State Treasurer Stacy Garrity pointed to the study as “even more evidence that the time to solve this problem is now,” in part by implementing a state-organized retirement contribution system for workers whose employers do not offer them.
- commissioned by Pew from Philadelphia-based analyst Econsult Solutions - uses as a baseline the assumption that Pennsylvania households making less than $75,000 per year will need to have at least 75 percent of their pre-retirement income after retirement in order to be stable.
The gap between what prospective retirees will need and what they have saved is projected to increase demand for state-funded programs that help low-income seniors, including Medicaid, tax and rent rebates, and others. This direct cost to the state is estimated at $14.6 billion through 2035, according to study.
One of the core problems with retirement savings in Pennsylvania is that about two million Pennsylvania workers, according to Garrity, don’t have access to an employer-sponsored retirement plan like a 401.
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