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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.
A new AARP survey shows that an overwhelming percentage (84 percent) of American private sector workers “strongly or somewhat agree” that officials should back legislation to enable workers “to save their own money for retirement.”
When the Virginia General Assembly comes to town Jan. 11 for its 2017 session, AARP will be advocating to ensure that more Virginians have access to a retirement account at work.
Many people want a secure retirement, but not everyone has the right tools to achieve it. AARP North Carolina is asking state lawmakers to set up a retirement savings plan for people who don’t have access to a 401(k) or similar plan at work.
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