Work and Save Programs Offer Financial Security

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Across the country, millions of people are at risk of running out of savings after they retire, and Social Security alone isn’t enough to live on. In Wisconsin, the average benefits for a 65+ family is only about $20,000 per year, while older families on average spend $22,000 a year on food, utilities and health care alone.

Part of the problem is that nearly half of American workers – including over 1 million Wisconsinites – have no way to save at work. Yet, we know that Americans are 15 times more likely to save for retirement when they can do so out of their regular paycheck, and 20 times more likely to save if their workplace plans are automatic.

That’s why AARP is pushing for ‘Work and Save’ programs to help all workers grow retirement savings so they can take control of their futures and deal with the rising cost of health care and living expenses.

Work and Save programs make it easier for businesses to offer employees a way to save for retirement out of their regular paycheck. The accounts are voluntary for employees, and the savings is your own money that you can take with you from job to job.

Giving employees a simple way to save for retirement will mean fewer Americans will need to rely on public assistance later in life, which will save taxpayer dollars.

For these reasons and more, states all around the country are adopting 'Work and Save' programs to create these public-private partnerships which allow workers to easily save for retirement, so they can take care of themselves in their later years..

Learn more and stay tuned for more information from AARP Wisconsin on this critically important issue.