AARP Survey Shows Many Virginians Haven’t Saved for Retirement
RICHMOND – An AARP survey has found that most registered voters age 45 and older living in Virginia support a state retirement savings plan. The Virginia General Assembly has the chance to make it happen by passing House Bill 1998 this session.
“Workplace pension plans are scarce, only about half of employees have access to retirement savings programs like 401(k)s and individuals haven’t saved enough to retire comfortably,” said AARP Virginia State Director Bill Kallio. “It’s time for the state to take action to halt this looming crisis.”
AARP is asking the Virginia General Assembly to create workgroup to recommend a state retirement savings plan to help workers without workplace retirement plans to save for retirement. The House of Delegates passed House Bill 1998 to create the workgroup to explore the issue; that bill is currently in the Senate Rules Committee. It must be passed by the committee before the full Senate can vote on it, and time is running out. Tell your Senator to vote YES on HB 1998 by using this link:
“Employees are 13 times more likely to save for retirement if offered a way to do it through work,” Kallio said.
Most registered voters age 45 and older living in Virginia support a state retirement savings plan and agree that elected officials should support creating a state run savings plan so all residents can have the opportunity to save for retirement. Most wish they had more money saved for their retirement years, many are without an employer pension, and over one-third say they have not calculated how much they need to have saved by the time they retire.
Key survey findings include:
- More than half (55%) of working registered voters age 45 and older living in Virginia say they are likely to put off retiring from work as long as possible.
- Six in ten working registered voters age 45 and older living in Virginia say that they are not confident that they have enough money for basics in retirement.
- Given the amount they currently have in savings and investments, the vast majority (86%) of working registered voters age 45 and older living in Virginia wish that they had more money saved for their retirement years.
- Three in four of all registered voters in Virginia age 45 and older agree that state elected officials should support creating a state run retirement savings plan.
AARP supports a public-private partnership, which allows workers to save for retirement via payroll deduction, much like a 529 college savings plan , at no risk or cost to the employer.
For the AARP 2014 Virginia Financial Security Survey, 1,000 Virginia voters age 45 or older were interviewed by phone from September 5to September 14, 2014. The survey examined their opinions and experiences on issues related to personal finance and retirement planning.
AARP is a nonprofit, nonpartisan organization, with a membership of nearly 38 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. The AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. 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.