Options for Combating Retirement Insecurity

Column distributed by Hearst Connecticut Media Group.

Links to resources referenced:

National Institute on Retirement Security: “Retirement in America: An Analysis of Retirement Preparedness Among Working-Age Americans”
- https://www.nirsonline.org/research/retirementinamerica2026/
  - Related column excerpt:
    - “Consider this: The median retirement savings across all workers (ages 21 to 64) is just under $1,000 ($955), according to the National Institute on Retirement Security’s ‘Retirement in America’ report, released in February 2026.”
AARP: “Increase in Overall Sense of Financial Security and Spike in Optimism, Though Common Financial Worries Persist”
- https://www.aarp.org/pri/topics/work-finances-retirement/financial-security-retirement/financial-security-trends-survey/
  - Related column excerpt:
    - “Or consider that 20% of nearly 7,000 adults age 30 or older surveyed by the AARP in January 2025 indicated that they had no retirement savings at all.”
The Pew Charitable Trusts: “Millions of Americans Are Falling Behind on Their Retirement Goals”
- https://www.pew.org/en/about/news-room/opinion/2024/10/24/millions-of-americans-are-falling-behind-on-their-retirement-goals
  - Related column excerpt:
    - “Or what about the 56 million private-sector workers who do not have access to a retirement plan at work, as reported by The Pew Charitable Trusts in 2024?”
Georgetown University Center for Retirement Initiatives: State Programs 2026
- https://cri.georgetown.edu/states/
  - Related column excerpt:
    - “New state retirement plans are now available. The Center for Retirement Initiatives at Georgetown University reported that as of April 8, 2026, 22 U.S. states had enacted retirement savings programs for private-sector workers who were not covered by a qualified retirement savings plan.”
MyCTSavings
- https://business.ct.gov/knowledge-base/articles/maintain-your-business/assistance/myctsavings-retirement-program?language=en_US
  - Related column excerpt:
    - “According to the state government website Business.ct.gov, the MyCTSavings program:
    - “--is overseen by the Connecticut Office of the State Comptroller;
    - “--requires that employers with five or more full- and/or part-time employees to enroll in MyCTSavings if they don’t offer a qualified retirement savings plan;
    - “--allows employees to save for retirement through automatic (post-tax) payroll contributions to a Roth IRA.”
AARP: “How Auto IRAs Are Helping More Workers Save for Retirement”
- https://www.aarp.org/money/retirement/states-with-automatic-ira-savings-programs/#:~:text=Participating%20employers%20pay%20no%20costs,in%20retirement%20are%20tax%2Dfree.
  - Related column excerpt:
    - “The AARP article ‘How Auto IRAs Are Helping More Workers Save for Retirement’ points out that participating employers in state-sponsored retirement savings programs ‘do not make matching contributions’ and ‘cannot terminate an in-house retirement plan for the purpose of switching to a state program.’”
Center for Retirement Research at Boston College: “Have State Auto-IRAs and Fintech Shifted Who Contributes to IRAs?”
- https://crr.bc.edu/have-state-auto-iras-and-fintech-shifted-who-contributes-to-iras/
  - Related column excerpt:
    - “Findings reported in 2025 by the Center for Retirement Research at Boston College indicated that between 2019 and 2024, the number of funded accounts in 11 state auto-IRA programs rose from 50,000 to 965,000.”
IRS: “4 million children have been signed up for Trump Accounts with 1 million claiming the $1,000 pilot program contribution”
- https://www.irs.gov/newsroom/4-million-children-have-been-signed-up-for-trump-accounts-with-1-million-claiming-the-1000-pilot-program-contribution
  - Related column excerpt:
    - “(The proposed plan is not to be confused with the Trump savings account for children, which was established under 2025’s One Big Beautiful Bill. According to the IRS, taxpayers had signed up more than 4 million children for the tax-favored investment accounts as of March 31. The accounts include a one-time, $1,000 federal contribution for children born between Jan. 1, 2025, and Dec. 31, 2028. See more details at trumpaccounts.gov.)”
401KSpecialist
- https://401kspecialistmag.com/trump-retirement-proposal-raises-major-policy-questions/#:~:text=For%20plan%20advisors%20and%20sponsors,coverage%20can%20be%20found%20here.
  - Related column excerpt:
    - “That remains to be seen. Brian Anderson, the editor in chief at 401(k) Specialist Magazine, wrote that for retirement plan advisers and sponsors, ‘until details emerge, the industry is left parsing possibilities.’”
IRS Notice 2024-65: Request for Comments Regarding Implementation of Saver’s Match Contributions
- https://www.irs.gov/pub/irs-drop/n-24-65.pdf
  - Related column excerpt:
    - “Something else to keep in mind when it comes to retirement savings: In 2027, a provision of the SECURE 2.0 act is set to kick in for all qualifying retirement accounts (including IRAs, 401(k)s and 403(b)s) -- the Saver’s Match, which replaces the current Saver’s Credit. The new version will provide a 50% match for up to $2,000 of retirement savings for low- to moderate-income workers, with up to $1,000 going directly into a worker’s retirement account.”
IRS: Retirement topics - IRA contribution limits
- https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits
  - Related column excerpt:
    - “In the meantime, if you are in a situation where your employer does not offer a retirement plan, you can fund an IRA on your own. For 2026, the maximum you can contribute is $7,500 ($8,600 if you are 50 or older). Read more about funding IRAs online at the IRS webpage ‘IRA contribution limits.’”