"That's the magic behind the 401(k) and other work-based retirement plans. With an estimated 55 million Americans lacking access to retirement plans at work, 40 states have considered legislation since 2012 to establish state-facilitated retirement programs for private-sector workers. Five have enacted state-run programs and two, New Jersey and Washington state, have launched marketplaces connecting employers with low-cost private-sector retirement plans. The Business Council of New York State, which represents private employers, initially opposed the legislation. California Republican state Sen. John Moorlach, a certified financial planner, said low-income workers don't save because they can't afford to.

Source: ABC News March 25, 2018 15:33 UTC