Roughly 57 million private-sector workers still don’t have access to a workplace retirement plan, according to retirement policy researchers. State auto-IRA programs were created to help close that gap.
Today, a growing number of states automatically enroll eligible workers in retirement savings programs when their employers do not offer a retirement plan. The idea sounds simple, but it represents a major shift in how people start building long-term financial security. Instead of requiring workers to sign up on their own, these programs help them begin saving automatically while still allowing them to opt out if they choose. As more states join the movement, many employees may discover they already have a retirement account waiting for them.
