COVID-19 Message: We are here for you.
The registration deadline for employers with more than 100 employees has been moved to September 30, 2020. We are here to support you throughout this difficult time. To learn how we are responding to the COVID-19 pandemic, read our message to savers and employers.
You can withdraw money from your CalSavers account by requesting a withdrawal.
While the program is meant to help you save for retirement, we understand that life has its ups and downs. What you do with your savings is entirely up to you, and the money you save is available to you if you need it in an emergency.
If you only take your contributions out there are no taxes or penalties. More information can be found in the IRS Publication 590-B, Distributions from IRAs.
A TYPICAL 25 YEAR OLD CALIFORNIA WORKER WHO PARTICIPATES IN CALSAVERS WOULD BE EXPECTED TO SAVE ENOUGH RETIREMENT SAVINGS TO GENERATE A $7,060 IN ANNUAL RETIREMENT INCOME.
UC Berkeley Labor Center, California's $15 Minimum Wage and Secure Choice Retirement Savings Program Can Boost Young Low-Income Workers' Retirement Incomes by 50%, (December 2017)
A Roth IRA also allows you the flexibility to move your savings.
If you’d like to move the savings in your CalSavers Roth IRA, you can transfer or roll your balance to an established Roth IRA at a different financial organization at any time.
Or, you can request a distribution of your CalSavers Roth IRA using the Distribution Request form. The funds will be distributed to you, and you’ll then have 60 days to roll over your savings to your established Roth IRA with your new financial organization.
Keep in mind that the IRS limits you to one rollover in any 12-month period. This one-rollover-per-year limit applies to all of your IRAs (both Traditional and Roth IRAs).