Colorado Workers, Small Businesses and Taxpayers
Today, a secure retirement is
out of reach for thousands of Colorado residents, especially those who work for
themselves or small businesses.
Nearly half of Colorado’s
private sector workforce – 750,000
people – do not have a way to save for retirement through their job. That’s
important because having access to payroll deduction makes people 15 times more
likely to save.
Setting up a Colorado Secure
Savings program (Senate Bill 19-173) can help those workers grow the savings they need to take
control of their own futures.
Colorado Secure Savings program provides
small businesses an easy, low-cost retirement savings option, and gives their
employees a way to save out of their regular paycheck. It allows a business owner to access a plug-and-play retirement option with
little effort and no risk on the employer’s part. The program would be available
to workers who don’t currently have a plan through their job – and runs like a
529 college savings plan.
We need to act now to help
people save for retirement or it will cost taxpayers a lot later on. The typical retirement savings
of a working household is only $2,500. At this rate, half of all
households won’t be able to afford their everyday expenses and will need state
help to pay for housing, food and medical costs if they are unable to work.
A university study showed that if workers are able to save enough to
generate just $1,000 a year in extra income, the state would save up to $32.7
million in the next 15 years and $160 million in combined state and federal
savings on social programs such as Medicaid, rent subsidies and food
There is a cost to doing
nothing. It’s time for Colorado lawmakers to create a Colorado Secure Savings
program. Contact your legislator today and tell them to support Senate Bill 19-173.
Support Colorado Secure Savings Program
Dear [Decision Maker],
Today, a secure retirement is out of reach for about half of Colorado's private sector workers, especially those who work for themselves or small businesses. Fewer and fewer people have a pension plan and many workers nearly 750,000 people in Colorado currently have no access to a 401K, or other ways to save for retirement at work. That's especially alarming because employees are 15 times more likely to save for their future if they can save through payroll deduction, and 20 times more likely to save if automatically enrolled.
Sincerely,[Your Name] [Your Address] [City, State ZIP][Your Email]