Terrified.
That’s how I feel when I think about my life after college. The graduating class of 2016 worked extremely hard to reach this point. Unfortunately, it also required a lot of money. Along with our diplomas, we will be leaving college with over $1.2 trillion in debt.
Even with the job market improving, it will be difficult to find jobs that will help us save money while we work and pay off student loans. Many businesses in the private sector are foregoing retirement savings programs — such as 401(k)s and pensions — possibly due to time or cost issues.
New Jersey Secure Choice Savings Act, supported by AARP, is our answer. With bipartisan support, this bill creates a simple and convenient system for employees to automatically save part of their paycheck towards an IRA managed by an investment firm. This optional deduction is minimal, but will accumulate beneficial savings in the long-run. The account is also portable, so employees can continue to save throughout their careers.
The opportunities in our future should excite us, not scare us. With Secure Choice, businesses can help their employees save for their future.
Cara Bronander
AARP New Jersey
