Retirement Security for All
California is on the verge of a retirement crisis: With what is already one of the highest poverty rates among seniors in the nation, more than six million Californians have no access to a workplace retirement plan and are in danger of retiring to significantly diminished lifestyles. Nearly half of California’s working population is headed toward retirement into poverty.
What kind of communities will California have if millions of seniors are working themselves into the grave or are unable to support themselves? It could very well resemble the era before the passage of the Social Security Act when half of retirees were completely dependent upon relatives for basic survival and the indigent were consigned to government-run poor houses. So even young workers and families will struggle to provide for aging family members who have no retirement savings to fall back on.