The High Cost of Doing Nothing
The day will come when you choose to retire. But not everyone will get that choice. You might be forced to retire by a layoff at work or to care for a loved one at home.
We’re rooting for you to be able to choose to retire on your own terms and to be able to sustain your quality of life until death.
Social Security alone will not help you maintain a higher lifestyle – or the one you enjoy today. Neither will falling into the public social safety net. If we fail to develop a retirement security program that works for Pennsylvanians, the latter may be our reality.
Taxpayers will have to foot the bill for your unfamiliar and less desirable new lifestyle.
PA Treasurer Joe Torsella recently shared an independent study about the Pennsylvania cost of helping people with inadequate retirement savings.
Hundreds of millions of dollars!
In 2015, the study said the commonwealth spent $700 million in public assistance and lost another $70 million in tax revenue because of the absence of retirement security already in Pennsylvania.
Left unattended, the public assistance price tag – just to help people live in retirement — will grow to $1.1 billion, annually, by 2030, the study said.
Of course, the best reasons to save are personal. You want to live the way you want to live, in all aspects of your life and at every age.
Call your lawmakers. Tell them you want a retirement security savings program that works for Pennsylvanians.