Many Americans lack access to a workplace retirement account, and they appreciate that states are stepping in to fix the problem. Almost 75% said state-sponsored retirement savings programs are a good idea, data shows.
Many Americans lack access to a workplace retirement account, and they appreciate that states are stepping in to fix the problem.
Another three-quarters of survey respondents said they would participate in these plans if they had access to it. Respondents said they liked certain features of these programs, like easy portability and low fees. The survey included more than 1,200 participants aged 25 and older.Illinois, Oregon and California have shown how successful these programs can be. In total, there are 16 programs across the country — in 14 states and two cities.
State-run auto-IRA programs are similar to IRAs, which means they have the same contribution limits. A significant difference, however, is that they mimic the 401 with automatic deferrals from every paycheck, so that people don’t have to actively put the money in an IRA themselves after they’re paid. Automatic features like these are a major driver for retirement savings — and one reason proponents, such as Nobel Prize winner Richard Thaler, push for more automatic options in these plans. .
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