Too many people aren’t saving enough to adequately fund their own retirement. Only 5% of people who lack a workplace savings plan actually figure out what they need to do and set up a plan on their own. If nothing is done, the staggering number of people retiring into poverty in the coming years will greatly increase the cost of government assistance programs and the burden on taxpayers. So waiting and watching is not a good option.
Fortunately a bi-partisan group of New Jersey legislators are acting now. The Secure Choice Savings Program, a bill supported by AARP and on its way to Governor Christie’s desk, is a simple solution: Make it easy for working people to save their own money for retirement by establishing a pooled system of Individual Retirement Accounts. Make it easy for employers – the vast majority of whom want to offer a retirement plan – by relieving them of the time, cost and the liability of setting up their own plan. Secure Choice costs taxpayers nothing. Retirement plans will be administered by professional, private sector financial services firms.
Let’s get this done and create a better future for everyone.