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Putting Your Future on Solid Footing

PHOTO: AARP is launching a campaign calling for the creation of a standardized way for Kentucky workers, who do not have an employer-backed retirement plan, to save. Photo by Greg Stotelmyer.
PHOTO: AARP is launching a campaign calling for the creation of a standardized way for Kentucky workers, who do not have an employer-backed retirement plan, to save. Photo by Greg Stotelmyer.
November 10, 2014

LOUISVILLE, Ky. – In an effort to help give Kentuckians choice and control over their financial future, AARP is launching a campaign for what it calls work and save.

Tihisha Rawlins, associate state director of AARP Kentucky’s Grassroots Initiatives, says creating a standardized way to save, statewide, would help the 787,000 Kentuckians who are not offered a retirement account by their employer.

"What we like to compare it to is the 529 plan that we have to save for our children's college,” she explains. “The market was already providing some of that, but once we had a standardized 529 plan, it made it easier for the average person to save for their children to go to college."

According to AARP, 57 million Americans have no access to a retirement savings plan through their employer. That's more than half of the population age 18 to 64.

Rawlins says the idea of work and save is to give workers an easy way to have some of their paycheck automatically deposited into a retirement plan without an employer match. She says participation would be voluntary and the plan would be portable.

"Some people in our society work in positions where they may work at a job for a year or two and then they go somewhere else,” she points out. “You would be able to just take that work and save program right with you to your next employer."

Rawlins says if a standardized system were developed, it would make it easier for businesses to create a private retirement plan for their employees.

According to AARP, workers are 15 times more likely to save for retirement if their employers offer a plan.

Rawlins says helping younger workers save for the future is essential because Social Security alone is not enough.

"We want people in their 20s and 30s to start putting away from that very first paycheck, so that when they get to the point where they want to retire, they will have a retirement that is secure, that they can enjoy," she stresses.

As part of the work and save launch, AARP will host a forum this Thursday in Bowling Green on how to prepare for a financially secure retirement.

Greg Stotelmyer , Public News Service - KY