Pension raises for some retired Pennsylvania teachers and state workers move ahead in Legislature
A bill that would give pension increases to more than 60,000 retired school and government workers passed the Pennsylvania House by a comfortable margin on Tuesday, although opponents warned it would saddle taxpayers with a $1 billion bill. The 135-67 vote sent the measure to the Republican majority state Senate...
More states are planning for the coming retirement surge
You're reading Route Fifty's Public Finance Update. You can subscribe here. A record number of Americans are reaching retirement age this year, marking the start of an unprecedented surge in Americans turning 65 that will last through roughly 2027, and bringing issues related to life after work to the forefront for individuals and policymakers. Financial security is of particular concern. Although the retirement savings gap—the difference between what workers have set aside for retirement and what they will need—has improved in recent years, studies have consistently found that most Baby Boomers haven’t saved enough and will probably have to rely primarily on Social Security and Medicare as they age.