Plan Would Boost Workplace Savings

In a recent AARP survey, 4 in 5 Kentucky voters ages 35-64 and of all political views expressed concerns about low retirement savings.

More than half of private sector workers in Kentucky—almost 800,000 people—have no way to save for retirement through automatic payroll deductions. AARP Kentucky is asking lawmakers to create a Work and Save plan, which would make it easier for small businesses to offer their employees a way to save.

The plan would be voluntary and portable, so when workers change jobs, their accounts would travel with them.

“Social Security alone isn’t enough to depend on,” said Jim Kimbrough, AARP state president. “A Work and Save plan would make it easier for workers to grow the additional savings they will need to live a secure and independent future.”