Finally, Colorado is launching a retirement savings program for everyone | MCU Times

Finally, Colorado is launching a retirement savings program for everyone

Do you want enough money in retirement? It’s great to look forward to retirement, but how much does it take and what tools can help us get there?

It takes more than just social security to cover the 80% of your annual pre-retirement income, which is what financial advisors recommend. A smart retirement plan is designed to take care of your days after retirement and help you live a stress-free life. Everyone deserves a dignified and sustainable pension. There is no better time to start taking steps to ensure that your pension is secure.

ElderWatch conducted a survey in April 2021, which showed that 55% of coloradans over the age of 50 wished they had started saving up before the age of 25. The same survey showed that 23% of coloradans employed over 50, with incomes below $ 75,000, said their current employer did not offer a way to save up for retirement. According to the Employee Benefit Research Institute’s Retirement Confidence Survey, 45% of workers age 55 or older have less than $ 100,000 in savings and investments.

Unfortunately, in today’s world, it will not go very far once they have stopped working. And the issue of pension security is being sharpened for people of color and women.

The racial pension gap refers to the economic inequalities that black, brown, and native coloradans face when planning to retire. Racial gaps in pension security were large before the coronavirus hit, and the economic disruption caused by the health pandemic is likely to exacerbate the problem. Since black coloradans and colored people are paid significantly less than their white counterparts, they have fewer opportunities to build their savings and invest.

Wealth breeds more wealth. The Black Lives Matters movement across Colorado and the country led last summer to a nationwide conversation on ways to address these economic inequalities. These inequalities do not stop when people retire.

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