Illinois’ Secure Choice retirement savings program reaches milestone – Center Square

Illinois Treasurer Michael Frerichs announced the Secure Choice Savings Program now has over 100,000 participants. Frerichs said nearly a quarter of Illinois retirees use Social Security for 90% of their retirement dollars.
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nixit
2 years ago

If Frerichs wants to encourage more retirement savings, he should promote legislation that allows taxpayers deduct from our taxable income $3 for every $1 we deposit into a 401(k) or IRA plan.

nixit
2 years ago

Frerichs said nearly a quarter of Illinois retirees use Social Security for 90% of their retirement dollars.

Is this news? Over a quarter of tax filers in Illinois earn less than $25,000 per year. I wouldn’t be surprised to see this many retirees living solely off SS.

Ex Illini
2 years ago

Social Security will be next on the list of things Democrats want to use the “marginalized” test on to determine if you receive it.

nixit
2 years ago
Reply to  Ex Illini

We’ll probably be means tested out of Social Security until we’ve depleted most of our 401k.

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