More small businesses are offering 401(k)s than ever before.

14 states have mandatory retirement plans. California, Oregon, and Illinois were among the first to require private-sector employers to allow employees to sign up for state-sponsored programs if they don’t offer their own retirement plans. Plans differ by state by typically you fund your 401(k) through payroll deductions and employees are automatically enrolled but can opt out or change the contribution amount.
401(k)s allows people under 50 to save up to $22,500 a year versus $6,500 for Roth IRAs.
56.5 million Americans, or 48% of the private-sector workforce, don’t have access to a workplace retirement savings plan.
There was concern that the state 401(k) programs would lead private employers to terminate their private 401(k) programs but that was not the case. Companies are adopting their own 401(k) plans rather than putting workers in state options.
A 401(k) is a great way to save for your retirement and your employer may even contribute to it. Always try and max the contribution your employer will give you. If they contribute up to 4% of your salary, make you are contributing at least 4% to your 401(k) so they match that 4%. You are then effectively saving 8% of each paycheck for retirement.
Works Cited:
https://www.investopedia.com/terms/1/401kplan.asp
https://www.irs.gov/retirement-plans/401k-plans
https://www.adp.com/resources/articles-and-insights/articles/s/state-mandated-retirement-plans.aspx
https://www.wsj.com/articles/millions-gain-access-to-401-k-s-as-more-small-businesses-launch-plans-7584a9b7?mod=hp_lista_pos1