Financial security is important in retirement, but not everyone has a pension or 401(k). Some 216,000 Hawai`i residents, about half of the state’s private-sector workforce, have no way to save through their jobs.
AARP Hawai`i is urging the Legislature to make it easier to build a nest egg by enacting a state-facilitated savings system that uses voluntary paycheck deductions. An AARP survey found that two-thirds of small businesses would support a privately managed savings option that they could offer workers.
Such a system, established in other states, encourages employee participation and can save taxpayer dollars by reducing the likelihood that enrollees will need public assistance later.
Members can visit action.aarp.org/hisaves to get involved and learn more about a workplace savings system.
This story is provided by AARP Hawaii. Visit the AARP Hawaii page for more news, events, and programs affecting retirement, health care, and more.
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