Retirement planning can be a nightmare for workers who may not have access to traditional employer-sponsored retirement plans. However, the state of Maryland has taken a proactive approach to addressing this issue with its innovative retirement program, Maryland Saves. This program aims to empower workers to take control of their retirement savings and ensure a more secure financial future. Let’s take a closer look at this groundbreaking program and how it can benefit workers in Maryland.
What is Maryland Saves Law?
Maryland Saves is a state-sponsored retirement program that was launched in 2016. It is designed to provide a simple and accessible way for workers to save for retirement. The program is open to all Maryland residents who are 18 years or older and have earned income.
How does it work?
Maryland Saves offers workers the opportunity to contribute a portion of their paycheck into a retirement savings account. These contributions are made on a pre-tax basis, meaning they are deducted from the worker’s paycheck before taxes are applied. This allows workers to save more money for retirement while also reducing their taxable income. The program also offers a variety of investment options to choose from based on their individual needs and goals.
Benefits of MD Saves
Retirement security is a growing concern for many workers, especially as traditional pension plans become less common. MD Saves addresses this issue by providing workers with a retirement savings option that is both accessible and secure. A board of trustees oversees the program to ensure workers’ contributions are managed responsibly and with their best interests in mind.
How to Get Started with MD saves?
Maryland Saves is important for all businesses. If you still have questions or don’t know where to start, talk to us today and we will help you. Fill out the form below and our representative will get in touch with you shortly.