Statement from California Treasurer John Chiang on UC Berkeley Retirement Study
“California’s Secure Choice program will provide a simple, portable and low-cost tool to boost retirement savings for nearly seven million private-sector workers now careening toward impoverished retirements. Today’s report found that Secure Choice, coupled with the state’s minimum wage rising to $15 an hour, can be the difference between a dignified retirement or one in which seniors must grind out a dreary existence where they must regularly choose between food or medication. Together with the new minimum wage, this revolutionary nest egg-building program could boost young workers’ retirement incomes by an estimated 50 percent.
“Hailed as the greatest achievement in retirement security since the passage of Social Security in 1935, the Secure Choice program benefits individuals and California’s long-term economic health by making people more financially independent in their Golden Years.”
Click here to read the full report from UC Berkeley’s Center for Labor Research and Education.