Before the end of the Colorado Legislative session this year, lawmakers delivered good news to nearly 1 million private-sector workers in the state who don’t currently have access to a retirement savings option at work.
With the passage of Senate Bill 200, known as the Colorado Secure Savings Program, hardworking Colorado residents will have a critical tool to help them grow the savings they need for a more secure financial future.
The Colorado Secure Savings Program is commonsense, bipartisan legislation, creating a public-private partnership that will provide a retirement savings option to private-sector workers who do not currently have a way to save at work. The program is voluntary and portable, meaning workers can take it with them if they change jobs. The professionally-managed program will come with no on-going costs or risks for taxpayers or employers.
“Colorado is facing a retirement savings crisis,” said Kelli Fritts, AARP Colorado director of advocacy. “Social Security is a vital piece of the retirement puzzle, but it alone is not enough to depend on for a secure financial future.”
The average Social Security benefit for a 65-plus Colorado family is only about $17,000 a year. Older adults typically spend an average of $23,000 a year on food, utilities and health care. This crisis disproportionately impacts women and workers of color, who are less likely to have access to a retirement savings option at work. With the passage of the Colorado Secure Savings Program, the Colorado Legislature took an essential step toward addressing this retirement savings crisis.
AARP applauds prime sponsors Senators Brittany Pettersen and Kerry Donovan and Representatives KC Becker and Tracy Kraft-Tharp — as well as Treasurer Dave Young — for their leadership on this critical piece of legislation. AARP Colorado stands poised to work alongside the Administration to ensure the program is implemented to build a stronger future for Colorado.
This story is provided by AARP Colorado. Visit the AARP Colorado page for more news, events, and programs affecting retirement, health care, and more.
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