AARP Hawai`i Backs Workplace Savings Option

Posted on 12/31/20 by The AARP Bulletin

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 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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