Today’s workforce looks drastically different than it did years ago when I was working.
There is a growing number of non-traditional jobs in today’s marketplace like Uber drivers, freelancers and seasonal workers, and more small businesses than ever in Delaware. That means fewer Delawareans have access to workplace pensions or other retirement plans. I’ve been thinking about my own retirement and what it would have meant if I hadn’t had access to a pension plan and saving through my employer.
A recent AARP survey (aarp.org/DEWorkandSave) revealed that 90% of workers who don’t have a way to save through their jobs would take advantage of workplace savings if they had access to it.
The survey also found that 78% of taxpayers are concerned that when people don’t save during their working years, they may become more reliant on public assistance programs.
A dear friend of mine spent all of their working years in small businesses, with no pensions or means of saving through employers. Availability of some public assistance programs, along with seeking employment at age 80 became necessary.
The DE Earns bill, which is managed like a 529 college savings fund, will allow more workers to grow their savings and take control of their financial future. With DE Earns, businesses have access to an easy plug-and-play retirement option that helps their employees, as well as those who are self-employed, save for retirement directly out of their paycheck. The savings are the individual’s own money, which they can take with them from job to job and rely on to support themselves and their families in later years.
It seems to me that this is an all-around win and just the kind of innovative solution we need for today’s workforce. It’s time for Delaware lawmakers to pass DE Earns so all workers can grow the savings they need for a secure future!
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