The California $15 minimum wage policy and Secure Choice retirement savings program have the potential to significantly boost the retirement income of young low-income workers in the state. The study estimates that the minimum wage policy will increase the lifetime earnings of workers in the bottom half of the income distribution by 50%. The Secure Choice program, which is currently under development, is intended to provide an additional layer of income to supplement Social Security for workers who are otherwise likely to reach retirement without a real nest egg. The study calculates Social Security benefits and potential retirement income from participating in Secure Choice for each worker in the sample. Overall, the combined impact of the two policies is expected to significantly improve the retirement income of young low-income workers in California.
