FRESNO, Calif. (KMJ) — Among Californians between the ages of 25 and 64, about half have no dedicated retirement savings, according to a new report by UC Berkeley’s Center for Labor Research and Education.
Researchers believe that in most cases it’s not a lack of discipline, but a lack of access to traditional retirement plans, such as a pension, an IRA, or a 401 (k).
The Golden State ranks 45th in the nation when it comes to workplace retirement plan access among private sector employees.
The state recently launch CalSavers, a retirement savings program for private sector workers in companies with five or more employees that don’t offer them.
