Co-published by Fast Company
California’s high rents are undermining tenants’ retirement prospects and the broader economy.
A landmark, IRA-type retirement savings program created for millions of Californians, came under threat last week when House Republicans passed a joint resolution aimed at blocking states from setting up such payroll savings plans.
As next week’s June 15 budget deadline looms, legislative leaders hammering out differences between the Assembly and Senate versions of this year’s $171 billion budget for the fiscal year that begins July 1 will also be deciding the fate of retirement security for future University of California workers.
Consuelo Mendez was 23 when she arrived in the United States 45 years ago, looking for work. In Ventura County she found it, harvesting strawberries, tomatoes, cabbage, parsley and spinach.
As soon as Anastasia Flores’ children were old enough, she brought them with her to work in the fields. “Ever since 1994 I’ve always worked by myself, until my children could also work,” she recalls.