Employees are 15 times more likely to build retirement savings if they have automatic payroll deductions at work, according to AARP. But such plans don't exist for about 55 million American workers.
The AARP's Public Policy Institute says employees are 15 times more likely to build retirement savings if they have automatic payroll deductions at work. "For employers who don't offer their own plans, these help address a lot of things that are barriers," said Angela Antonelli, executive director of the Center for Retirement Initiatives at Georgetown.
A flurry of state laws and bills would allow employees of small businesses to set up Individual Retirement Accounts (IRAs) through state-sponsored programs, making it possible for workers to save