A majority of Americans are not saving enough for retirement. In the absence of a nationwide retirement savings program, many states are establishing state-facilitated retirement savings programs such as RetirePath Virginia.
Before RetirePath, approximately 45% of the Commonwealth’s workforce – an estimated 1.2 million Virginia employees* – lacked access to a retirement savings plan at work. RetirePath Virginia is designed to help close the retirement savings gap and improve the financial security of more Virginians. Workers can save through a participating employer or enroll in RetirePath independently.
*Report to the Virginia General Assembly on State-Facilitated Private Retirement Plan Programs (2020)