A Plan to Boost Savings in the Workplace

Arkansas is aging, with residents 60 and older expected to comprise 26 percent of the state population by 2030, up from 21 percent in 2012. Many residents, however, are not financially prepared for retirement.

AARP Arkansas will push for legislation in 2017 that could encourage more small businesses to offer a retirement savings plan. The program, called Work and Save, would give more workers an opportunity to save for retirement by having money deducted automatically from their paychecks. Participation would be voluntary for employees.

Nationwide, workers who have access to a payroll deduction plan are 15 times more likely to save for retirement that those who do not. In Arkansas, 54 percent of private sector workers do not have access to a job-based plan.

To learn more about this issue or how you can help with advocacy, send an email to araarp@aarp.org.