Bailey McCann
speaker
178 appearances
3 recordings
1 series
first heard Feb 2020
last heard Oct 2023
Bailey McCann’s voice in public audio — every appearance, attributed to the second.
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Appearances
The data from the National Institute on Retirement Security shows us that about 59% of working age people in America don't have a retirement account.
There's a lot of reasons for that.
Chief among them is that their employers often don't offer them.
This is especially common for small business owners.
It can be kind of difficult to set up a plan.
And so there are many small businesses that don't have them.
And so that means that a lot of people don't have retirement savings often because then taking the next step and going into a financial advisor on your own can be very challenging, sometimes intimidating.
It can also be expensive if you're starting out with no money or very little money and you might not meet the thresholds for an advisor.
So there is this group of people that are just kind of stuck.
Auto IRAs, which are emerging as the most popular program where you have people automatically enrolled in an IRA, have been around since about 2006, the framework for them.
And
It's taken a while to see uptick in these programs because states like to have a track record from somewhere before they do something.
But there have been a few states that went ahead with it.
California and Oregon, for example, have some of the more established plans.
And essentially, if you have a business, a small business, medium-sized business in these states, you're mandated now to offer a plan.
You don't have to pick the state plan, but the state plan is there to serve as a backstop for workers.
States essentially work with employers that meet the mandate requirements, and they just sign you up.
It's pretty straightforward.
The employer sets up a payroll deduction.
Because it's an IRA, it's an after-tax deduction.
Showing 61–80 of 178 · page 4 of 9
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