More states offer auto-enrollment retirement plans, and they seem to be working

19 states have adopted retirement-savings programs to help close the savings gap

Given that 57 million Americans work for employers that don’t offer a retirement savings plan, it’s no wonder that by 2035, roughly 20 million retirees may be living in poverty, according to the National Institute for Retirement Security.

Auto-enrollment retirement savings programs automatically sign up employees but give workers the option to opt out if they choose. Participants can contribute up to 10% of their wages to savings. Related: ‘I don’t have a trust fund or generational wealth to fall back on’: The investment gap and how people of color can save for the future.

While all states can benefit from auto-retirement savings programs, larger states have a higher population of savers to share administrative costs of the program. Don’t miss: ‘I will work until I die’: I’m 74, have little money saved and battle medical issues. ‘I want to retire so I can have a few years to enjoy life.’

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