SALT LAKE CITY (News4Utah) – More than half of private-sector workers in Utah aren’t saving for retirement, but AARP Utah is working to change that.
Danny Harris with AARP Utah stops by Inside Utah Politics to discuss what they are doing to help increase options for people to put money aside for the future.
“We have a serious problem of people saving for retirement. Typically, we say there’s a 3 legged stool for your finances and retirement and those are your pension, your savings, and social security. People need to be putting money into their 401 K’s and into their IRA’s to make sure that they have some of that money to rely on for retirement, but unfortunately more than half of private-sector workers in Utah which is about half a million workers don’t have a way to save for retirement at work” said Harris.
Harris says they are working to try and change that.
“People can go out on their own and create an IRA and get that going. The challenge is that people don’t do that. People are 15 times more likely to save for retirement if they can do it at their own workplace. So what we’re trying to do is create a program that facilitates this for small businesses to have a retirement savings plan in place for more employees across the state,” Harris said.
He also talks about workplace leave and family caregivers concerns as well as the organization’s support of Medicaid expansion in the state.