A new state sponsored program aims to help workers save for retirement if they don’t have a plan through their employer.
It’s called Keystone Saves and it would allow workers to contribute through their employers into an IRA. State Treasurer Stacy Garrity says the lack of access to a retirement plan has long-term effects.
“If we don’t do something to help Pennsylvanians save for retirement, those unprepared retirees are going to cost taxpayers more than $14 billion in increased state social services. And at the same time we’re going to lose out on $1.5 billion in tax collections due to reduced consumer spending,” Garrity said.
Garrity says that more than two million state residents don’t have a work-sponsored retirement plan. Keystone Saves has also garnered bipartisan support.