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.