It’s about to get easier for millions of California workers to save for retirement
July 9, 2019 by Tanza Loudenback
Saving for retirement just got easier for millions of Californians.
Beginning July 1, workers at California companies with no employer-sponsored retirement plan may be able to contribute part of their paycheck to an individual retirement account (IRA) through a new program called CalSavers.
The program began its pilot phase last fall, offering Roth IRAs to employees at participating companies. Since then, 1,586 total accounts were funded, with an average monthly contribution of $85 and an average monthly savings rate of 4.94%. Calsavers has plans to add traditional IRAs to the line-up in 2019.