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Taxpayers in Pennsylvania are expected to have to shoulder the burden of a growing retirement savings gap among their fellow citizens — a situation that could be resolved if people would save on average $25 per week toward retirement.
According to new research from Pew, about one-third of Pennsylvanians — or about 1 million full-time full-year private sector workers — do not have access to a workplace retirement savings plan, and the number of people over the age of 65 with less than $75,000 in annual income is expected to increase by 27 percent between 2015 and 2030. Inadequate retirement savings will not only decrease the quality of life for this population but also increase the burden on taxpayers to pay for services like Medicaid, said Pew.
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