More than 80% of Michigan voters age 25 to 64 think the state should make it easier for workers to save for retirement, according to a new poll from the AARP of Michigan. Two in three respondents support a “Work and Save” approach, a public-private payroll-deduction retirement program as an option for those who don’t have retirement savings plans through an employer. AARP’s Mark Hornbeck says his group is asking policymakers to consider using American Rescue Plan funds to cover the startup costs for a long-term retirement plan.
“Retirement is a different animal in 2021 than it has been in the past. People’s savings, employment, a whole array of financial areas were affected by the pandemic.”
Hornbeck notes many employers have replaced pensions with 401-K accounts, which are more susceptible to the ebbs and flows of the market. And he says as people live longer, many worry about stretching their savings. Hornbeck says making saving for retirement easier crosses party lines with backing from more than 90% of Democrats, more than 70% of Republicans, and more than 80% of independents.
