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Add retirement plan to your "to do list"

don't have a retirement plan? You aren’t alone. But the state you live in might be working on solving that problem.

According to data from the National Institute on Retirement Security, 59% of working-age people in America don’t have any money in a retirement account—whether an employer-sponsored 401(k) or an IRA—and aren’t covered by defined-benefit pensions. For those who do have a retirement account, most have balances smaller than their annual income. In other words, the average working American most likely won’t be able to maintain their current standard of living in retirement.

But several state governments are taking matters into their own hands. Ten states have passed legislation creating programs designed to get more people enrolled in retirement plans, and a majority of states are now considering such a program.

In June, Colorado became the latest state to create a plan. According to data from the Colorado Secure Savings Plan Board, about 40% of private-sector workers in Colorado don’t have an employer-sponsored retirement plan.

studies were done looking at the types of plans that were available in other states and also examined the cost of doing nothing, says Colorado State Treasurer Dave Young. “The implications for the state budget, if we did nothing, were very detrimental.” People who enter retirement without savings tend to start taking Social Security benefits the moment they become eligible, which means they get the smallest benefit they could and may also come to rely on other government services for low-income individuals.

THE BOTTOM LINE BOYS AND GIRLS..START YOUR PENSION PLAN ASAP.

Just a thought

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