Many people need to save more for retirement, and studies show they are more likely to do so if they have a savings plan at work.
AARP Virginia is serving on a study group convened by the Virginia Retirement System to find ways to help people invest for the future. Workers are 15 times more likely to save when offered an opportunity to do so through payroll deductions. However, AARP research shows about 45 percent of private sector workers in Virginia (1.3 million people) do not have access to an employer-sponsored savings plan. Among Virginians who have a 401(k) or similar plan, the average balance is $32,278.
AARP wants to make it easier for businesses to create retirement savings accounts for their employees. For more information, email David DeBiasi, AARP state advocacy director, at firstname.lastname@example.org.