The Massachusetts Secure Choice Coalition is a group of organizations and individuals dedicated to:
- Raising public awareness about the retirement security and state fiscal effects of Massachusetts’ retirement savings shortfalls.
- Pursuing legislation that would help Massachusetts workers secure their financial futures.
The coalition is united in support of the Massachusetts Secure Choice Savings Program Act, which would offer businesses a no-cost retirement benefit for their employees, help more workers secure their financial futures, and reduce the fiscal strain caused by the state’s savings deficiencies. Although most Americans save for retirement through employer-provided retirement plans, nearly half of private sector employees nationwide lack access to retirement savings at work. In Massachusetts, as many as 1.2 million workers—or 43% of the private sector workforce—are in this category.
What happens if we don’t act now?
By 2040, vulnerable older households in Massachusetts will experience an average income shortfall of $10,820 per year.
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From 2021 to 2040, the ratio of older households to working households will increase by 41%.
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Lack of savings will lead to $13.9 billion in increased state spending from 2021 to 2040.
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Partners
- American Retirement Association
- Black Economic Council of Massachusetts
- Cambridge Local First
- Compass Working Capital
- Mass Retirees
- The Boston Foundation
- The Pew Charitable Trusts
- Vestwell
