Get answers to frequently asked questions

Colorado’s new state-facilitated retirement savings program was created to help the nearly 940,000 workers in Colorado without access to employer-sponsored retirement plans. We understand you’ll have questions. Here are the answers to some frequently asked questions. If you have additional questions, we’re here to help.

Are there income limits to participate in Colorado SecureSavings?

Yes, you must determine if you meet federal income limits. If you don’t, you can’t contribute to Roth IRA accounts. Simply put, if you make over a certain amount of income in a given year, you may not be eligible. This income limit is determined by the IRS and is based on something called your Modified Adjusted Gross Income (MAGI). This figure is determined by certain deductions that are removed and, in some cases, added back into your gross income. You can use this worksheet from the IRS to help you calculate your MAGI. Your MAGI will determine how much you are able to contribute to your Roth IRA account. Traditional IRAs do not have an income limit.

I’m self-employed. Can I set up my own Colorado SecureSavings account?

Yes, if you are 18 or older, have earned income, are employed in Colorado, and are eligible to contribute to an IRA, you can sign up yourself here. You can set up automatic contributions through your bank account or contribute by check using a mail-in paper form after your account has been set up.

What are the opt-out and opt-in rules for Colorado SecureSavings?

You can opt out at any time online, by calling 1-844-711-5001, or by mailing in a completed Opt-Out Form to the program. And you can always rejoin at any time by notifying your employer that you would like to start contributing to your account again.

Could joining Colorado SecureSavings impact my eligibility for college financial aid?

Withdrawals from IRAs can jeopardize financial aid for the year following the withdrawal. But, in general, qualified retirement accounts are not counted towards federal financial aid. To be safe though, we suggest you carefully review your own circumstances with a tax expert, financial advisor, or your financial aid office.

Could joining Colorado SecureSavings impact my eligibility for federal programs like SNAP or TANF?

In general, qualified retirement accounts are not counted as assets against a person's eligibility. For more information, check with your benefits office.

Is investing in Colorado SecureSavings the same as putting money in a bank?

No, there are big differences. Banks offer checking and savings accounts that typically pay less interest and might offer other savings and investment products. Colorado SecureSavings helps you save through payroll contributions to your Roth IRA and allows you to invest in various targeted, market-based investments.

Could I lose my money?

All investing involves some risk, including the risk of losing the money you invest. Colorado SecureSavings lets you choose investments based on your age, the length of time to your retirement, and your risk tolerance. There are other factors to consider. If you don’t have sufficient retirement income you may outlive your savings, and inflation can reduce the value of traditional savings accounts.

Are my investments guaranteed to earn?

All investing involves some risk, and there is no guarantee of earnings. The Colorado SecureSavings program offers a range of investment types to help you choose options that balance different levels of risk. Usually, a Capital Preservation Option will have lower risk and potentially lower rates of return. When considering a fund’s past performance, there is no guarantee of future results.

What about market volatility?

Investing for your retirement means setting a long-term goal to grow your savings. Investments will fluctuate — there’s no way to time your investment activity only to benefit from positive gains. Colorado SecureSavings offers investment options with various risk levels. Choose the one(s) that best fit your risk tolerance.

What about expense ratios and fees?

The expense ratios and other information for the funds used in the Colorado SecureSavings retirement savings program can be found online at:

In addition to the expense ratios, there are also asset-based fees and annual account fees for the Program, regardless of which investment option you choose. These fees and expense ratios go towards managing and running the Colorado SecureSavings retirement savings program and the underlying investments, respectively.