How can we make it easier for North Carolinians to save so they can live the life they want in retirement? The answer is simple – the NC Small Business Retirement Program.

Today, a secure retirement is out of reach for thousands of North Carolinians, especially those who work for small businesses.

  • Nearly half of Baby Boomers and Gen Xers will lack the income to meet the basic retirement expenses and health care costs.
  • Over 70% of workers employed by businesses with fewer than 100 employees do not have a retirement savings plan.
  • The typical working-age household has only $3,000 in retirement assets and retirement-age households only have $12,000.
  • The average monthly Social Security benefit in North Carolina is less than $1,300 a month. While Social Security is a critical piece of the puzzle, it is not enough to ensure people can live independently as they age.
  • NC can save up to $448M in Medicaid services in the first 12 years of the program by helping people become financially independent and not reliant on government programs.

Fiscal Benefits of Increasing the Savings Rates of North Carolina’s Aging Population

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A Commonsense Solution

The Small Business Retirement Program makes it easier and without liability for small businesses to offer a basic retirement savings option for employees. By giving employees the option to save privately, the NC Small Business Retirement Program gives you the power to control your future.

Why NC Small Business Retirement Program?

  • Financial Freedom: Social Security isn’t enough to depend on. NC Small Business Retiremente plan accounts make it easier for you to save so you can live the life you want.
  • Your Future, Your Choice: Accounts are voluntary. As an employee, it’s up to you to decide if you want to participate or not.
  • You’re in Control: The account follows you if you switch jobs so you can continue to save and take control of your future.
  • Saves Taxpayer Dollars: Giving employees a simple way to save for retirement will mean fewer North Carolinians will need to rely on government safety net services.

News

Survey: 34% of entrepreneurs lack retirement savings plan

It’s not just millennials who are bad at saving for retirement — small-business owners are also failing to build up a retirement fund. To ...

CNBC, July 27, 2017

Written By: Abigail Summerville

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Here’s how much you should have in savings at every age

Let’s face it: Saving money is hard. When you’re young, you tell yourself you’ll start saving once you start earning more. Then when...

MSN Money, July 06, 2017

Written By: Katie Brockman

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Why Retirement Reality Is Finally Sinking In for Baby Boomers

As more baby boomers move into retirement, an unsettling pattern is emerging. Years of poor savings, rising health care costs, and a tepid recovery h...

Time Magazine, April 11, 2016

Written By: Dan Kadlec

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Why can’t millennials save for retirement?

Launching into adulthood is never an easy task, but today’s young people do have it pretty rough — at least compared with recent generations. Fall...

Bankrate, March 20, 2017

Written By: SHEYNA STEINER

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Want financial security? Home equity and retirement accounts are key

Families with individual account retirement plans and home equity will have something to draw from for retirement expenses, outside of Social Security...

usatoday, May 31, 2017

Written By: Robert Powell

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From USA TODAY:

Social Security is designed to replace this much of your income (and it’s not close to 100%) Most working Americans, and even some retirees, don...

USA TODAY, January 01, 2007

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Here’s how much the average family in their 40s has saved for retirement

By the time you’ve hit 40, you should have a solid handle on your finances. This is especially true for matters related to retirement, since you...

CNBC, April 16, 2017

Written By: Kathleen Elkins

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1 in 4 workers have less than $1,000 saved for retirement

You’re not alone if you have next to nothing saved for retirement. But that doesn’t mean you’re in good company. Almost one-quarter ...

CNN Money, March 21, 2017

Written By: Katie Lobosco

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Finally, a Retirement Plan for Job-Hopping Millennials

BALTIMORE — Workers in their 20s and 30s are changing jobs at a record pace, yet they often view retirement stability as a back-burner issue. A law ...

The New York Times, February 28, 2017

Written By: Noah Weiland

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