When it comes to retirement, Coloradans feel anxious and behind on saving
A new AARP survey shows Colorado registered voters fear they don’t have enough money saved up for retirement, but believe that a public-private retirement savings option could help, especially younger workers and future generations.
According to the AARP Colorado Retirement Security Survey released today, registered voters in Colorado, ages 25 to 64, do not feel financially prepared for retirement, and nearly all, 90 percent ages 35 and older, wish they had more money saved for retirement. Younger voters, 35 percent, don’t think they will be able to save enough money for their retirement years.
“We know that nearly half of Colorado workers don’t have access to a retirement savings plan at work,” said Bob Murphy, AARP state director. “This is a huge concern for AARP because when people with little or no savings can no longer work, they will be more likely to struggle financially and also be dependent on social safety net services.”
A bill, Senate Bill 19-173 sponsored by Sens. Kerry Donovan, D-Vail, and Brittany Pettersen, D-Lakewood, would require a thorough analysis of the options the state has to help people save for retirement, including the creation of The Colorado Secure Savings program. This universal, portable and automatic retirement savings plan would allow Coloradans whose employers don’t offer a retirement program to save for retirement, while simultaneously saving taxpayers money.
Data from this survey shows that nearly all, 91 percent of Colorado registered voters believe it is very important to be able to save for retirement while working. Yet almost half of Colorado’s private sector employees (about 909,000) work for an employer that does not offer a retirement plan. Small businesses with fewer than 100 employees are less likely to offer a retirement savings plan than larger businesses.
In a separate study commissioned by AARP in 2016, three in five small business owners in Colorado (58 percent) supported a privately managed state retirement savings program to help small businesses offer employees a way to save for the future. Nearly seven in 10 (69 percent) believe offering such a program makes small businesses more competitive by attracting and retaining talented employees.