C-SPAN Washington Journal, September 13, 2015 video interview of Diane Oakley of the National Institute on Retirement Security: "State Retirement Savings Efforts" [Pension advocacy organization's views of need for support of individual investment plans]

Source: C-SPAN Washington Journal, September 13, 2015 video interview

September 13, 2015

State Retirement Savings Efforts

Diane Oakley talked about proposals in several states that would create automatic, individual retirement accounts for residents who do not have retirement plans through their employer.

00:00:18	Diane Oakley WE WANT TO WELCOME DIANA OAKLEY, THE EXECUTIVE DIRECTOR OF THE NATIONAL INSTITUTE ON RETIREMENT SECURITY. THANK YOU FOR BEING WITH US. ON AVERAGE, HOW...
00:00:42	Steve Scully HOST: THAT IS THE BALANCE, NOT HOW MUCH THEY CONTRIBUTE ANNUALLY.
00:00:48	Diane Oakley GUEST: THEN IF YOU LOOK AT INDIVIDUALS WITHIN 10 YEARS OF RETIREMENT, THEY HAVE AN AVERAGE ACCOUNT BALANCE OF $14,500. THAT IS ABOUT ONE YEAR OF WHAT THEY...
00:01:44	Steve Scully HOST: IT CLEARLY VARIES IF YOU LIVE IN NEW YORK AND SAN FRANCISCO. IF YOU USE THE ANALYSIS OR DEATH IN OUTAGE OR COMPARISON, ON AVERAGE, HOW MUCH DOES...
00:02:01	Diane Oakley GUEST: FIDELITY AND OTHER GROUPS HAVE DONE ANALYSES AND THEY TRIED TO MAKE THE NUMBERS EASY BECAUSE MOST AMERICANS DO NOT HAVE A LOT OF TIME TO PLAN LET ALONE...
00:03:19	Steve Scully HOST: LET'S SHARE SOME OF THE BEST STATES WHEN IT COMES TO RETIREMENT SECURITY. WE WANT TO SPEND THE NEXT 45 MINUTES ON HOW STATES ARE TRYING TO BOOST...
00:03:59	Diane Oakley GUEST: THEY'RE MOVING FROM ANOTHER STATE PERHAPS THERE TO THE SUNBELT AND CALIFORNIA IS THE SAME WAY. WE THINK ABOUT THESE PLACES WHERE INDIVIDUALS MIGHT...
00:05:47	Steve Scully HOST: YOU CAN GET MORE INFORMATION ONLINE AT THE NATIONAL INSTITUTE ON RETIREMENT SECURITY. OUR GUEST IS DIANA LEE. -- DIANA OAKLEY. WHATEVER HAPPENED...
00:06:02	Diane Oakley GUEST: TENSIONS ARE FOR BABY BOOMERS. 55 AND OLDER. THE MAJORITY OF THE HOUSEHOLDS HAVE EITHER ONE OF THE SPOUSES OR THE INDIVIDUAL IS SIGNAL, HAS A BENEFIT...
00:07:14	Steve Scully HOST: PHONE LINES FOR THOSE OF YOU UNDER THE AGE OF 30 -- IF YOU ARE BETWEEN 31 AND 50 -- FOR THOSE 55 AND OLDER -- COLLEEN, GOOD MORNING.
00:07:31	CALLER CALLER: THIS IS A GREAT TOPIC. I HAVE THREE POINTS I WOULD LIKE TO MAKE. THE FIRST PART IS I LIVE IN MASSACHUSETTS BUT MY HUSBAND AND I HAD A HOME IN...
00:08:59	Diane Oakley GUEST: YOU MADE SO MANY IMPORTANT POINTS. I THINK ONE OF THE KEY POINTS IS THE ONE YOU RAISE ABOUT YOUR MOM AND HOW MUCH IT IS COSTING HER FOR LONG-TERM...
00:10:53	Steve Scully HOST: ILLINOIS, CALIFORNIA, CONNECTICUT, EITHER HAVE OR ARE PUTTING IN PLACE DESIRE A REDUCTIONS. HOW DOES THAT WORK AND WHAT IS THE ROLE?
00:11:04	Diane Oakley GUEST: THE ROLE IS SOMETHING WE WILL STILL BE WORKING THROUGH. I THINK THE STATES ARE LOOKING AND SAYING, ULTIMATELY, IF WE HAVE PEOPLE WHO GET TO RETIREMENT...
00:12:41	Steve Scully HOST: OUR GUEST IS THE EXECUTIVE DIRECTOR OF THE NATIONAL INSTITUTE ON RETIREMENT SECURITY. KATHY IS NEXT, JOINING US FROM FLORIDA. SHE IS 51 AND OLDER. GOOD...
00:12:51	Unidentified Speaker >> GOOD MORNING. THE PROBLEM I HAVE IS I WORKED FOR 35 YEARS, AND I PUT INTO 401(K), BUT, YOU'RE PUTTING YOUR MONEY INTO THE MARKET. THE MARKET GOES UP...
00:14:36	Diane Oakley GUEST: A COUPLE OF GOOD POINTS YOU BROUGHT UP, FIRST OF ALL ABOUT MARKET VOLATILITY AND WHAT IS INTERESTING IS WE HAVE BEEN ASKING AMERICANS SINCE ABOUT...
00:17:24	Steve Scully HOST: WE ARE TALKING ABOUT RETIREMENT SAVINGS AND STATE EFFORTS TO BOOST SAVINGS. OUR GUEST IS DAINE OAKLEY. LOU IS NEXT. HOW OLD ARE YOU?
00:17:34	CALLER CALLER: I AM 65 AND WILL BE 66 IN A FEW MONTHS.
00:17:36	Steve Scully HOST: ARE YOU STILL WORKING A RETIRED?
00:17:42	CALLER CALLER: I'M STILL WORKING. BACKGROUND INFORMATION -- AT THE AGE OF 28, AFTER SERVING DURING THE VIETNAM ERA, I RESIGNED FROM THE VA ADMINISTRATION IN...
00:20:19	Steve Scully HOST: THANK YOU. HOW WOULD YOU RESPOND?
00:20:22	Diane Oakley GUEST: LOU, AN INTERESTING STORY AND KUDOS FOR SETTING UP A RETIREMENT PLAN AND ACTUALLY, WEST VIRGINIA IS ONE OF THE STATES WHERE WE HAVE NOT SEEN A DECLINE...
00:23:17	Steve Scully HOST: LET'S GO TO JERRY NEXT. HOW OLD ARE YOU?
00:23:23	CALLER CALLER: I AM 25. I JUST WENT TO SAY HOW HARD IT IS IN FLORIDA TO SAVE FOR RETIREMENT WHEN YOU HAVE A STATE THAT HAS VERY LOW INCOME JOBS. I, MYSELF, WORKED...
00:23:49	Steve Scully HOST: HOW MUCH DID YOU MAKE IF I MAY ASK?
00:23:54	CALLER CALLER: ABSOLUTELY NO RETIREMENT SAVINGS.
00:23:56	Steve Scully HOST: HOW MUCH DID YOU MAKE AT THE CALL CENTER?
00:24:02	CALLER CALLER: ABOUT $10 AN HOUR.
00:24:07	Diane Oakley GUEST: JERRY, THE POINT YOU MAKE IS SO IMPORTANT. AMERICANS TELL US THAT NOT HAVING SEEN THEIR SALARIES GO UP OVER THE LAST THREE OR FOUR DECADES HAS...
00:24:34	Steve Scully HOST: TO YOUR POINT ABOUT SOCIAL SECURITY, DIDI FREDERICKS SAYS SOCIAL SECURITY IS A SUPPLEMENTAL PROGRAM AND INTENDED TO BE APPROXIMATELY 25% OF RETIREMENT...
00:24:50	CALLER CALLER: GOOD MORNING. TO OUR PARTICULAR CALL.
00:24:52	Steve Scully HOST: YOU ARE CALLING ON OUR 31 TO 50 LINE. HOW OLD ARE YOU?
00:24:59	CALLER CALLER: I AM 34 YEARS OLD BUT I'M CALLING ON MY FATHER'S HALF. HE IS TURNING 65 NEXT YEAR AND PLANS TO RETIRE, BUT HE HASN'T HIT A ROUGH PATCH WITH HIS RETIREMENT...
00:25:30	Steve Scully HOST: LET'S MOVE ON TO PAUL IN EASTLAKE, OHIO. GOOD MORNING.
00:25:35	CALLER CALLER: YES, THIS IS PAUL DEARDEN. I AM 80 YEARS OLD AND RETIRED AT THE AGE OF 66. AT THE TIME I WAS WORKING, WHEN THEY INCREASED THE AMOUNT OF SOCIAL...
00:27:04	Steve Scully HOST: YOUR RESPONSE.
00:27:09	Diane Oakley GUEST: PALM, NUMBER ONE, YOU ARE SO LUCKY BECAUSE QUITE OFTEN IN RETIREMENT, PEOPLE TALK ABOUT SOMETHING THEY CALL OF THREE LIKE IT STOLE AND SOME PEOPLE MAY...
00:30:37	Steve Scully HOST: THE TOPIC IS ALSO STATE PLANS TO INCREASE OR BOOST YOUR RETIREMENT SAVINGS. DAINE OAKLEY IS OUR GUEST AND LAWRENCE IS JOINING US FROM NASHVILLE,...
00:30:49	CALLER CALLER: INDIANA.
00:30:50	Steve Scully HOST: WHERE'S THAT LOCATED?
00:30:55	CALLER CALLER: NEW BLOOMINGTON, INDIANA.
00:30:58	Steve Scully HOST: WELCOME. HOW OLD ARE YOU?
00:30:59	CALLER CALLER: I GOT ON THE WRONG CALL BECAUSE I DID IT FOR MEMORY AND I'M ACTUALLY ON 64.
00:31:06	Steve Scully HOST: YOU ARE ON THE RIGHT LINE. ARE YOU CLOSE TO RETIREMENT OR HAVE YOU RETIRED?
00:31:12	CALLER CALLER: I HAVE IN THE PROCESS OF RETIRING, BUT I WANT TO TAKE ONE STEP BACK. ONE THING I THINK IS A MORE CAUTIOUS ELEMENT IN THE DISCUSSION AND THAT IS...
00:33:11	Steve Scully HOST: YOU PUT A LOT OF ISSUES ON THE TABLE AND I WILL GIVE OUR GUEST A CHANCE TO RESPOND BUT THANK YOU FOR ADDING YOUR VOICE.
00:33:17	Diane Oakley GUEST: A LOT OF GREAT ISSUES THAT YOU RAISED. FINANCIAL EDUCATION IS SUCH A KEY ISSUE. WHEN WE GO BACK TO THE TIME WHEN MOST PEOPLE, AND YOU ALMOST HAVE GOT...
00:36:08	Steve Scully HOST: IF THE FED DOES NOT ACT ON INTEREST RATES NOW, LIKELY IT WILL BE DELAYED UNTIL AFTER THE ELECTIONS IN 2016.
00:36:14	Diane Oakley GUEST: PROBABLY, YES.
00:36:18	Steve Scully HOST: WE HAVE ABOUT 10 MINUTES LEFT AS A FOCUS ON RETIREMENT SECURITY AND STATE EFFORTS TO IMPROVE THAT. BROUGHT FROM TENNESSEE. -- BRAD FROM TENNESSEE. HOW...
00:36:29	CALLER CALLER: I AM 54.
00:36:32	Steve Scully HOST: HAVE YOU SAVED FOR RETIREMENT?
00:36:35	CALLER CALLER: I HAVE ABOUT $100,000 OF MY 41 OK. -- MY 41 OK.
00:36:41	Steve Scully HOST: HOW MUCH DO YOU MAKE?
00:36:44	CALLER CALLER: ABOUT $60,000.
00:36:48	Diane Oakley GUEST: YOU ARE DOING PRETTY GOOD. OBVIOUSLY, THE NEXT 10 YEARS OF THE REALLY IMPORTANT AS YOU GET READY TO LOOK TOWARD RETIREMENT. WHAT ARE YOU THINKING...
00:36:58	CALLER CALLER: MY CONCERN IS THAT THE PEOPLE WHO ARE ADMINISTRATORS OF SOCIAL SECURITY HAVE TOLD US IT WILL BE BANKRUPT BY THE TIME I AM RETIREMENT AGE. I AM...
00:37:33	Diane Oakley GUEST: I THINK THE ISSUES YOU RAISE ARE VERY INTERESTING. SOCIAL SECURITY IS A FOUNDATIONAL THINK AND WHAT WE LOOK AT WHAT HAS HAPPENED WITH RETIREES,...
00:40:07	Steve Scully HOST: SOME CRAZY AIMED AT YOU FROM MICHAEL AND WISER WHO SAYS YOU HAVE BEEN A FOUNTAIN OF INFORMATION AND IF YOU WOULD LIKE TO GET MORE INFORMATION, THE...
00:40:40	CALLER CALLER: 71.
00:40:42	Steve Scully HOST: HAPPY RETIRED?
00:40:46	CALLER CALLER: YES. THE PRIMARY THING IS MY HUSBAND. WE HAVE SUFFERED FROM SOME OF THE CHANGES THAT WERE MADE AND HOW MY HUSBAND WAS ABLE -- SPEAKING OF FIXING...
00:41:44	Steve Scully HOST: HOW OLD IS YOUR HUSBAND?
00:41:47	CALLER CALLER: HE IS 73.
00:41:50	Steve Scully HOST: WHEN DID HE RETIRE?
00:41:53	CALLER CALLER: HE IS SUFFERING AND HE DEVELOPED CANCER AND WE ARE STRUGGLING TO MAINTAIN. HE HAD A GOOD RETIREMENT, BUT IT IS EATEN UP.
00:42:01	Steve Scully HOST: I AM SORRY ABOUT HIS ILLNESS AND THAT OBVIOUSLY COMPLICATES RETIREMENT SAVINGS. WHAT WOULD YOU SAY TO HER?
00:42:08	Diane Oakley GUEST: I THINK WHAT YOU ARE TALKING ABOUT, JOYCE, IS THE SITUATION WHERE THE FEDERAL GOVERNMENT RECOGNIZES THAT FEDERAL EMPLOYEES, ESPECIALLY LIKE YOUR...
00:44:31	Steve Scully HOST: AGAIN, HOW LIKELY IS THAT WITH ALL THE INTEREST, ESPECIALLY FOR THOSE BETWEEN 30 AND 60 WHO HAVE KIDS GOING TO COLLEGE.
00:44:46	Diane Oakley GUEST: I THINK IF IT IS DONE BEFORE YOU PAY TAXES AND THIS IS WHERE THIS CONCEPT COMES FROM, CONGRESS HAS DONE IT AND THEY HAVE IT IN THEIR 401(K) PLANS AND...
00:45:55	Steve Scully HOST: OUR GUEST IS A THE NATIONAL INSTITUTE ON RETIREMENT SECURITY. YOU CAN GET MORE INFORMATION ONLINE. THANK YOU FOR BEING WITH US.
00:46:06	Diane Oakley GUEST: THANK YOU.