State-Mandated Retirement Programs: How Astra Financial Services Can Help You Navigate Florida’s Future Savings Landscape

In response to the growing retirement savings gap, many states have implemented auto-IRA programs to help workers without access to employer-sponsored retirement plans. These programs automatically enroll employees in individual retirement accounts (IRAs), making it easier for them to save for retirement. As of 2024, over 900,000 workers across 12 states have saved nearly $1.7 billion through such programs.

However, not all states have yet to enact a state-mandated retirement program. This leaves many workers without an automatic savings option. Fortunately, Astra Financial Services is here to help both employers and employees navigate the evolving retirement landscape.

What Are State-Mandated Auto-IRAs?

State-mandated auto-IRAs are retirement savings programs that automatically enroll employees in an IRA if their employer does not offer a qualifying retirement plan. Employees can choose to opt out, adjust their contribution levels, or select different investment options. These programs aim to close the retirement savings gap, particularly for workers in small businesses or gig economy jobs who may not have access to traditional retirement plans.

How Astra Financial Services Can Assist

While Florida does not currently have a state-mandated auto-IRA program, Astra Financial Services offers several solutions to help you prepare for the future:

• Individual Retirement Accounts (IRAs): Astra provides guidance on setting up and managing both traditional and Roth IRAs, helping you take advantage of tax benefits and compound growth.

• Employer-Sponsored Plans: For employers looking to offer retirement benefits, Astra can assist in establishing 401(k) or SIMPLE IRA plans, including plan design, compliance, and employee education.

• Financial Planning Services: Astra offers comprehensive financial planning services to help you set retirement goals, create a savings strategy, and monitor your progress.

Looking Ahead: Potential for State-Mandated Programs in Florida

While Florida has not yet implemented a state-mandated auto-IRA program, the trend toward such programs is growing across the country. States like Oregon, California, and Illinois have seen positive outcomes from their auto-IRA programs, including increased retirement savings among workers and expanded access to employer-sponsored plans .

If Florida, New Jersey, Hawaii adopt a similar program in the future, Astra Financial Services will be ready to assist both employers and employees in navigating the new system.

Even without a state-mandated retirement program, it's crucial to take proactive steps toward securing your financial future. Astra Financial Services is committed to providing personalized retirement solutions to help you achieve your goals. Contact us today to learn more about how we can assist you in planning for a comfortable retirement.

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