Too many Virginians can no longer expect a comfortable retirement, even after years of hard work. Traditional pensions are becoming extinct and personal savings are increasingly inadequate to meet even basic needs. These Virginians face the risk of running out of savings after they retire.
AARP Virginia urges voters to ask their candidates for General Assembly how they plan to help workers save for retirement.
“Virginia workers need more options to save and build secure nest eggs,” said AARP Virginia State Director Jim Dau. “This is a problem that our leaders can help solve; it’s time voters know how their candidates plan to do it.”
Common-sense retirement solutions can support businesses and help employees. Here is a snapshot of the Virginia’s retirement savings crisis, by the numbers:
• 44% - percentage of Virginia workers do not have access to retirement savings through their employers
• $2,500 - the typical working-age household retirement savings
• $14,500 - the average near-retirement age household savings
• $18,000 - the average annual Social Security benefits for an age 65+ family in Virginia
• $20,000 - what older families in Virginia spend annually on food, utilities, and health care alone
Earlier this fall, AARP Virginia launched an effort to help voters get the information they need on important issues from candidates running for the General Assembly. Between now and Election Day, AARP Virginia will be increasing awareness of – and urging candidates to address – issues that are critically important to Virginians ages 50+ and their families.
A list of Virginia General Assembly Candidates and their contact information is available on the AARP Virginia website at www.aarp.org/va.
“With very close elections across much of the state, Virginia’s voters have an opportunity to get their candidates on the record,” said Dau. “They deserve to know what candidates would do in the General Assembly so that they can make their own choices at the ballot box.”
Other key issues AARP Virginia is focusing on during the election are:
· Relief for family caregivers. More than 1 million Virginians provide unpaid care for a loved one who needs help with the activities of daily living. AARP Virginia advocates for a Family Caregiver Tax Credit to help offset some of the financial burden.
· Prescription drug affordability. In 2016, 26 percent of Virginians stopped taking a prescription drug as prescribed due to cost. AARP will encourage lawmakers to take action to rein in the cost of vital medications.
· Student debt. Virginians ages 50+ are concerned about the growing burden of student debt—not just their own, but that of their children and grandchildren.
AARP does not endorse candidates or parties, or donate to candidates or political action committees. With more than 1 million members in Virginia, AARP is the largest organization working on behalf of people age 50+ and their families in the Commonwealth.
AARP is the nation’s largest nonprofit, nonpartisan organization dedicated to empowering Americans 50 and older to choose how they live as they age. With nearly 38 million members and offices in every state, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands, AARP works to strengthen communities and advocate for what matters most to families with a focus on health security, financial stability and personal fulfillment. AARP also works for individuals in the marketplace by sparking new solutions and allowing carefully chosen, high-quality products and services to carry the AARP name. As a trusted source for news and information, AARP produces the nation's largest circulation publications, AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org or follow @AARP and @AARPadvocates on social media.
This story is provided by AARP Virginia. Visit the AARP Virginia page for more news, events, and programs affecting retirement, health care, and more.
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