes to retirement savings, Hoosiers – like much of the country – aren’t doing enough.

“The average account balance for those people who had saved is $27,000 roughly in Indiana," Oakley says.  "And that is not even equal to half of the average earnings of the workers in Indiana.”

Oakley says experts advise workers in their forties to have two to three times their salary saved up.  She says expanding opportunities for employees to directly contribute to retirement accounts out of their paychecks is critical.

Brandon Smith is excited to be working for public radio in Indiana. He has previously worked in public radio as a reporter and anchor in mid-Missouri for KBIA Radio out of Columbia. Prior to that, he worked for WSPY Radio in Plano, Illinois as a show host, reporter, producer and anchor. His first job in radio was in another state capitol, in Jefferson City, Missouri, as a reporter for three radio stations around Missouri. Brandon graduated from the University of Missouri-Columbia with a Bachelor of Journalism in 2010, with minors in political science and history. He was born and raised in Chicago.