How to Make Secure Choice Retirement Plan Work

How to Make Secure Choice Retirement Plan Work

Warren Buffett, who knows something about accumulating wealth, famously said, “Someone’s sitting in the shade today because someone planted a tree a long time ago.” In other words, if you want a comfortable retirement—start saving early.

Many Americans follow Buffett’s advice by participating in a 401(k) or similar employer-sponsored retirement plan. However, a recent analysis by The Pew Charitable Trusts shows that 30 million full-time employees do not have access to any kind of employer-based retirement benefit—and 13 percent of them live in one state: California. According to Pew’s research, only 51 percent of California employees have access to a workplace retirement plan, below the national average of 58 percent. And among all California workers regardless of access to a plan, only 44 percent participate. 

Read the full editorial in The Sacramento Bee

Chris Hoene is executive director of the California Budget & Policy Center. John Scott directs the retirement savings project for The Pew Charitable Trusts.

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