As Social Security and Pensions Fall Short, South Carolina Lawmakers May Consider New Options

Social Security provides only part of what retirees need to pay the bills, and millions of private-sector employees nationwide don’t have a workplace retirement plan that could help fill the gaps.

That’s why AARP South Carolina is advocating for “Work and Save” legislation that would allow workers to use automatic payroll deductions to fund voluntary retirement accounts. The program would be managed by a private investment firm and supervised by the state.

A similar bill did not pass the South Carolina Legislature last session. Fourteen states have passed some version of Work and Save. More  than 70 percent of workers with access to retirement savings plans  at work  participate in them, according to the Bureau of Labor Statistics. 

To learn more, visit aarp.org/sc or call 866-389-5655.