Retirement readiness

The move is expected to prevent fund leakage through opt-out rollovers when workers leave a job, industry experts say.

Small and midsize employers will be able to form or connect with associations to offer employees workplace retirement plans.

Baby boomers expect Social Security to be their primary source for paying for retirement, while Generation Xers and millennials are looking at other means, says Wells Fargo.

Baby boomers expect Social Security to be their primary source for paying for retirement, while Generation Xers and millennials are looking at other means, says Wells Fargo.

Without measures to help workers avoid the decision to withdraw their savings, the proposed law is less likely to achieve the stated goals of its supporters.

The goal of employees achieving monetary well-being is enabling them to progress beyond the paycheck-to-paycheck cycle with adequate emergency savings.

The goal of employees achieving fiscal well-being is enabling them to progress beyond the paycheck-to-paycheck cycle with an adequate emergency savings.

Employees have to increase their risk exposure to ensure they don’t outlive their savings.

The goal of employees achieving fiscal well-being is enabling them to progress beyond the paycheck-to-paycheck cycle with adequate emergency savings.

“They’re looking at their future and saying, ‘If I pay taxes today, I could potentially have more tomorrow,’ ” one expert says.

The state says the program makes it easy for employers to comply with upcoming retirement benefit laws.

The property should allow them to live close to their loved ones and fit their financial plan, according to a CFP.

Providing automatic savings accounts can keep employees from using retirement funds in a crisis.

Providing automatic savings accounts can keep employees from using retirement funds in a crisis.

Employer-provided resources, including online retirement calculators, may lead employees to increase their annual contributions and improve spending habits.

Several statewide attempts to close the nation’s savings gap may cross borders and serve as a precursor to a nationwide solution for expand retirement options.

"The world of Social Security is so different from the world of employer benefits," one benefits consultant says.

Dual-income couples benefit less from Social Security.

Gamification can help employees calculate how much money they will need to retire, increase their contribution levels and check their asset allocations.

"The world of Social Security is so different from the world of employer benefits," a benefits consultant says.