“A secure retirement seems like a distant dream for too many Wisconsinites.
Social Security alone isn’t enough to retire on – the average benefit for most Wisconsinites is about $1,300 a month. Across the country, millions of people are at risk of running out of savings after they retire. The nation is facing a vast retirement savings deficit, estimated to be as much as $6.6 trillion.
One of the reasons for this deficit is the fact that more than 57 million American workers- including nearly 1 million Wisconsinites – have no way to save at work. A study by the National Institute on Retirement Security found that the typical working-age household has only $3,000 in retirement assets and near-retirement households have just $12,000 in savings.
The scary part is that these folks are ahead of the game.
In Wisconsin, 42 percent of workers have no access to retirement savings options. But it doesn’t have to be that way. We know that people are 1,300 percent more likely to save if they can do so at work.
Wisconsin is one of 30 states considering “work and save” plans. AARP supports the Wisconsin version, known as the Wisconsin Private Secure Retirement Act.” -Wisconsin News