"Auto-IRA Initiatives Target Retirement Savings Shortfall"

States are launching "auto-IRA" programs to address the retirement savings gap, with seven states already having such programs and more to follow. These initiatives automatically enroll workers into state-sponsored IRAs when their employers don't offer retirement plans, aiming to encourage savings among the nearly 57 million Americans without access to workplace retirement plans. While these programs have limitations, such as lower contribution limits and lack of employer matching, they represent a significant step towards helping individuals save for retirement, particularly benefiting groups that traditionally have less access to retirement savings plans.