Maine is close to becoming one of few states in the country to provide a retirement savings program to workers who don’t have access to one through their jobs.
The Maine Retirement Savings Program is designed to provide a way for Maine residents to contribute to a Roth individual retirement account directly from their paychecks. Workers would retain the account from job to job until they retire.A pilot version of the program is slated to start this fall, said Democratic Sen. Eloise Vitelli of Arrowsic in a statement. The full program is expected to be phased in through January 2026.Sign up for NECN newsletters.
Nearly half of Maine’s private sector workers don’t have access to an employer-sponsored retirement savings program, supporters say, and more than a quarter of the country’s working-age adults have no retirement savings at all.
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