AARP Work and Save Program

Thank you to Tim Ryan for his talk today on the AARP “Work and Save Program”. Tim explained that a secure retirement is out of reach for millions of Americans, especially those who work for small businesses.

Fifty-seven million Americans have no access to a retirement savings plan through their employers—that’s over 50 percent of the 18-to-64-year-old population. The average monthly Social Security benefit is only about $1,200 per month. While Social Security is a critical piece of the puzzle, it is not enough to ensure people can live independently as they get older.

The solution is a Work and Save plan, which makes it easier for businesses to create a private retirement savings account for employees, helping them take charge of their financial futures and live independently as they age.

These plans promote financial freedom, give Americans a choice, gives employees control. Their accounts are portable. When employees switch jobs, they can take their Work and Save accounts with them. Save Taxpayer Dollars and are No Risk. A Work and Save plan would be easy for employers to set up, and there would be no ongoing costs or risk to the employers or the state.

To learn more about AARP efforts and what is happening in your state at aarp.org/stateadvocacy.