Retirement Security

In Colorado, we admire hard work and responsibility – and agree that it should be rewarded with a fair income and a secure retirement. For decades, middle class Coloradans built their retirement with traditional pensions, Social Security and personal savings and could count on financial security in their later years. 

But today many of us can't find the right job to get ahead, let alone save for an emergency and retirement.

More than half of American workers don't have any type of employer-sponsored retirement plan or personal investment plan. Having access to a workplace retirement plan can mean the difference between making ends meet or living in poverty and depending on public assistance in our senior years. But half of workers age 25-34, two-thirds of those 25-34 and 80% of workers in companies with fewer than 50 employees don't have access to a retirement plan at work.

If you are work hard and play by the rules, you should be able to retire and care for yourself and your family.

Legislation looking at innovative new ways to help Coloradans save for a secure retirement was defeated at the Capitol in 2015 and again in 2016. The 2017 legislation would have established the Colorado Secure Savings Plan, a retirement savings plan for private-sector employees in the form of an automatic enrollment payroll deduction into an individual retirement account. Employers with a specified number of employees in the state would have been required to participate in the plan but any employer could have chosen to participate. We were disappointed  that despite the support of numerous groups, a strong editorial from the Denver Post, and after passing the House, the bill died in the Senate State Affairs Committee.

 

Will your state legislator support retirement security?

 

Sources: