By Dave Dahl

SPRINGFIELD – How much is in your retirement account? State Treasurer Mike Frerichs says if you are afraid to look, you’re not alone. He says the nation is in a retirement crisis.

“The median retirement savings for working age households is $5000. One third of Illinois retirees rely on Social Security for 90 percent of their retirement,” Frerichs told the City Club of Chicago. “You will help, because your tax dollars will make sure these good people have a place to live, food to eat, and medicine to treat their ills.”

Frerichs says his office’s Secure Choice program makes retirement savings accessible to more Illinoisans and now has 29,000 participants saving almost $7 million.

He also touted his office’s college savings program, saying how much money is in your account does not matter nearly as much as simply whether you have an account at all. “The existence of a college savings account makes it three times more likely a kid goes to college,” he said. “It’s the message you’re sending.”

Dave Dahl can be reached at [email protected].