AARP Marks National Savings Day By Calling on States to Make Saving Easier

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 looking to New York Governor Kathy Hochul to sign A3213-A/S5395-A, which would strengthen New York’s Secure Choice Savings Program and make saving for the future easier for everyone.

Three and a half million private sector employees in New York 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 bill to strengthen Secure Choice can fix that.

A strong Secure Choice program would provide an easy way for workers to save out of their regular paycheck and help 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 York family is only about $19,446 per year, even though these families spend over $23,898 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 York workers grow their retirement savings so they can live independently as they age. Governor Kathy Hochul can give employees of all ages the opportunity to grow their savings and take control of their future by sign A3213-A/S5395-A.