South Carolina state lawmakers are considering a new bill right now – Palmetto Work and Save – HB4258 - that would help small businesses and their employees have a more secure future.
Today, a secure retirement is out of reach for millions of South Carolinians, especially those who work for themselves or small businesses. Over 70% of South Carolina small business workers – 1.25 million people - do not have a way to save for retirement through their job.
Palmetto Work and Save can change that. It creates an easy way for businesses to access a low-cost rest retirement savings option that can help all employees have the opportunity to grow their savings.
AARP is pushing state lawmakers to pass Palmetto Work and Save to help build a stronger future, but we need your help.
Without their own retirement savings, many South Carolina workers will have to rely solely on Social Security to take care of themselves in their later years, and it’s just not enough. The average Social Security benefits for a 65+ South Carolina family is just under $20,000 per year, while these families on average spend $21,000 a year on food, utilities, and health care alone.
We need to help South Carolinians grow their retirement savings so they can live independently as they age. Join us in calling on state lawmakers to pass Palmetto Work and Save and give employees of all ages the opportunity to grow their savings and take control of their future.
To learn more and stay up-to-date on this issue, click here and complete our Palmetto Work and Save Survey.
Giving employees a simple way to save for retirement will also mean fewer South Carolinian's will need to rely on public assistance later in life, which will save taxpayer dollars. In fact, research shows that South Carolina could save up to $37.5 million on public assistance over the next ten years.
Palmetto Work and Save is an all-around win, and the sort of innovative solution we need to help South Carolinian's take control of their futures. AARP is calling on state lawmakers to pass it now to help all workers grow their retirement savings.