PNS National Newscast

Audio Activation
"Siri, play the Public News Service (podcast)"
"Hey Google, play the Public News Service podcast"
"Alexa, play Public News Service podcast"
or "Alexa, what's my news flash?" once you set it up in the Alexa app

2020Talks

Audio Activation
"Siri, play the 2020Talks podcast"
"Hey Google, play the 2020Talks podcast"
"Alexa, play Two-Thousand-Twenty Talks podcast"
or "Alexa, what's my news flash?" once you set it up in the Alexa app

Newscasts

PNS Daily Newscast - June 11, 2021 


We reflect and update as HIV/AIDS first came to national attention 40 years ago this month; and when it comes to infrastructure spending, bipartisanship isn't dead yet.


2021Talks - June 11, 2021 


President Biden offers up more COVID-19 vaccines to the world; Dems and GOP close in on an infrastructure deal; and Speaker Pelosi tries to quell a spat over the Middle East among Democrats.

Study: State-Based Retirement Savings Accounts Could Save AZ $89 Million

Downloading Audio

Click to download

We love that you want to share our Audio! And it is helpful for us to know where it is going.
Media outlets that are interested in downloading content should go to www.newsservice.org
Click Here if you do not already have an account and need to sign up.
Please do it now, as the option to download our audio packages is ending soon

Federal data show that only one in seven small businesses offers a retirement savings plan. (SCS/iStockphoto)
Federal data show that only one in seven small businesses offers a retirement savings plan. (SCS/iStockphoto)
 By Suzanne Potter - Producer, Contact
April 28, 2017

PHOENIX – A new study shows that Arizona could save $89 million over the next 15 years if it set up a system of state-based retirement savings accounts.

Researchers from the University of Maine found that if current low savings rates persist, a significant portion of future retirees will be forced to rely on basic support programs funded by taxpayers such as Medicaid, SSI and food and housing assistance.

David John, the senior strategic policy adviser at the AARP Policy Institute in Washington, D.C., says they also found that far fewer retirees would need those programs if the state helped them save just $1,000 more per year.

"In Arizona, between 2018 and 2032, the state itself would save $89 million in reduced costs to state taxpayers," he said.

An estimated 1.3 million Arizonans work at companies that do not offer a 401(k) retirement savings option.

AARP Arizona is seeking a sponsor for a bill to create what's called a Secure Choice program, where the state would offer to deduct money from people's paychecks and then pay a private investment firm to manage the retirement accounts.

However, there has been opposition from the financial services industry, which is concerned that these low-cost savings platforms could put their higher-fee products at a competitive disadvantage.

Dana Marie Kennedy, state director with AARP Arizona, says the state should make it as easy as possible to save for retirement.

"People just aren't saving enough to prepare for retirement," she said. "Social Security alone isn't enough to really retire on. If it's automatically taken out of their paycheck, they're more likely to save money."

Five states are in the process of implementing a Secure Choice program, including California, Oregon, Illinois, Maryland and Connecticut. However, a proposal currently before Congress, House Joint Resolution 66, would make it harder for states to set up these types of state-based savings accounts.

Best Practices