Retirement Security for More Texans

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Today, Tim Morstad, who leads AARP’s advocacy work in Texas on several consumer issues, explained how to bring retirement security to more Texans at the RAISE Texas Summit at the Federal Reserve Board in Dallas.

“This issue is important because it’s so widespread,” says Morstad, who serves as the RAISE Texas board president. “One in four Texans between the ages of 40 and 64 has less than $5,000 in retirement savings.”

“People are exponentially more likely to save through their employer, but the vast majority of Texas companies don’t offer a retirement plan. This is especially true for small businesses, which are a key contributor to our economy.”

“Plans aren’t offered because companies think they’ll be expensive and complicated. But there’s a solution.”

“We can create a website to connect employers to existing low cost retirement plans.”