Human Interest 401(k) vs. CalSavers: what’s a better way to save for retirement?

CalSavers is a state-sponsored retirement savings program that increases access to affordable retirement savings opportunities. In California, it is required that businesses opt-in to the state-run plan or offer some kind of 401(k) retirement plan.

Businesses are challenged to find the right solution as the first deadline has passed for companies with 100 or more employees (September 30, 2020), and the deadline for companies with 50 or more employees approaches quickly (June 30, 2021). Companies with 5 or more employees have until June 30, 2022.

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Financial security is more important now than ever

Several major occurrences impacted the retirement landscape in 2020. And while the future of the economy is still largely unpredictable, the aftermath of COVID-19 made one thing clear: Financial wellness is top of mind for most Americans.

America’s retirement savings crisis remains an unsolved challenge — especially for small businesses.

Our research focuses on small business employees and provides a voice to a group that’s otherwise disregarded in other retirement studies. By surveying employees of small and medium-sized business employers, we examine how SMB employees approached retirement, their financial preparedness, and their financial wellness during the COVID-19 pandemic.

As the U.S. economy continues to respond to the ongoing effects of the COVID-19 pandemic, our research suggests that SMB employees will only continue to focus on retirement preparedness. After reading this report, you’ll learn how SMB employees are saving for retirement, when they plan to retire, and what they envision once they reach retirement age.


of employees say peace of mind, is the most important factor to their financial wellness.


of SMB employees rate their financial wellness as high.


of SMB employees say they are saving for retirement, but 48% say they’re using checking or savings accounts to save.

How a 401(k) can benefit your small business

When SMB employees are offered a 401(k) plan, they save more than the industry average.

Access to an employer-sponsored retirement plan is the top reason SMB employees start saving for retirement.

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