AARP ARIZONA APPLAUDS INTRODUCTION OF SB 1375

Posted on 01/27/22 by Alex Juarez

Survey reveals strong bi-partisan support for a public-private retirement savings option

AARP Arizona applauds Senator Rick Gray for introducing SB 1375 to create an easy way for Arizonans to save for retirement. Across party lines - 76% of Republicans, 93% of Democrats, and 85% of Independents - most Arizona voters agree that state lawmakers should support legislation making it easier to save, according to a new survey of Arizona voters ages 25-64, released by AARP today. 

“AARP Arizona appreciates the leadership of Senator Gray on SB 1375, and we encourage state lawmakers to get behind this innovative solution to the retirement crisis,” said AARP Arizona State Director Dana Kennedy. “Today, a secure retirement is out of reach for over 1.2 million Arizonans that don’t have a workplace retirement savings option. Our poll results speak to the anxiety that many have regarding their future financial security and show strong support for the creation of a program to help more people save.”

Without the ability to save, many Arizonans face retiring into poverty. SB 1375 would provide an easy, low-cost way for workers to set aside money out of their regular paycheck, which previous research has shown makes people fifteen times more likely to save for retirement.

“This legislation, in addition to increasing the opportunity for Arizona residents to save for retirement and other long-term financial needs, will also provide small businesses with an additional tool towards employee recruitment and retention, at no additional cost,” said Senator Rick Gray.

View the full survey results.

Among the survey’s other key findings: 

  • Arizona registered voters feel anxious about retirement.

    • Most (81%) are concerned that increases in their living expenses will reduce their standard of living.
    • Two in three (66%) feel anxious about not having enough money for retirement.
    • Nearly half (48%) are not confident they will be able to cover healthcare expenses in retirement.
  • Arizona voters recognize the importance of being able to save for retirement while working.

    • Most (82%) believe it is very important to be able to save for retirement at work.
    • Over two-thirds (68%) of voters support a public-private managed retirement savings program.
    • The majority (85%) of respondents without access to a workplace retirement savings program would take advantage of one if it were available.

The AARP 2021 Arizona Retirement Security Study was a telephone study among 616 registered voters ages 25-64 in Arizona. Interviews were conducted September 17 – October 3, 2021. The sample was drawn from a registered voter list. Margin of error is +/- 4.0 percent. 

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