The Issue
About 1.2 million workers in Massachusetts currently lack access to a workplace retirement savings plan or sufficient financial preparation for retirement. This is about 43% of the state’s private sector workforce.
This gap not only places a burden on state finances but also limits individuals’ ability to save for their future.
Projections suggest that by 2040, Massachusetts could face an increased state spending of $13.9 billion due to higher demands for social assistance programs.
To address this, initiatives like the Massachusetts Secure Choice Savings Program Act have been proposed.
This legislation aims to facilitate retirement savings by enabling automatic enrollment of workers into retirement plans through payroll deductions, offering a practical solution for both employees and small businesses.
This approach could significantly enhance retirement security in the state, potentially reducing future fiscal burdens on taxpayers and improving the overall financial stability of retirees in Massachusetts.
Your Call to Action
Join the Massachusetts Secure Choice Coalition and its partners on Tuesday, April 30 at 2 PM ET. They’ll be discussing The Massachusetts Secure Choice Savings Program Act. This bill aims to set up a state-run auto-savings program, offering small businesses and employers a free way to provide retirement savings options for their employees.
Join in to learn more about how this initiative can help make saving easier for everyone.
Register here.
