Automated Retirement Savings: A Helping Hand for Workers
States Introduce Automatic IRAs for Employees. (PHOTO: plansponsor)
Debate Over State-Run Retirement Plans
Since 2017, eight states have started programs to help people save for retirement without them having to do much according to USA Today. They automatically sign up workers for retirement savings plans and take a bit of money from their paychecks unless they say no. These plans are meant to help workers who don’t have retirement savings options at work especially those who don’t earn a lot of money and might not save on their own. They’ve been pretty successful in getting lots of people to save money for retirement. Some Americans worry about these programs because they don’t want the government to take their money. They think the government might not handle the money well. But others say these programs are good because they make it easy for people to save without having to think too much. They also help small businesses offer retirement savings plans to their employees which can be hard for them to do on their own.
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Mixed Sentiments on Retirement Savings Initiatives
Overall, these retirement savings programs are helping many people put money aside for when they’re older. Some Americans are unsure about them that they’re making it simpler for workers to save and for small businesses to offer retirement benefits.
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