Transcription of The Secure Choice Retirement Savings Program
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The Secure Choice Retirement Savings Program
The Secure Choice Retirement Savings ProgramCompiled by the Office of the Illinois State TreasurerTreasurer Michael W. FrerichsContents Retirement Security What is Secure Choice ? Economic Impact and Benefits2 The Problem3 Retirementremainsthetopfinancialconcernf orAmericansacrossthecountry Financialexpertstypicallysuggestsavingbe tween10and15%ofyourwagesforretirement,an dtopracticeabalancedapproachtosavings usingemployersavingbenefits,individualsa vings,andSocialSecuritytoprepareforretir ement. Unfortunately,accordingtoaJuly2014survey bytheFederalReserve,only43%ofAmericansha veanemployerprovided401(k)or403(b)retire mentsavingsplan,andonly23%haveanIndividu alRetirementAccount(IRA).
The Secure Choice program will offer enrollees the ability to diversify their portfolio by asset class, they will have a range of choices based on their risk tolerance, and they will be able
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