Harrisburg – February 8, 2018 – State Sen. Art Haywood (D-Philadelphia/Montgomery) released the following statement commending his House colleagues for the newly launched website dedicated to bringing retirement solutions to Pennsylvania residents.
“I commend the Democratic House Appropriations Committee for developing MyRetirementPA.com. This website will help Pennsylvanians understand that saving for their lives after work must be addressed sooner rather than later.
As Democratic Chair of the Aging and Youth Committee and as a member of the Finance Committee I saw the connection between a growing aging population and limited savings for retirement. In 2016, Sen. Eichelberger and I proposed a state managed, tax deductible retirement savings plan. I am happy to see the growing support for this solution. Several states have state retirement savings plans including California, Connecticut, Illinois, and Maryland. We can support retirement solutions for the ever growing over 60 population.
By 2025, 1 in 4 Pennsylvanians will be an older adult. It is not uncommon for individuals over the age of 80 to run out of money according to the Montgomery County Aging Department. Yet, in our Commonwealth, approximately 2.1 million residents do not have access to a workplace retirement plan. Saving for retirement must be part of the solution for these individuals, their families, and communities. MyRetirementPA.com is meant to be a resource for residents of all ages and is an important step forward.”