While Social Security is an important piece of the puzzle, it was never meant to be a person’s entire income in retirement. Yet, more than 25% of seniors age 65 and older in Connecticut rely on Social Security as their only source of income. AARP is working to ensure that all Americans have the financial security they need to take charge of their future and live independently as they age. That’s why we’re supporting legislation being considered in Connecticut (known as Senate Bill 249) that would make it easier for the more than 600,000 Connecticut workers without access to a retirement savings plan at work to save for their future. Join AARP members in calling on state legislators to help ensure all Connecticut residents have a chance to build their own nest egg. Send an email to your legislators today!
Research has shown that people save more if they can do so through their job. When offered the opportunity to save at work for their retirement, seven out of ten people choose to participate. Yet, nearly 80% of employees who work for small businesses do not have access to a retirement savings option at work. It’s clear that low-wage workers and the small business market are not being adequately served by the financial services industry. Retirement savings products currently available are complex to establish and come with high fees or low-yield returns. Senate Bill 249 would help people save for the future by making it easier for small businesses to create retirement accounts for their employees. The plan is completely independent, everyone can decide whether to contribute, what to contribute and there’s no ongoing cost or risk to the state or employers.
Click here to learn more about this commonsense solution to help Connecticut residents retire securely and independently. You can also watch and submit questions during a live Google+ chat on the topic: Filling the Retirement Savings Gap, sponsored by AARP Connecticut and hosted by The CT Mirror on Monday, April 28, 2014 at 10:30 am. Watch live here.
Unless we want to spend more tax dollars expanding the state’s safety net, we need to adopt a market-based approach that encourages private savings so more people can be self-relient throughout their lives. Please send an email today to tell your State legislator to support Senate Bill 249 this session.