Champaign, Ill. (WCIA)

• As the state’s largest non-profit dedicated to improving the lives of older adults, AARP Illinois is working to spread the word about The Illinois Secure Choice Savings Program, which provides an easy retirement savings option to help employees to save and take control of their future by saving for retirement

• AARP Illinois knows that helping people to improve their quality of life as they age does not just mean helping people who are near or currently in retirement. It means looking out for those at all stages of their careers and those who will retire in the future.

Scary facts that demonstrate the need:

  • Over half of Illinois employees do not have access to a workplace retirement savings option
  • In Illinois, the average retired Social Security worker only receives about $18,900 a year. But we know that Illinois families have been spending way more than that – especially with inflation – on food, utilities, and health care alone.

So how does Secure Choice Work?
If you do not have a retirement savings benefit at work, ask your employer about this program. Odds are, Secure Choice is already working with your employer to give you the materials you need to sign up.
You will automatically be enrolled with a choice to opt out and presented with savings options and amounts that YOU set through the program’s investment options. You have complete control over what you save and which investments you would like to make.
Employers do not make contributions to these plans. It’s all between you and the program.
How effective has Secure Choice been since it became law?
More than 110,000 are saving for retirement through Secure Choice since it became law in 2018 – with over $90 million saved.
And AARP is excited to see that number grow even more.
Due to an expansion of the law in 2021, Illinois Secure Choice is expanding to employers with 5 or more employees that do not offer a retirement plan, as well as self-employed and contingent workers.