Study A: Payroll Deduction IRA

Today, roughly one-third of U.S. households arrive at retirement completely reliant on Social Security. The reason is simple: at any given time, about half of private sector workers do not have access to an employer-sponsored retirement plan; and very few workers save for retirement outside of employer-sponsored plans.

In New Mexico, which has a higher share of uncovered workers than the national
average, about 430,000 private sector workers do not have a retirement plan through work. Of
those, 331,000 workers are with an employer that does not offer a plan