From Dow Jones & Company:

State programs have helped over 800,000 workers accumulate more than $1 billion in retirement savings. This aids those without employer-sponsored plans. California has the most workers enrolled, followed by Illinois and Oregon. Current statistics show that only about half of U.S. workers participate in an employer-sponsored plan, even though automatic payroll deductions have tax advantages. The Bureau of Labor Statistics found that although 70% of private-sector workers had access to retirement benefits, only 53% participated. Individual Retirement Accounts are an option; however, IRA have lower contribution limits than a 401(k). The efficacy of the state plans has the potential to encourage small businesses to offer retirement plans. Currently, almost all states are developing or considering a state program.



Read more: State-run IRAs hit $1 billion in assets in 2023. Will you be contributing to one this year?