Have you saved any money for retirement or are you among the many Americans who haven't socked away anything? You could get the opportunity to have your company take a small percentage from your paycheck and put it into a state-run retirement account.

(yasick, ThinkStock

The top lawmaker in the New Jersey Assembly said he has seen shocking statistics regarding the number of people who have not planned for life after work.

"I have an idea that would help New Jersey workers save. It would allow them to take three percent of their salary and put it into an IRA account," explained Assembly Speaker Vinnie Prieto (D-Secaucus).

The statistics are sobering according to Prieto. A 2014 Federal Reserve report revealed that 31 percent of Americans have not saved any money for retirement. Included in that 31 percent are 19 percent of Americans between the ages of 55 and 64.

"Employees would opt in. if they didn't want to participate they wouldn't have to. That little bit every time as an additional deduction, they probably wouldn't feel it, but it's being put away for them,' Prieto explained.

Figures released by the Employers Association of New Jersey indicated:

  • 38 million American households (45 percent) have no retirement accounts;
  • The median retirement account balance is $3,000 for all working household;
  • The median retirement account balance for near retirement households is $12,000;
  • 47 million Americans receive social security as their primary retirement money.

Under legislation introduced by Prieto and Assemblymen Tim Eustace (D-Paramus) and Joseph Lagana (D-Paramus), companies with 25 employees or more would be required to offer the retirement deduction. The bill would establish the "New Jersey Secure Choice Savings Program."

The retirement savings program would be overseen by a seven-member board that would include the state treasurer, comptroller and director of the Office of Management and Budget, or designees of their choice.

"Employees could choose to have more than three percent deducted, but that's the minimum amount and this would not cost the state or companies anything," Prieto said.

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