New Retirement Rules Boost Savings

0:00The switch from old school pensions to 401k plans has left a ton of workers scrambling for retirement security, hitting both employees, and Boss' hardest savings fall short. Federal rules are stepping up now, mandating that most new 401k plans starting after January 1st, 2025, include automatic. Enrollment and yearly contribution boost to fight that complacency. On the state side, Connecticut launched my CT savings back in 2022. Forcing companies with five or more employees to sign workers up for. Roth IRAs do payroll if they skip their own plans. Now 15 states have similar setups. Experts point out nearly half of American workers lack any job-based retirement option, but payroll deductions make folks 15 times more likely to. Save and under-saving could cost governments $1.3 trillion extra in social services for seniors. Instead of ditching their plans, some employers are leveling up to better private options, showing these state nudges are sparking real progress.

1:03Without the feared backlash, stay informed with Hartford News today, AI-powered updates. I'm Corey, with the story.