64% of Americans are not prepared for retirement and 45% of Americans have no retirement savings. Social security will only replace 40% of retirees’ income, leaving many with a lower standard of living in their vulnerable elder age. This issue disproportionately impacts elders of color and elder women. Connecticut is also perceived to be an expensive state to retire, and there’s a vocal minority of former residents who have moved to states with lower costs of living following their retirement.
Retirement investments must begin at the earliest of ages. Every natural-born citizen will have $2500 invested in a Fortune 500 Index or equivalent and $2500 invested and managed by the State Treasurer. Assuming an 8% ROI, this early investment would net citizens over $500,000 for retirement at age 60 to supplement SSI and other retirement accounts. Citizens would only be entitled to the funds if their primary residence was in CT.