Voters Support Workplace Retirement Savings Plans

Legislative aid

The AARP has long championed programs that make it easier for people to invest in retirement – and these programs enjoy wide support among voters.

Respondents also thought it was either very important or somewhat important that workplace retirement programs be:

  • Portable. You can take your account and your retirement money with you when you quit one job and take another (99%).
  • Available to all employees who have no way of saving for retirement at work, including those who work for small businesses (98 percent).
  • Available for automatic payroll deduction (96 percent).
  • Voluntary. You don’t have to contribute if you don’t want to (90%).

AARP research shows that Americans are 15 times more likely to save for retirement when they can do so at work, and 20 times more likely if their work savings are automatic. The AARP Work & Save program provides an easy way for workers to start building retirement savings through a voluntary, transferable program that lets you save by automatic deduction. Another 14 states have legislation on retirement savings for workers whose companies do not offer retirement savings.

Unfortunately, AARP research also shows that young workers are skeptical about their ability to save enough for a secure retirement. Only 3 in 10 (29 percent) voters aged 25 to 44 think they will be able to save enough money for retirement. More than 6 in 10 (63 percent) fear that they will have enough money to live comfortably through retirement.

The results are based on a survey conducted in late September of 1,010 registered voters aged 25 and over.

Source link

Comments are closed.