Philly controller calls for more retirement savings
Listen
Philadelphia Controller Alan Butkovitz says about a third of seniors in Philadelphia are living in poverty. (AP file photo)
Too many Philadelphia residents are not saving enough for their golden years, according to the city’s controller.
About a third of seniors in Philadelphia are living in poverty, said Controller Alan Butkovitz. And more than half don’t have the money necessary to meet basic needs without relying on public assistance.
“People who are retired in Philadelphia don’t have the money to live a dignified lifestyle,” he said. “Social Security, on average, is paying Philadelphia retirees $16,000 a year when it take $28,000 to provide for basic necessities.”
Because people are living longer, their money has to stretch even more.
“It’s not unusual for people to live well into their 90s. That’s something the Philadelphia pension fund has had to recognize,” he said. “So, the good news on the life-expectancy front, it gives us some issues to think about in terms of financial planning.”
The controller wants the city or state to set up a retirement program that employers could join to make it easier for them to offer a plan.
WHYY is your source for fact-based, in-depth journalism and information. As a nonprofit organization, we rely on financial support from readers like you. Please give today.
What’s behind Philadelphia’s soaring STI rates?
Younger people, between the ages of 15 and 24, have some of the highest rates of infection.
11 hours ago
Hundreds help clean and green neighborhoods in West Philly
More than 500 people joined ACHIEVEability to help with the beautification effort to promote civic pride.
13 hours ago
Prosecutors have said that Sidiero was on the ground and unarmed when Mendoza fired the fatal shot.
14 hours ago