Michiganders support a state retirement savings plan, According to an AARP poll

LANSING, Mich. (WLNS)–According to a new poll released by AARP, Michiganders between 25-64 years old anxious about having enough money for retirement would support a state retirement saving plan to help save money.

“Michiganders are working as hard as ever, but many do not have a way to save for retirement,” said Paula D. Cunningham, State Director of AARP Michigan. “These survey results show that a large majority of Michiganders support a program that would provide workers a way to save for retirement at their jobs.”

The poll found six in 10 Michigan registered voters feel anxious about having enough money in their retirement years.

The AARP survey also found:

  • Half of Michigan adults ages 25-64 say, per their own self-assessment, that they are behind schedule in their planning and saving for retirement.
  • The overwhelming majority of respondents (86%) say they know it’s very important for them to save for retirement. Other things, like their current living expenses, seem to keep getting in the way.
  • Three in four Michigan registered voters are concerned about increases in their cost-of-living expenses reducing their standard of living.
  • 42 percent are not confident they will have enough money to cover health care expenses in their retirement years.

“Today, a secure retirement is out of reach for over 1.6 million Michiganders, especially those who work for themselves or for small businesses.  The results of this poll speak to the anxiety that many have regarding their financial security in retirement,” Cunningham said. “Without the ability to save, many Michiganders face retiring into poverty. These poll results show how important it is to give an opportunity for a more secure retirement to future retirees.”

For more information about the AARP poll, visit: https://states.aarp.org/michigan/misavingforretirement