An estimated 55 million Americans lack access to a retirement savings plan at work, and 29 percent of U.S. households with people 55 and older have no retirement savings at all.
To help more people save for retirement, the Washington State Department of Commerce this week announced the nation’s first online portal where businesses and individuals can comparison shop for low-cost, state-verified retirement plans.
The Retirement Marketplace was created to help approximately 2 million Washingtonians who do not have access to retirement savings plans through the workplace.
About 131,000 Washington businesses, most of them small businesses, don’t offer retirement plans to employees. Small businesses struggle to offer retirement savings plans because of their cost and complexity.
Anyone can use the Retirement Marketplace to learn more about how to make the most of saving for the future. The website offers unique shopping pathways for businesses and individuals — including self-employed, part-time and temporary “gig” workers and people with traditional jobs.
The marketplace is part of the state's effort to improve financial security for all Washingtonians.
Read the rest of the story on the governor's Medium page.