Mainebiz

W W W. M A I N E B I Z . B I Z 25 M AY 1 4 , 2 0 1 8 F O C U S W E A LT H M A N A G E M E N T / R E T I R E M E N T financial well-being workshops and availability by human resources staffers. "We make it a point to get out on a job site and in front of people and talk with them about the importance of sav- ing for retirement," said Cianbro's Porter. "We feel like speaking with them one- on-one gets their attention more. And I think it helps them feel more comfort- able with their retirement planning." "We have literature that goes to their homes and is available on our web- site," Hovey says. "We have a 12-month calendar, where topics are laid out. And it's ongoing: It isn't that we talk about retirement savings once and move on." "ere's a lot of support, from our senior leadership team, our board," he adds. "ey're constantly asking, 'What can we do to make sure these folks retire comfortably?' My advice for people wondering how they can improve — it's got to be a team effort. It can't just be HR pushing it." L aur i e S c h r e i be r, M a i n e b i z s e n i o r writer, can be reached at lschreiber @ m a i n e b i z . b i z a n d @ M a i n e b i z R E I " When our business needed fi nancing, nobody we approached would help us out. But FAME did." Chris Dowe Managing Partner/Master Distiller, COLD RIVER VODKA Helping Maine Businesses Succeed Since 1983 1-800-228-3734 • FAMEmaine.com Best Places to Work in Maine 2015, 2016, 2017 FEWER THAN 1 IN 5 CANDIDATES BECOME CFA ® CHARTERHOLDERS. DOES YOUR INVESTMENT ADVISER MEASURE UP? Your investment adviser holds your financial future in their hands. Who do you trust with that responsibility? Demand an investment adviser who has dedicated on average 1,000 hours of intense study to pass one of the most rigorous series of exams in the financial industry and who adheres to a strict ethical code. Demand the best. Demand a CFA charterholder. Find one at cfasociety.org/maine © 2018 CFA Institute. All rights reserved. Retirement savings down, social services up A lmost half of private sector work- ers age 18 to 64 — 55 million Americans — work for employers that don't offer retirement savings or pen- sion plans. They may face retirement with only Social Security benefits and are more likely to need taxpayer- financed services. The average Social Security retirement benefit is $16,000 a year, insufficient for comfortable retirement. An aging Maine workforce moving into retirement is increasingly reliant on public assistance. In 2016, spending for Mainers 65–79 receiving social services such as Medicaid, SNAP and housing assistance reached $164 million, with about $28 million financed by the state. Maine's retirement age popula- tion, people over 65, is projected to increase 30% between 2016 and 2032. The cost of social services is expected to increase to $362 million in 2032, with the state's share growing to $61 million or 2.2 times greater than in 2016. S O U R C E S : AARP Public Policy Institute, University of Maine/Philip Trostel

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