CalSavers provides access to a retirement savings program for all Californians! CalSavers is a retirement savings program without the administrative complexity, fees, or fiduciary liability of existing options for employers. CalSavers is available to California workers whose employers don’t offer a workplace retirement plan, self-employed individuals, and others who want to save extra. Savers contribute to an Individual Retirement Account (IRA) that belongs to them. Employers that don’t offer their own plan will register for CalSavers by their deadline and facilitate their employees’ access to the Program. CalSavers will be operated solely through administrative fees, so there’s no cost to taxpayers. The CalSavers Retirement Savings Program launched in November of 2018 with a pilot program. CalSavers is now open to all eligible employers!

We asked young people across the state about long-term savings and retirement. Here’s what they had to say!

Savannah Mendoza from Sacramento, CA

Are you thinking about planning for retirement? If so, At what age did you start to think about retirement?
A: Yes, I will start planning for retirement soon. I have been thinking about economic security and retirement as a young adult in my early 20’s

How have your thoughts about retirement changed since Covid?
A: Due to the COVID-19 pandemic, I have had to reprioritize how I spend my money, with saving for retirement being placed on the backburner.

What do you wish you knew about retirement savings?
A: I wish I knew about the various types of retirement plans and how to begin saving when my employer does not offer 401k benefits.

I would have liked to really understand what retirement is, why it is good to start saving early, and the ways money can be invested would be extremely helpful. While I had a parent that heavily emphasized the importance of saving and putting money into a Roth IRA or similar account, a lot of my friends had not had those conversations with their parents because most were first-generation and unaware. Outlining the role that retirement plays, in the long run, is crucial.

What would make you feel inclined to opt into CalSavers benefits (with your employer or without)?
A: Not only that my current employer does not offer a plan, but this plan can be transferred from job to job!

Jonathan Rodgers

Are you thinking about planning for retirement? If so, At what age did you start to think about retirement?
A: Yes, I have started planning for retirement! I started to think about retirement at a young pre-teenage because of my parents, but now I am seriously planning for it as a college graduate, soon to begin my career.

How have your thoughts about retirement changed since Covid?
A: It hasn’t changed much. One thing it has made me question is how my job (remote or in-person, structure of work hours) will impact my savings. Trying to find what changes this new post-pandemic world will bring about in my future and the ways we think about retirement is something that worries me.

What kind of message do you think would be most effective in terms of sharing this information with young adults?
A: Anything that explains it in 1-2 mins. Tik Tok is most ideal because it captivates you visually and is so short that you are engaged and can absorb all of the information. However, as long as it is short and informative, any social media outlet would work.

What are your biggest questions about planning for retirement?
A: How much access do you have to your money when the time comes? What can I do early on now to make it easier for myself financially when I retire? How can CalSavers help with that?

What would make you feel inclined to opt into CalSavers benefits (with your employer or without)?
A: The fact that you can opt-in with or without an employer is one reason why I would consider CalSavers because, in these changing markets, I don’t know when I’ll have a secure job and when I won’t.

Silgi Serrano

Are you thinking about planning for retirement? If so, At what age did you start to think about retirement?

A: Yes, I have already started planning for retirement. My early 20’s.

How have your thoughts about retirement changed since Covid?
A: My thoughts on retirement have not changed since COVID. The goal is to retire comfortably while also working hard enough now to help my parents retire as soon as possible!

What do you wish you knew about retirement savings?
A: One thing I am curious about is what a Roth IRA is and other ways I can invest my money for retirement.

What kind of message do you think would be most effective in terms of sharing this information with young adults?
A: This! Talking to us. Using social media platforms that appeal to young people. Ex: TikTok & Twitter. Talking to students on college campuses.