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California is leading the way in helping workers save for retirement with the CalSavers Retirement Savings Program. This program is designed to give employees a simple, low-cost way to save for their golden years.

One of the main benefits of the CalSavers program is that it is available to employees of small businesses that do not offer a retirement plan. According to the U.S. Census Bureau, nearly half of all workers in California do not have access to a retirement plan through their employer. CalSavers aims to fill this gap by providing workers with a way to save for retirement even if their employer does not offer a plan.

The program is automatic, meaning that employees are enrolled in the program unless they choose to opt out. This helps to increase participation rates, as studies have shown that automatic enrollment leads to higher levels of retirement savings.

Employees can choose how much to contribute to their CalSavers account, and their contributions are deducted directly from their paycheck. The funds are invested in a diversified portfolio, and employees can track their savings and make changes to their contribution rate online.

Another key benefit of the CalSavers program is that it is portable, meaning that employees can take their account with them if they change jobs. This provides workers with flexibility and peace of mind knowing that their retirement savings are secure no matter where they work.

Furthermore, CalSavers is a low-cost option for employees, with fees capped at 0.825% of assets annually. This is significantly lower than the fees charged by many traditional retirement plans, which can eat into employees’ savings over time.

Overall, the CalSavers Retirement Savings Program is a welcome option for workers in California who do not have access to a retirement plan through their employer. By providing a simple, automatic, and low-cost way to save for retirement, CalSavers is helping employees secure their financial futures and build a nest egg for their retirement years.