Proposal Presented for the Master Plan For Aging (#23)
Disclaimer
Throughout the MPA process, more than 100 proposals were developed thanks in particular to thousands of hours of work by external stakeholders and members of the public. These proposals and the MPA Council commentary are being submitted to the Governor and shared with policymakers and the public to inform policymaking. These proposals represent a starting point for discussion. Further discussion is necessary between relevant state agencies and stakeholders to both refine these proposals and assess which may be appropriate to adopt and implement.
Summary
Create a Lifetime Financial Planning Program responsible for assisting New Yorkers in planning their finances throughout their lifetime, including budgeting, financial literacy, planning for life’s milestones (including retirement), dealing with debt, referrals to career counseling, and education about long-term care insurance options. Integrate this program with Secure Choice to ensure fundamental education within the structure of the existing program.
Justification
New Yorkers are not proactively supported to prepare for retirement, in part due to a lack of financial literacy and education. The concept of retirement planning hits too late leading many people without sufficient resources set aside for retirement. There is a gap between Social Security benefits provided and what someone may need to live. The proposed Lifetime Financial Planning Program is needed to assist New Yorkers in planning their finances throughout their lifetimes: including budgeting, financial literacy, planning for life’s milestones (including retirement), dealing with debt, referrals to career counseling, and education about long-term care insurance options.
Full Proposal
- Create a Lifetime Financial Planning Program responsible for assisting New Yorkers in planning their finances throughout their lifetime, including budgeting, financial literacy, planning for life’s milestones (including retirement), dealing with debt, referrals to career counseling, and education about long-term care insurance options.
- The Program would serve as an information and education resource to support financial literacy and lifelong planning.
- The materials should also provide information on the limits of public programs and engage with common misconceptions regarding benefits programs.
- This Program could involve collaboration between agencies such as the Department of Labor, Department of Taxation and Finance, or as SUNY.
- Integrate this program with Secure Choice to ensure fundamental education within the structure of the existing program.
MPA Council Commentary
This proposal is categorized as near-term. Implementation would start with engaging DOL, and DTF to determine whether the program materials should be developed internally or acquired through a Request for Proposals (RFP), and to identify a responsible office. Implementation may require funding either an RFP or State staff to develop the materials. Both methods of implementation would be subject to the annual budget process and the availability of resources.