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Common fears

There are many misconceptions about retirement that can lead people to make poor decisions about their retirement planning. Here are a few common ones:

“I can’t afford to invest right now.”

It can be difficult to invest for retirement, especially if you have a lot of other priorities. Investing in your retirement can be as affordable as paying for popular subscription services and less than your electricity or phone bill! To make it easier for you to invest, we have made a difficult decision and kept our minimum monthly investment requirement to only $25 per month without any hidden fees. Of course, if you can invest more than $25 per month, we highly advise you to do so!

“I’m too young to start investing in my future.”

You can never be too young or too old to begin investing in your retirement. When you invest early, you will have the opportunity to build up a substantial retirement fund over time so that you can plan to retire when you have an ideal amount of money saved up. If you’re approaching your golden years, there is still time to start investing and make the most of the remaining time you have to save for your retirement. Better late than never!

“I will retire as soon as I reach a certain age.”

While many people believe that they can retire as soon as they reach a certain age, such as 65, this is not necessarily true. To retire, you need to have enough money to support yourself during your remaining years. This means that you need to start investing early in order to have enough money to retire when you want to.

“Social Security will be enough.”

Many people make the mistake of believing that Social Security will be enough to support them during retirement, but this is often not the case. Social Security was never intended to be the primary source of income for retirees, and the amount of money you receive from Social Security will depend on your work history and other factors. Having other sources of income is essential to supplement your Social Security payments.

“There’s no way I’ll be able to save that much.”

TRY THIS! *How much could you retire within 10 years? Follow the instructions below:

Visit this link, then follow these steps:

  1. Under Initial Investment, enter an amount you want to potentially invest. 
  2. Enter your Monthly Contribution (at least $25), and under Length of Time in Years, enter 10.
  3. Under Estimated Interest Rate, enter 36 if you are investing above $50,000 or enter 12 if you are investing less than $50,000. Leave the Interest Rate Variance field blank

Choose Annually under Compound Frequency.

*Disclaimer: This is for demonstration purposes only.

Where will I find money to invest?

Investing is crucial for long-term financial security and stability. However, finding extra money to allocate toward your fund can be challenging. In this article, we explore various sources from which you can find money to invest in yourself, helping you create a robust plan for your future.


Tax Refund:

Instead of spending your tax refund on non-essential items, consider directing all or part of your tax refund into your fund. This can help boost your investment and provide tax advantages.

Gift Money:

Do you ever receive monetary gifts from family members or friends during holidays, birthdays, or other special occasions? Rather than spending this money, consider putting it towards your investment account. This disciplined approach can help you grow your nest egg and demonstrate your commitment to your future.



If you receive a performance bonus, sales commission, or other forms of additional compensation from your employer, consider allocating a portion or the entirety of these funds to your investment account. By treating these bonuses as an opportunity to grow your fund, you’ll be able to increase your savings without impacting your regular budget.

Unexpected Sources:

Life sometimes presents unexpected financial windfalls, such as inheritances, lottery winnings, insurance settlements, or even the sale of personal items or assets. When these opportunities arise, take advantage of them by investing some or all of the proceeds into your investment account. This can help bolster your fund and provide a sense of financial security.



State-mandated retirement plans are the result of legislation requiring small businesses to provide retirement benefits to their employees. These employers now have the added responsibility of choosing a plan that’s right for their business and performing various administrative tasks to comply with the laws. Their employees must also find the plan beneficial – a critical aspect to retaining top talent.

Which states have mandatory retirement plans?

More than 30 states have considered enacting state-mandated retirement plan legislation. Of them, 13 have signed such programs into law. These states are listed as follows:

Retirement legislation state by state

Active state-sponsored retirement plans


Retirement Legislation






Illinois Secure Choice


Massachusetts Defined Contribution CORE Plan




Washington Small Business Retirement Marketplace


Legislation passed; implementation scheduled


Retirement Legislation

Target Date


Colorado Secure Savings Program

End of 2021-2022


Maine Retirement Savings Program

July 2023


Maryland Small Business Retirement Savings Program

Mid 2022

New Jersey

New Jersey Secure Choice Savings Plan

March 2022

New Mexico

New Mexico Work and Save Act

January 2022


Virginia Saves

July 2023


Green Mountain Secure Retirement Plan

TBD 2021


Legislation passed; implementation not scheduled


Retirement Legislation

New York

New York Secure Choice Savings Plan

New York City

Retirement Security for All Act

What are state-mandated retirement plans?

When states require employers to provide their employees with retirement savings opportunities, it’s known as a state-mandated retirement. Businesses generally have two ways to comply with these laws – enroll their employees into a state-sponsored retirement program or sponsor a plan of their own through the private market, such as those offered by ADP.

Why are states mandating these retirement plans?

Some states have begun mandating retirement plans to address the retirement savings gap in this country. Their response is based on research that shows:

  • The average working household has virtually no retirement savings
  • Employees are more likely to save when they have access to 401K Plan or similar plan by their employer
  • Only four in 10 businesses with less than 100 employees offer retirement benefits

What type of retirement plans are these?

State-sponsored retirement plans are commonly Roth individual retirement accounts (IRA). With this type of savings, employee contributions are deducted from post-tax income, which means their money is generally tax free at the time of withdrawal. In comparison, a traditional IRA is funded with pretax payroll deductions, thereby lowering the employee’s taxable income. When the individual draws from the account, however, the money is subject to taxes.

What are these retirement plans for?

State-mandated retirement plans are designed for low to moderate income wage earners who work for small and midsized businesses in the public sector. These plans are entirely separate from the state-funded retirement programs for public employees.

What are the requirements for employers and employees?

The requirements for state-mandated retirement benefits largely depend on individual jurisdictions, the size of the organization and how long it has been in business. Generally, employers must enroll their employees in the state-sponsored program if they don’t offer another retirement plan and perform the detailed administrative and reporting work necessary under state law. These tasks can be daunting, which is why many employers choose one of Oasis Retirement Trust easy-to-manage plans instead.

Employee requirements also may vary. In states that sponsor Roth IRAs, participants must not earn more than the IRS maximum to be eligible for such plans.

How do state-mandated retirement plans work?

The inner workings of mandatory retirement plans depend on the state, but there are some commonalities. Typically, plans are administered through payroll deductions and employees are automatically enrolled but can opt out or change how much they contribute. Employers themselves are usually prohibited from contributing to the plans.

There are, however, some exceptions to these general guidelines. For instance, Massachusetts permits Safe Harbor matching contributions by employers. Business owners should check with local authorities for specific information on how their state-sponsored retirement plan works.

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