Blog Posts > Stemming the Retirement Crisis: West Virginia Voluntary Retirement Accounts
July 28, 2014

Stemming the Retirement Crisis: West Virginia Voluntary Retirement Accounts

VERA presentation coverOn July 22, 2014, Sean O’Leary and Ted Boettner from the West Virginia Center on Budget and Policy and Angela Vance from the WV-AARP presented the benefits of Voluntary Retirement Accounts (VERA) to the Our Children Our Future Policy Workshop in Clarksburg, WV. View the full presentation.

Overview – The Retirement Problem

  • Retirement Income Deficit – $6.6 trillion
  • 38.3 million working-age households (45%) have no retirement account assets
  • Four out of five working households have saved less than one year of income for retirement
  • The median retirement savings balance for households nearing retirement is only $12,000
  • Leading causes of poverty among elderly
  • Lack of retirement assets a potential drain on future budgets

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