PhillySaves: A Path to a Secure Retirement

Philadelphia City Council is currently considering a bill which would establish a Philadelphia Retirement Savings Program. AARP is calling the program PhillySaves, which will give Philadelphia workers an easy way to save for retirement on the job through a public-private retirement savings option. When employees have the tools to save, they build a stronger future for themselves and their families. It’s time to ensure workers in Philadelphia have a path to a secure retirement.

Without retirement savings accounts, hard-working Philadelphians will count on Social Security even more for financial security. However, Social Security alone is not enough for them to depend on as a sole source of retirement income.

The average Social Security income for a 65+ Philadelphia family is about $21,000 per year.

Many older homeowners are cost-burdened – paying approximately $25,000 for utilities, health care, housing and maintenance.

That’s why AARP is advocating for PhillySaves.

PhillySaves is a public-private partnership that empowers workers to save through automatic payroll contributions. Keep scrolling to learn more and find out how you can make a difference this year.

Building a Stronger Future for Philadelphia Workers

Only 48 percent (less than half) of all Philadelphia workers ages 25-64 had access to an employer sponsored retirement savings plan, compared with 53 percent of workers nationwide.

A June 2025 Pew issue brief revealed that the median income for older households (65+) in Philadelphia was $51,000, lower than the national median of $56,000. Additionally, only 47% of older Philadelphians received retirement income (such as from 401(k)s and pensions), compared to 58% nationwide.

Promoting Fiscal Responsibility

PhillySaves would require no ongoing costs for Philadelphia: A public-private retirement savings partnership will be self-sustaining, and participant-funded. The funds cannot be commingled with public pension dollars, nor can they add to Philadelphia’s public pension liability.

Saving Taxpayer Dollars: It also saves the state money.

Providing a way for workers to save on the job reduces reliance on taxpayer-funded assistance programs in retirement - and decreases the financial burden on government.

Pledge To Support PhillySaves

(Coming Soon.)

Are You a Small Business Owner?

If you are interested in learning more about how PhillySaves would benefit your business and employees, or if you are interested in advocating on behalf of PhillySaves with AARP, fill out the form below and we will be in touch!

(Coming Soon.)