I read an article recently about the need for states to set up retirement savings vehicles and requiring employers to participate. The rationale was that lower income and employees of small employers have no way to save for retirement.
Here are some of the existing ways to save for retirement already on the books. Using some of them takes a little initiative on the part of the individual. There are several ways to set up automatic saving arrangements. Why in the world do we need states getting into this business and managing citizen’s money; states that in many cases can’t even manage their own pension funds?
401(k)’s, 403(b)’s, 457s, I.R.A.s, Roth I.R.A.s, Solo 401(k)’s, and all the rest.
The key to saving is first having the will and second setting ones standard of living after saving occurs … and this applies to all but the poorest individuals.