A recent survey conducted by AARP reveals that 1 in 5 Americans over the age of 50 have no retirement savings, sparking concerns about their financial security in the future. David John, Senior Policy Advisor at AARP, is urging people to start preparing for retirement now, especially since many workers do not have access to retirement savings programs through their employers.
To address this issue, Congress is considering two pieces of legislation aimed at expanding retirement security: the bipartisan Retirement Savings for Americas Act and the Automatic IRA Act. These bills would provide retirement savings accounts to eligible workers who do not have employer-sponsored plans, giving them the opportunity to save for their post-work years.
John emphasized that even individuals on limited budgets can take steps towards saving for retirement by starting small and gradually increasing contributions over time. He suggested reevaluating monthly expenses and reallocating funds towards retirement savings, such as cutting back on dining out.
By taking small steps now, John believes that Americans can build a more secure financial future for their retirement years. He encouraged people to make a conscious effort to save for retirement, no matter how modest the initial contribution may be. With proper planning and dedication, individuals can work towards a financially stable retirement.
This press release is copyrighted by Gray Media Group, Inc., and emphasizes the importance of early retirement planning to ensure financial security in later years.
Source
Photo credit www.wyomingnewsnow.tv
