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Published: May 05, 2017 4 min read

The Senate dealt a blow to retirement savers this week, when members voted 50 to 49 to roll back Obama-era support for auto-IRA plans. Some 55 million Americans lack access to workplace retirement plans, and these state-level initiatives would allow small business owners to automatically enroll employees in IRAs, deducting money from their paychecks. A handful of states, including Illinois, California, and New Jersey, have already approved these auto-IRA programs, while an additional 30 are considering them. Now these plans are in legal limbo—which means it's more important than ever to take control of your own savings. If your company doesn’t offer a 401(k) plan, open up an IRA. Bone up here on the pros and cons of different account types, and happy investing!

Best wishes,

Elizabeth O'Brien

(filling in for a vacationing Karen Damato)


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