(Oct. 12, 2021) - It’s National Savings Day – the one day a year set aside to remind us of the importance of saving and reflect on our own savings habits. At AARP, we don’t need a national holiday to remind us just how vital saving for the future is. We know that saving for retirement is one of the most important things you can do for your future, and we work 365 days a year to provide resources to help you plan and grow your savings. But, we can’t do it alone. That’s why this National Savings Day, we are calling on New Jersey to implement the New Jersey Secure Choice Savings Program to make saving for the future easier for everyone.
More than 1.7 million New Jerseyans can’t save for retirement out of their regular paycheck, even though having access to payroll deduction makes people 15 times more likely to save. The New Jersey Secure Choice Savings Program can fix that.
New Jersey Secure Choice Savings Program provides an easy way for workers to save out of their regular paycheck and helps them grow the savings they need to take control of their future. The program would be available to workers who don’t currently have a plan through their job – and runs like a 529 college savings plan.
While Social Security is a critical piece of the puzzle, it is not enough to depend on. The average Social Security benefit for a 65+ New Jersey family is only about $21,000 per year, even though these families spend nearly $27,000 a year on food, utilities, and health care alone.
At this rate, one out of every two households won’t be able to afford their basic needs in their later years.
We need to help New Jersey workers grow their retirement savings so they can live independently as they age. It’s time for New Jersey to give employees of all ages the opportunity to grow their savings and take control of their future by implementing the New Jersey Secure Choice Savings Program.
This story is provided by AARP New Jersey. Visit the AARP New Jersey page for more news, events, and programs affecting retirement, health care, and more.
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