We ask that you contact your state legislators to make sure they support this important legislation. (If you need assistance contacting your legislators contact the Colorado Senior Lobby either by email or phone – or 303-832-4535)

This bill is a significant step forward in assisting Coloradans to provide for their retirement. The smaller the saving when approaching retirement, the larger the amount the state can expect to pay for needed services. Additional savings will delay the time when a person needs government assistance. With senior support service costs increasing, and with expanded need for services as Boomers approach 80+, we consider this bill of paramount importance in managing future state budgets.

The Bill Hearing for HB18-1298 is scheduled to be heard on Thursday April 5, 2018 at 1:30 pm in the Legislative Services Building. This is the building south of the Capitol. Attend in person or contact your legislators if you want to comment about this Bill. Remember that dates and times of Bill Hearings can change. The CSL Capitol Gang will be present at this hearing.
Learn more about the (HB18-1298) – CLICK HERE

At a time when our 65-and-older population is projected to grow by 77 percent, many families report having little to nothing put aside for retirement. Even workers who are fast approaching retirement, those aged 55-64, have an average of only $120,000 saved for retirement with 4 out of 10 reporting no retirement savings at all.

Several national studies show anywhere from half to two-thirds of working families are at risk of not being able to maintain their pre-retirement standard of living. People are justifiably worried about their ability to get by when they retire — over half of all Americans report not having enough money in retirement is their biggest financial worry. In Colorado, 3 out of 4 people say it’s getting harder to prepare for retirement.
If we want a financially secure retirement to be a just reward for a lifetime of hard work, we need to help people save more throughout their working lives. Experts say the best way to save for retirement is to put away a little of each paycheck into a low-fee account that grows over time.

But that can be difficult if workers don’t have access to a savings plan through their employer. A study by the Bell Policy Center shows almost half of Colorado’s private sector workers in their prime working years — those aged 25 to 64 — have no retirement savings plan at work. Young workers, those in small firms and low-wage jobs, agricultural and construction workers, and minority workers are the most likely to not have a plan at work.

We can change that. A bill currently pending in the legislature (HB18-1298) would create the Colorado Secure Savings Plan, a public-private partnership to offer low-fee IRAs to workers without access to workplace plans. It would take advantage of the research on behavioral economics and automatically enroll all workers, giving them the option to not participate. A professional investment firm would be hired to manage the funds and keep track of all the accounts. It would be a private plan with no state funds involved.

This type of plan would help more Coloradans save and build assets to support themselves in retirement. It’s also estimated to save millions in taxpayer costs over the long run as fewer low-income seniors would need help in their golden years.

The plan would also make it possible for more businesses to offer retirement benefits to their employees. That is why 86 percent of Colorado small business owners support the idea of a workplace plan similar to the Colorado Secure Savings Plan.

Last year, the Denver Post endorsed the Colorado Secure Savings Plan, writing the state should help workers save for retirement.
Six other states have already acted to begin creating plans like the Colorado Secure Savings Plan. Oregon is the furthest along in implementing its plan and has begun to sign up employers and enroll employees. While initially rolled out to employers with 100 or more workers, it has been opened to employers of any size due to popular demand.

Coloradans take pride in our ability to develop innovative and practical solutions to the challenges we face. The Colorado Secure Savings Plan is a creative approach that will help more workers save a portion of their earnings, build assets, and create a financially secure retirement.




Ed Shackelford – REALTOR®
Real Living CO Properties –
President: Colorado Senior Lobby
Phone: 303-832-4535