- Published: Monday, December 08, 2014 10:49 AM
Illinois is facing a looming retirement crisis. Half of Illinois' private sector workers — 2.5 million people — lack access to employer sponsored retirement plans. Researchers estimate that nationally our retirement savings deficit is between $6.8 and $14 trillion.
This is a huge crisis, approaching us with terrifying speed. If we don't do something about it, we'll be facing an epidemic of seniors living in poverty, with horrific human consequences, not to mention huge costs to government.
Fortunately, there are commonsense ways to address this. That's why I spent the last two years working to pass the Secure Choice Retirement Savings Program in Illinois. It creates an automatic enrollment IRA so that workers without employer sponsored retirement plans still have an easy way to save for retirement using a payroll deduction and benefiting from low fees.