Marilyn Diaz
A new state law is meant to help Connecticut workers save for retirement, and a member of the AARP's leadership will be on hand Saturday to talk about it.
(Read more about GBLN's free Money Matters Expo on Saturday, Sept. 16.)
The program requires all Connecticut businesses with five or more employees to offer a retirement security program. It is voluntary for employees, who will be automatically enrolled with 3 percent of their pay set aside into a Roth IRA account.
Employees have the right to opt out, but that would be a lost opportunity to plan for the future. The state cannot touch any of the money that accumulates in your account, making it a secure savings plan.
The retirement savings program is aimed at nearly 600,000 private-sector workers in Connecticut who previously had no access to workplace-based retirement savings.
People tend to save more when their employer offers a retirement program, says Marilyn Diaz, of the AARP.
A huge swath Latinos is underprepared and underfunded and Social Security is not going to be enough to help them in retirement.
Related story: GBLN felt a sense of urgency to create the Money Matters Expo
When they do have access to employer retirement plans, Hispanic workers generally don't contribute as much to those plans either because they can't afford it or because they don't understand it.
According to data from the Economic Policy Institute, only 26 percent of Hispanic families had savings in a retirement plan like a 401(k) or IRA, in 2013.
This is why we're so happy to have Ms. Diaz as part of Saturday's GBLN Money Matters Expo. She is joining an impressive list of experts who will help attendees learn how to control their finances.
