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PhillySaves: Building a Stronger Financial Future for Philadelphia Workers
PhillySaves is a citywide retirement savings program which promotes saving. Pictured is stock art by Getty Images.
Note: This article is a paid placement and does not necessarily reflect the views or opinions of WHYY.
Currently, more than 208,000 hardworking Philadelphians lack access to an employer-based retirement plan — a gap that leaves many unprepared for the future and at risk of relying solely on Social Security. With the rising cost of living, it’s more important than ever to empower workers to take control of their financial futures. That’s why AARP Pennsylvania is championing PhillySaves, a citywide retirement savings program designed to make saving simple, automatic , and accessible for all.
PhillySaves is modeled on proven “work and save” programs, which have helped over a million people nationwide build retirement security. These programs work by enabling employees to save through automatic payroll deductions, making it 15 times more likely that workers will put money aside for retirement. For Philadelphia, this means a public-private partnership that comes at no cost to employers or taxpayers, while offering workers a portable, voluntary savings account they can take from job to job.
Why does this matter? The average Social Security income for a 65+ Philadelphia family is about $21,000 per year, while annual costs for essentials like housing, healthcare, and utilities can exceed $25,000. Without additional savings, many older Philadelphians face financial insecurity. PhillySaves will provide a pathway to dignity and independence in retirement, reducing reliance on taxpayer-funded programs and strengthening the city’s economic future.
AARP’s support for PhillySaves is rooted in the belief that everyone deserves a secure, dignified retirement after a lifetime of hard work. As Nora Dowd Eisenhower, AARP Pennsylvania’s Volunteer State President, states,: “We can help make saving automatic, so every Philadelphia worker has a shot at controlling their financial future. It’s about building a stronger future for all.”
With leadership from City Council and support from organizations like AARP, PhillySaves is poised to make Philadelphia a model for retirement security. It’s time for Philadelphia to lead the way. It’s time for PhillySaves.
Learn more at aarp.org/PhillySaves.