Currently, 59% of New Yorkers lack access to a retirement plan. Of those who have a policy—either a defined contribution or a defined benefit plan—the majority have less than $30,000 for their retirement. With an average annual benefit of only $15,528, Social Security is quickly becoming an inadequate income replacement at retirement. Without a supplemental income, many individuals risk spending the later years of their lives in poverty, adding expenses to constrained working families, and require support from government at all levels.