Universal Retirement Savings
About This Issue
Social security alone is not enough, and was never meant to sustain Illinois residents in their retirement. It was intended to provide seniors with a modest standard of living, a baseline which was to be supplemented by private pensions and retirement savings.
Yet despite their hard work, many Illinois workers are employed in jobs that do not offer a retirement savings plan to supplement Social Security. The creation of a statewide infrastructure to provide retirement accounts to workers would extend savings to nearly 50% of the workforce in Illinois not offered this opportunity by their employers.
Automatic IRAs are a solution to help hard-working people save for retirement and prevent people from falling into poverty later in life. The creation of a statewide infrastructure to provide retirement accounts to workers would extend savings to nearly 50% of Illinois’ workforce who are not currently offered this opportunity by their employers. In addtion, Auto IRAs will prevent overreliance on Social Security and will allow small businesses to support their employees. A majority of voters from all parties say they support Automatic IRAs as a policy to help Americans save for retirement.