Longevity and Good Fortune
Maryland is beautiful in November. There may be no other state in the union that is more vibrant and colorful in the middle of Autumn. Many folks in the country’s northeast would probably argue that point, but they are not writing this blog post.
November is also a month we are encouraged to be thankful for all that we do have and also to remember the sacrifices of those who served to keep us free to celebrate our gifts and good fortunes. This month not only hosts Thanksgiving and Veterans Day; it is also National Gratitude Month.
The Maryland Irish Festival is in November, and it is Native American Heritage Month. Both celebratory moments serve to educate and inspire us relative to the diverse traditions of our amazing American melting pot. This November also falls in an election year, so more than leaves are changing across the state. History is being made. Maryland has elected its first black State Senator in Angela Alsobrooks.
This month, we are obliged to take stock, look back, and remember the ideals that are the foundation of this great American experiment and, at the same time, to look forward to working together with and for everyone in our state, bridging political, cultural, and economic divides to ensure that each of us has the opportunity to achieve our own bespoke American dreams of prosperity and the pursuit of happiness.
But today, for some, those dreams can seem out of reach. National studies estimate that Americans are only saving a third of what they will need for a secure financial future. Here in Maryland, nearly half of the workers in the state do not have access to a retirement plan at work, according to a study released by AARP. That’s almost a million Marylanders. More than 40% of Maryland’s private sector employees ages 18 to 64 work for an employer that does not offer a traditional pension or a retirement savings plan.
Maryland is one of 16 states that have passed a law requiring most employers to offer a payroll-deducted retirement savings plan. In that same legislation, Maryland created a state-sponsored program for retirement savings--MarylandSaves. MarylandSaves is free to employers in the state, making it easy to comply with the law, and provides workers with a way to build financial security at work using payroll deductions. According to research from Pew, people are 15 times more likely to save for retirement if it is payroll-deducted.
November is a time for change.
The word November is based on the Latin for the number 9, as the 9th month in the calendar year. In numerology, the number 9 represents completion and is associated with the fulfillment of a cycle and the start of a new one. In many cultures, 9 is a symbol of longevity and good fortune.
New beginnings, gratefulness, inclusion, change, longevity, and good fortune--it sounds like an excellent time to make sure your employees have the opportunity to start saving some of that fortune in preparation for longevity. And if you do it now, you can add $300 to your company's fortune with a waiver of your annual report filing for 2025.
See more at Marylandsaves.com