Recently AARP South Carolina approached Dean Peter Brews, University of South Carolina Darla Moore School of Business about a feasibility study for a multi-employer retirement plan for South Carolina employees. This idea has worked well in other states where employees did not have access to a retirement plan through their employers. AARP South Carolina wanted to find out if this was a feasible plan for the Palmetto state and, if so, what it would cost based upon the projected participation.
We have all heard that the savings rate in U.S. is dismal. In fact, the typical working-age household has only $3,000 in retirement assets and retirement age households have only $12,000. Bringing it closer to home - the National Institute on Retirement Security ranks South Carolina 50th worst in 401k savings.
AARP South Carolina believes that today, a secure retirement is out of reach for millions of Americans, especially those who work for small businesses. According to the National Institute on Retirement Security, the conservative estimate of the total U.S. retirement savings deficit is $6.8 trillion. Nearly half of workers age fifty and older have less than $25,000 in savings and investments. The average 401(k) account balance in South Carolina is $20,630, ranked 50th worst in the United States.
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