Those looking to enjoy their golden years with financial freedom will need to understand proper saving tactics, luckily the State of Illinois is making that easy. At retirement, Social Security benefits will most likely not be enough to keep up with that person's regular spending, leading to less overall spending that will come as a detriment to the economy.
The Illinois State Treasurer's Office and Mike Frerichs, Illinois State Treasurer, are sending out the message to employers and employees that do not offer or have 401(K's), to enroll for the Illinois Safe Choice Alternative, the Illinois way to do 401(K). Frerichs says that these funds will gather compounding interest from funds taken directly out of the worker's paycheck and into the savings account.
Frerichs says that in order for retired people to continue their same standard of living, a savings account must be developed. The lack of savings has also caused for later exits from the workplace, causing fewer job opportunities for younger people.
For those young people looking to get into the workforce, many of them have been helped by the Illinois State Treasurer's Office by utilizing their college savings programs. Frerichs speaks about the massive influx in dollars into these savings accounts since he took the Treasures Office in 2015, creating more learners with an investment in them.
For more information about the Safe Choice Alternative Saving Program make sure to visit tax.illinois.gov/businesses/securechoiceprogramenforcement.
Illinois State Treasurer Mike Frerichs appeared as a guest on the WTIM Morning Show.