AARP fought for the Illinois Secure Choice Savings Program to Make Saving Easier
Millions of people across Illinois don’t have a way to save for retirement at work, putting them at risk of not even being able to afford everyday expenses like food and healthcare. While Social Security is a critical piece of the puzzle, it is not enough to depend on. The average Social Security benefits for a 65+ family is only about $18,000 a year, while older Illinoisan families on average spend $21,000 a year on food, utilities, and health care alone.
That’s why AARP championed the Illinois Secure Choice Savings program to make sure that every worker has a chance to put aside the money they need to take control of their future.
Here’s how Illinois Secure Choice can help:
- Illinois Secure Choice makes saving easy. You can easily set aside money for the future right out of your regular paycheck. Contributions into an IRA account are automatically processed through payroll deductions. And, if you change jobs, your retirement savings will move with you.
- Illinois Secure Choice helps businesses. Workers are more productive when they have more financial security. Employers also can attract and retain workers by facilitating a retirement option. This auto-enroll program provides an easy retirement savings option for businesses with 25 or more employees that do not currently offer a retirement savings plan. As an employer, all you have to do is pass information on to your employees and add a payroll deduction from participating employee’s paychecks – with zero employer fees and no fiduciary responsibility.
Learn how Illinois Secure Choice can help you start saving for the future: ilsecurechoice.com
AARP believes that hard-working Illinoisans should be in control of their financial futures, and we won’t stop fighting to help you. Sign up on aarp.org/getinvolved to receive our free monthly e-newsletter and email action alerts on the issues you care about.