Wisconsinites Want to Save at Work – But They Can't

Nearly 836,224 private-sector workers – more than one in three Wisconsinites - lack access to a retirement savings plan through their employer. Without an easy way to save at work, Wisconsinites are at greater risk of entering retirement without enough savings to maintain their standard of living. Having retirement savings is more important than ever due to rising costs for housing, groceries, health care and other everyday essentials.

Research shows Americans are 15 times more likely to save for retirement when they can do so through payroll deduction at work. That's why AARP Wisconsin is advocating for workers to have an easy way to save for retirement on the job through retirement savings accounts. Employees can opt out of these accounts at any time, and they can decide how much to save. The accounts are portable, meaning they stay with the worker from job to job.

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This type of public-private savings partnership - a collaboration between independent businesses and the state called WisEARNS– would be self-sustaining and participant funded after initial start-up costs are paid back to the state. It would also give small businesses the opportunity to provide a much-desired benefit to their employees at no cost to the business.

Twenty one other states have already enacted similar legislation, with more than 1.2 million workers saving over $3.3 billion collectively. If Wisconsin lawmakers choose not to address the retirement savings gap, it could cost the state $4.5 billion dollars as workers would rely more on public safety net programs.

Nearly all (99.7 %) of Americans say saving for retirement at work is important Now is the time for lawmakers to act.