Helping workers save $25 a week would boost retirement savings and state’s fiscal position - The PEW Trusts

Usually, retirement income is generated from a variety of sources: Social Security, personal savings, and employer-sponsored savings plans, this ensures workers a sound financial future.  However, for many Americans, they are missing part(s) of these retirement income sources.  More than a third of all private sector workers lack access to a workplace retirement plan and 31 percent of those whose employers do offer retirement benefits don’t participate. In a recent study conducted in the State of Pennsylvania, it estimated the cumulative additional taxpayer liability because of insufficient retirement savings to be $4,393 per household.  In the attached article by John Scott and Andrew Blevins of The PEW Charitable Trusts’ retirement savings project, found helping workers put aside as little as $25 a week would boost individual savings and the State of Pennsylvania fiscal position. Read their article here…

AMAC’s proposed Social Security Guarantee Plus, which ensures Social Security solvency for generations, also includes a simple voluntary investment vehicle which greatly facilitates retirement savings. This plan allow employees to save a percentage of their salary, and get an employer match, in a “Social Security Plus” account which could grow to be a million dollars at retirement. A great solution to the “retirement crisis.”

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