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Saving Enough for Retirement?

Saving
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AARP is backing state legislation to make it easier for workers whose employers don’t offer a retirement plan to get into one.

Nearly half of working Mainers ages 18 to 64 in the private sector (about 235,000 individuals) lack access to a retirement savings plan.

Too few Mainers are saving for retirement. The typical working household in Maine only has $3,000 saved in retirement assets, and the average annual retirement income is just $6,970. One in 4 Maine retirees rely on 90 percent Social Security, with an average monthly income of just $1,300.

AARP supports the passage of LD 594, a bill that would create a retirement savings program for workers who don’t have a savings option.

Are you facing retirement insecurity? Contact AARP Maine to discuss your concerns at me@aarp.org or call 866-554-5380.

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