New state-sponsored savings plan helps Nutmeggers prepare for the future

CT Style

GUILFORD, Conn. (WTNH) —  They say it’s never too early to start saving for retirement—which is why a new state-sponsored program is helping workers save, simply. It’s called My CT Savings.

“My CT Savings is about setting up workplace deductions for retirement savings,” explains CT Comptroller Kevin Lembo. “It was part of legislation in 2016 and the legislature and the governor agreed that there’s a certain segment of the market that was just not being served.”

The idea being that people are more likely to save if it’s through their employer.

“15% more likely to save and 22% more likely to save if the automatic deduction is put in place,” Comptroller Lembo adds. “Any employer with five or more employees who has paid them individually more than $5,000 in a year is really obliged under the law to offer something for their employees.”

CT Style’s Natasha Lubczenko has more on how you can start saving!

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