Here’s an alarming statistic: According to research by the Federal Reserve, one out of every four Americans has nothing saved for retirement. Part of the reason is that, according to the Schwartz Center for Economic Policy Analysis, more than 60% of Americans aren’t participating in an employer’s pension or retirement savings plan. That program — CalSavers Retirement Savings, or CalSavers — has begun enrolling its first participants, although it won’t be fully phased in until the middle of next year. Under CalSavers, workers are automatically enrolled in and contribute a small percentage of their pay to individual retirement accounts unless they opt out. Who doesn’t like the idea of giving people an easy way to set aside earnings automatically for retirement?

Source: Los Angeles Times May 07, 2021 18:54 UTC