Analysts say the number of Pennsylvanians approaching retirement age without adequate savings is growing rapidly.
To help, two state lawmakers are sponsoring a bill to offer retirement savings accounts to private sector employees.
State Rep. Mike Driscoll, a democrat from Philadelphia, says the bill would apply to businesses with five or more workers and would be strictly voluntary.
Under the bill, a small portion of a worker’s salary would be deducted and placed into an account managed by the state treasurer’s office. The account would be similar to an IRA or a college savings account and would be totally portable, meaning it would follow a worker from job to job.
Driscoll says as many as four million Pennsylvanians approaching retirement age are unprepared financially, and it’s a growing problem throughout the entire country.
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