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SOCIAL SECURITY LAW: Retirement Woes for California Workers Feared

October 9, 2011

San Francisco - A study by UC Berkeley Center for Labor Research and Education has revealed that almost half of California workers will face difficulty in retirement, a San Francisco newspaper said.

The UC report said the so-called significant hardship means having a retirement income that is less than 200 percent of the federal poverty threshold. It was reported that in California, 200 percent of the poverty threshold for a single adult was $1,860 a month or equivalent to $22,320 a year in 2009.

Based on the study, about 37 percent of California retirees from 2007-09 had incomes below the threshold. However, for workers today, nearly 47 percent fall below that level and the risk is especially high for young workers. In fact, according to the report, almost 55 percent of workers 25 to 44 years old are at risk, compared to about 39.3 percent of those 45 to 54 and only 33 percent of those 55 to 64 years old.

In addition to this, it becomes worse because incomes have stagnated and younger workers have volatile 401(k)-style plans while retirees and older workers have dependable defined-benefit plans.

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