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PhillySaves is a citywide retirement savings program which promotes saving. (Getty Images)<\/p>\n(Editor\u2019s Note: This article is a paid placement and does not necessarily reflect the views or opinions of WHYY.)<\/p>\n
Currently, more than 208,000 hard-working Philadelphians lack access to an employer-based retirement plan \u2014 a gap that leaves many unprepared for the future and at risk of relying solely on Social Security. With the rising cost of living, it\u2019s more important than ever to empower workers to take control of their financial futures. That\u2019s why AARP Pennsylvania is championing PhillySaves, a citywide retirement savings program designed to make saving simple, automatic and accessible for all.<\/p>\n
PhillySaves is modeled on proven \u201cwork and save\u201d programs, which have helped over a million people nationwide build retirement security. These programs work by enabling employees to save through automatic payroll deductions, making it 15 times more likely that workers will put money aside for retirement. For Philadelphia, this means a public-private partnership that comes at no cost to employers or taxpayers, while offering workers a portable, voluntary savings account they can take from job to job.<\/p>\n
Why does this matter? The average Social Security income for a 65-or-older Philadelphia family is about $21,000 per year, while annual costs for essentials like housing, healthcare and utilities can exceed $25,000. Without additional savings, many older Philadelphians face financial insecurity. PhillySaves can provide a pathway to dignity and independence in retirement, reducing reliance on taxpayer-funded programs and strengthening the city\u2019s economic future.<\/p>\n
PhillySaves is a citywide retirement savings program which promotes saving. (Getty Images)<\/p>\n
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AARP\u2019s support for PhillySaves is rooted in the belief that everyone deserves a secure, dignified retirement after a lifetime of hard work. As Nora Dowd Eisenhower, AARP Pennsylvania\u2019s Volunteer State President, states: \u201cWe can help make saving automatic, so every Philadelphia worker has a shot at controlling their financial future. It\u2019s about building a stronger future for all.\u201d<\/p>\n
With leadership from City Council and support from organizations like AARP, PhillySaves is poised to make Philadelphia a model for retirement security. It\u2019s time for Philadelphia to lead the way. It\u2019s time for PhillySaves.<\/p>\n
Learn more at\u00a0aarp.org\/PhillySaves<\/a>.<\/p>\n Sponsored by AARP<\/p>\n