The persistent concentration of financial assets among the wealthiest families, combined with anemic retirement savings among most households, poses a significant economic threat to the retirement security of many working Americans.
California Workers' Rights: A Manual of Job Rights, Protections and Remedies
A new research brief finds that financial asset inequality among Americans continues to increase, and the inequality is consistent across generations. This wealth inequality, combined with dangerously low retirement savings among most households, poses a significant threat to retirement for working Americans.
In this data brief, we highlight the lack of retirement assets among private sector employees and working-age families in California based on the Census Bureau’s Current Population Survey and 2014 Survey on Income and Program Participation. It turns out that California private sector workers are not merely behind on saving for retirement; half do not own retirement assets and most are currently not saving for retirement at all.
Over half of California private sector employees age 25-64 aren’t enrolled in a retirement savings plan or pension, according to a new data brief by Nari Rhee, director of the Retirement Security Program at UC Berkeley Labor Center. The brief provides a first-ever look at retirement assets—and the lack thereof—among private sector employees and working-age families in the state.
In order to have meaningful retirement security, America’s low-wage workers don’t just need an effective way to save—they also need a raise. The State of California is leading the way by providing both.
California’s $15 Minimum Wage and Secure Choice Retirement Savings Program Can Boost Young Low-Income Workers’ Retirement Incomes by 50%
This study examines the separate and combined impacts of the $15 minimum wage policy and Secure Choice on the retirement income of California workers in the bottom half of the income distribution.
Proposed Congressional Repeal of Federal Regulations Supporting State Auto-IRAs Threatens Retirement Security of 13 Million Workers in Five States
Republicans in Congress are trying to repeal Department of Labor (DOL) regulations that provide a safe harbor for states and large cities to sponsor retirement savings programs for private sector…
Half of California workers are projected to have serious economic hardship when they retire because they don’t have sufficient savings, and 7 million private sector workers—55%—do not have access to…
Lessons from California, Connecticut, and Oregon: How Plan Design Considerations Shape the Financial Feasibility of State Auto-IRAs
As a growing number of states move toward establishing retirement savings plans for private sector workers who lack access to an employer-sponsored plan, policymakers and stakeholders are very interested in plan cost. Will the program be self-sustaining? Can it charge fees that are low enough to be attractive to participants? What happens if enrollment falls short of assumptions?
This report examines the distinct challenges posed by the current retirement system of Social Security, pensions, and savings for working-age women, retirement-aged women, and retired women.