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Work and Save is Right for South Carolina

Posted on 08/25/19 by Patrick Cobb

Much like every year at this time, the Palmetto state falls back into its usual fall routine. Summer beach vacations are winding down, the kids are starting school again, and college football fans are praying for a winning season. But there’s one other usual, and less talked about, routine going on across South Carolina – too many workers aren’t saving for their retirement.
Roughly 1.2 million private sector employees in South Carolina are not able to save for retirement through their jobs. That’s because nearly 42,000 employers in the state do not offer any retirement plan. This is bad news for South Carolina. And the state already ranks dead last in 401(k) savings, according to the National Institute of Retirement Savings.
All of this means that too many South Carolina workers are in danger of retiring broke. Social Security alone is not enough, and without any retirement savings, these workers may need to rely on public assistance later in life. But there’s hope on the horizon. A “work and save” program can help turn the tide for many workers. This program will empower South Carolinians to invest in their future.
In our ongoing blog series, Work Hard and Save Easy, Kara Meadors sits down with NBC Today Financial Editor and AARP Financial Ambassador Jean Chatzky to talk through WHAT the South Carolina work and save program is and WHY it will help South Carolinians start securing their future.

This story is provided by AARP South Carolina. Visit the AARP South Carolina page for more news, events, and programs affecting retirement, health care, and more.

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