AARP: Feds Clearing Path for Millions to Save for Retirement; NYS Should Act

NEW YORK, New York - Statement by AARP New York State Director Beth Finkel:

“Washington is clearing the path for states to help their citizens save for retirement, and AARP is calling on Governor Cuomo to take action.

“Over half of all private sector employees in New York – more than 3.5 million people – lack access to retirement savings plans at work, and the federal government is providing a golden opportunity for our state leaders to fill that gap.

“As fewer and fewer companies provide pensions or offer 401(k) plans to their employees, it’s more important than ever for the state to make sure all New Yorkers have an effective way to save for a financially independent retirement at work.

“AARP is urging Governor Cuomo to include in his next budget proposal the kind of state-facilitated, payroll-deduction workplace retirement savings option the U.S. Department of Labor is seeking to ensure states can provide through the rule it proposed today.

“Around 70 percent of New York’s Generation X and Baby Boomer voters support such a plan, according to surveys commissioned by AARP. Americans are 15 times more likely to save if they can do so through workplace payroll deduction – but the younger the employee, the less likely it is their employer offers such a plan. AARP research shows.

“Every year New Yorkers aren’t saving, they lose a year of compounding – and come closer to needing public assistance in their retirement. For everyone’s sake, the time to act is now.”

Contact: Erik Kriss, ekriss@aarp.org

Follow us on Twitter:   @AARPNY and Facebook: AARP New York

AARP is a nonprofit, nonpartisan organization, with a membership of more than 37 million, that helps people turn their goals and dreams into real possibilities, strengthens communities and fights for the issues that matter most to families such as healthcare, employment and income security, retirement planning, affordable utilities and protection from financial abuse. We advocate for individuals in the marketplace by selecting products and services of high quality and value to carry the AARP name as well as help our members obtain discounts on a wide range of products, travel, and services.  A trusted source for lifestyle tips, news and educational information, AARP produces AARP The Magazine, the world's largest circulation magazine; AARP Bulletin;  www.aarp.org ; AARP TV & Radio; AARP Books; and AARP en Español, a Spanish-language website addressing the interests and needs of Hispanics. AARP does not endorse candidates for public office or make contributions to political campaigns or candidates. AARP Foundation is an affiliated charity of AARP that is working to win back opportunity for struggling Americans 50+ by being a force for change on the most serious issues they face today: housing, hunger, income and isolation. AARP has staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Learn more at  www.aarp.org