Over one million workers have saved more than $2 billion with state-run automatic individual retirement accounts (IRAs).
By the numbers: The milestone was recorded by the Pew Charitable Trusts, which analyzed savings from private sector workers across 12 state-sponsored retirement plans in the U.S.
Why it matters: Since Oregon established the first state automated savings program in 2017, saver and employer participation numbers have steadily increased, and assets have experienced dramatic growth.
- It took six years for state programs to amass their first billion dollars. Those assets doubled to $2 billion in just 18 months.
- This rapid growth stems from better-than-average market performance, a 25% increase in saver accounts, and higher average savings rates as programs mature.
What’s next: States are also quickly adopting auto-IRA plans for workers without retirement plan access. Five new states—Delaware, Maine, New Jersey, Vermont, and Nevada—have all debuted programs in 2024 and 2025.
