According to a new poll released by AARP Wisconsin, seventy-seven percent of Wisconsin small business owners are supportive of a retirement savings program that would help employees save for retirement at their jobs. Nearly half of small business owners expressed concern about their employees having enough money saved for retirement.
Advocacy Director at AARP Wisconsin Lisa Lamkins says most small businesses would help out..
"...We have Wisconsinites who are working harder than ever but folks still aren't able to save for retirement out of their regular paychecks. We asked folks around the state if they would be supportive of a new plan we call Work & Save program. It's a way to help people save for retirement out of their regular paycheck. It's a great tool for small business..."
The survey found 70 percent of small business owners think that more should be done to encourage Wisconsin residents to save for retirement. 80 percent agree that retirement savings options help small businesses attract employees and stay competitive. 85 percent agree Wisconsin lawmakers should support a Wisconsin retirement savings option. Lamkins says research shows Americans are 15 times more likely to save for retirement when they can do so at work.
She says it could help raise the savings rate where only 5 percent of residents save through IRA's...
"...We know that people in Wisconsin want to save money but there are a lot of barriers. Having a way for people to save automatically at work as well as this new tool which would be helpful for small businesses. It would help over 900,000 Wisconsinites who don't have any way to save at work..."
Lamkins is member of the Governor’s Task Force on Retirement Security, which recently held its first meeting.
More information on the poll is at AARP Wisconsin website
