Help New Jersey Workers Take Control of Their Futures. Support A4134 – the New Jersey Secure Choice Savings Program. 

Today, a secure retirement is out of reach for millions of New Jersey residents, especially those who work for themselves or small businesses. While Social Security is a critical piece of the puzzle; it is not enough to depend on. That’s why AARP urges state lawmakers to enact the New Jersey Secure Choice Savings Program (A4134) and help New Jersey workers grow retirement savings so they can take control of their future.

What is New Jersey Secure Choice Savings Program?  

The New Jersey Secure Choice Savings Program provides a simple and easy pathway for workers to save for retirement out of their regular paycheck, and grow the additional savings they need so they can take control of their future.

  • It’s their own retirement account that they can take with them from job to job, and rely on in later years for a more secure future.
  • The accounts are voluntary for employees, and it’s up to each worker to decide if they want to participate and how much to contribute.
  • Contributions are made with an automatic deduction from their paychecks, with pre-tax dollars.

Secure Choice is a public-private partnership between the state and a professional financial institution.  It would be easy for employers to set-up, and there would be no ongoing costs or risk to the employers or the state.

Why New Jersey Needs Secure Choice?

  • Over half (1.7 million) of New Jersey workers have no access to a retirement savings plan through their employers. (1) 
  •  72% of workers employed by businesses with fewer than 100 employees do not have a pension or retirement plan. (2) 
  • The average Social Security benefits for a 65+ family is only about $19,0004 a year, while older New Jersey families on average spend $23,000 (5) a year on food, utilities, and health care alone.

 

The Time to Act is Now! Send a letter to your Elected Representatives and urge them to support A4134, the New Jersey Secure Choice Savings Program today!

 

 

References:

 1. David John and Gary Keonig, “Workplace Retirement Plans Will Help Workers Build Economic Security,” AARP Public Policy Institute, 2015. https://www.aarp.org/content/dam/aarp/ppi/2015-08/aarp-new-jersey-fact-sheet.pdf

 2. David John and Gary Keonig, “Workplace Retirement Plans Will Help Workers Build Economic Security,” AARP Public Policy Institute, 2015. https://www.aarp.org/content/dam/aarp/ppi/2015-08/aarp-new-jersey-fact-sheet.pdf

 3. National Institute on Retirement Security, “The Continuing Retirement Savings Crisis”, March 2015. Available online: https://www.nirsonline.org/reports/the-continuing-retirement-savings-crisis/ 

 4. AARP Public Policy Institute estimates from the March 2017 Current Population Survey, U.S. Bureau of the Census.

5. AARP calculations based on estimates from the March 2017 Current Population Survey, U.S. Bureau of the Census and the August 2017 U.S. Bureau of Labor’s Consumer Expenditure Survey.

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Support A4134 : Help New Jersey Workers Take Control of Their Futures

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