Skip to content
Home » Valentine's Day » Retirement: 600,000 eligible for new program

Retirement: 600,000 eligible for new program

There are millions of Americans who are currently without a retirement program or plan, but that may come to an end for many.

retirement savings piggy bank

In the state of Connecticut, a program called the MyCTSavings Program will help people with retirement plans and savings.

The program will give people Roth IRAs which will be employer-sponsored.

Usually, they are not sponsored by employees.


Retirement: Why you shouldn’t retire in your 50s

The taxes are paid immediately, unlike in a traditional account.

This program will be free for employers and run by employee contributions.

Mandatory contributions are 3%.


Social Security: How to get higher benefits when you retire

Who can qualify for the retirement program?

600,000 residents that do not have any access to a retirement plan through their employer can qualify.

Letters will be sent to 30,000 businesses next month with details about the program.

There are 8 plans for employers to choose from.

Businesses participating will be a requirement and they’ll need to be registered by June 30.

The maximum contribution is $7,000.

Categories: News

Top