Retirement Savings

Nearly half of North Carolina’s private-sector workers—more than 1.8 million people—don’t have a way to save for retirement through their employers. AARP hopes to change that by pushing for the creation of a state-facilitated retirement savings program during the upcoming legislative session.

During the 2023 legislative session, volunteers advocate on behalf of North Carolinians 50-plus for bills to help workers save for retirement, to improve access to health care and to prevent unnecessary guardianships.

RALEIGH -- Today, roughly half of North Carolina private-sector workers don’t have a way to save for retirement through their job. That’s roughly 1.8 million residents who are unprepared to support themselves in the future and more likely to have Social Security as their only source of retirement income. And those who work for our state’s small businesses are even less likely to have a savings plan. N.C. State Representatives Jarrod Lowery, Jeffrey McNeely, Jon Hardister, and Harry Warren introduced a new bill in March to help change this.

North Carolina is facing a retirement savings crisis that will leave far too many residents barely able to afford their basic needs in their later years.

It’s National Savings Day – the one day a year set aside to remind us of the importance of saving and reflect on our own savings habits. At AARP, we don’t need a national holiday to remind us just how vital saving for the future is. We know that saving for retirement is one of the most important things you can do for your future, and we work 365 days a year to provide resources to help you plan and grow your savings. But, we can’t do it alone. That’s why this National Savings Day, we are calling on North Carolina lawmakers to create a Work and Save program to make saving for the future easier for everyone.

RALEIGH -- A simple way to start saving for retirement through payroll deductions may soon be a reality for over 1.7 million North Carolina workers who don't have access to pensions and 401Ks. The bi-partisan NC Work and Save bill (HB 899), introduced in the General Assembly in May, creates an easy-to-use, plug-and-play savings proposal requiring little effort or fiduciary responsibility from small businesses that want to offer their workers an important benefit.

1.1 million member state organization's legislative priorities

Answers to the RETIREMENT CRISIS QUIZ below

RALEIGH -- With individual retirement savings being insufficient for millions of North Carolinians, in 2019, the General Assembly passed the Small Business Retirement Study -- a measure that will advise state lawmakers on the best way to establish retirement savings options that work best for small business owners and their employees.

BURLINGTON -- For his work to find easier ways for workers to save more of what they earn for retirement, Representative Stephen Ross was presented with an AARP “Super Saver” award at a special presentation made at a monthly meeting of the Triad Retirement Living Association.