Retirement Program Launches For New Yorkers Without a Plan

It's now easier for over 1.5 million New Yorkers to plan for retirement, thanks to a new program launched this week.

It’s no secret that many people across the Hudson Valley and the rest of New York work hard every day but still don’t have a real plan for retirement. A recent study showed that those planning to retire in the Empire State will need over $1.3 million to live comfortably. While that's a huge hurdle for many workers, those without a 401K or other retirement program through their job are in an even tougher situation.

Governor Kathy Hochul has announced the official launch of the New York State Secure Choice Savings Program, a new option for private-sector employees who don’t get retirement benefits from their jobs, which is more than half the state's workforce. More than 1.5 million New Yorkers will now have access to this program for the first time.

How New York's Secure Choice Savings Program Works

The Secure Choice program lets workers save for retirement automatically through payroll deductions into a Roth IRA that stays with them even if they change jobs. It’s free for employers to set up and designed to be simple for both workers and businesses.

Any business in New York with ten or more employees that doesn’t already offer a qualified retirement plan will be asked to participate. After a successful pilot run, the program is now open statewide, and the Department of Taxation and Finance is notifying eligible employers about how to sign up.

Retirement Program Gets Widespread Praise

Governor Hochul said the launch is part of her broader “Affordability Agenda,” which she described as a way to help New Yorkers secure both their present and future.

“With the launch of the New York State Secure Choice Savings Program, we are expanding access to retirement savings and empowering New Yorkers to invest in their future,” Hochul said.

Other state leaders praised the move as a long-awaited step toward financial security for workers in small businesses and service jobs.

State Senator Jessica Ramos called it “a major step forward,” and Assemblymember Al Stirpe said it will “fill a critical gap” for the many workers who have never had access to a retirement plan.

Assemblymember Rebecca Seawright, who chairs the Assembly Committee on Aging, added that the program could help prevent financial insecurity among older adults who have struggled to save in the past.

How to Enroll in the New York Secure Choice Savings Program

Employers who qualify will receive information about how to register, but they can also enroll right now at NewYorkSecureChoice.com.

The program, officials say, aims to make saving for retirement as easy as possible, helping New Yorkers from the Hudson Valley to Buffalo enjoy their lives after putting in decades of hard work.