We’ve all heard it before: The best time to start saving for retirement was yesterday.
But many workers, particularly young, low-income and part-time workers, are more likely to not have a retirement plan through their jobs.
Nearly half of private sector employees ages 25 to 64 in Kentucky work for a company that does not offer a retirement plan. That’s approximately 566,780 people, according to a new report from the left-leaning Kentucky Center for Economic Policy.
“States are needing to step in,” says Ashley Spalding, research and policy associate at the center.
Spaulding authored the study, which recommends a state-sponsored plan that would automatically deduct savings out of a worker’s check.