USA Today: AARP – A big step toward retirement security

Americans just don’t save for retirement. This plan could help.

8:07PM EDT October 9. 2012 – Nearly half of all working Americans do not have access to a retirement savings plan at work. For those with a 401(k), the amount in their plan would pay them a retirement benefit of less than $80 a month for life.

OUR VIEW: A bad trend

Most Americans rely on Social Security as their only retirement plan. But it isn’t enough.

The average Social Security retirement benefit is less than $15,000 per year. This lack of access threatens to plunge millions of people into poverty when they can no longer work.

A new program emerging in California shows great promise in addressing those problems. It stands to help more than 6 million Californians who don’t have a retirement plan at work, providing a means to supplement their Social Security at no cost to taxpayers.

According to the Employee Benefit Research Institute (EBRI), 60% of workers have less than $25,000 in savings and investments and 30% have less than $1,000. Most Americans are not covered by pensions or retirement savings plans.

Continue Reading here: http://usat.ly/SNxJvo

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  • LAAAC is managed by St. Barnabas Senior Services; Funded, in part, by Archstone Foundation.
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