About two-thirds of Colorado registered voters age 25 to 64 describe feeling anxious about having enough money to live on in retirement, and more than half estimate they are behind schedule in their retirement savings, according to a survey from AARP.
Those personal concerns are translating into support by a high margin, 70 percent, for a private-public partnership to offer workers a retirement savings plan when their employers don’t provide one. Creating a state-backed retirement plan option is under consideration again in the legislature this year after past attempts failed.
Nine in 10 of those surveyed agree that saving for retirement while working is very important and a similar share wish they had set aside more than they did. Nearly a fifth of those surveyed said their employer doesn’t offer a retirement savings plan. Of those, a majority said they would likely save for retirement if a plan were available to them.
The characteristics of a future Colorado retirement savings program rated as most important were portability, or the ability to easily bring the account to a new employer, followed by accessibility and keeping participation voluntary. People showed less support for making contributions automatic.
