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Collins: Americans Waiting too Long to Plan for Retirement

WASHINGTON - Too many Americans wait until they are nearing retirement age to start really planning for it. Maine Sen. Susan Collins says that often means they start too late to set aside meaningful retirement funds. 

"I believe that making it easier for smaller businesses to provide access to retirement plans for their workers would make a significant difference in the financial security for many Americans," Collins said.

Collins chairs the Senate Aging Committee, which is holding hearings on how to encourage more savings for retirement.

Among those testifying before the panel was Rob Carmichael,Senior Vice President, Human Resources and Training at Maine Savings Federal Credit Union based in Hampden. He says many workers are employed by small businesses that face obstacles in providing retirement plans.

"The idea of retirement is still a distant concept in the day-to-day financial priorities," Carmichael said. "And why don't small businesses offer 401k or comparable retirement plans to their employees? Well, there are costs to provide a retirement plan like a 401k, which can be problematic for small business employers."

Journalist Mal Leary spearheads Maine Public's news coverage of politics and government and is based at the State House.