Retirement Security

Fewer employers today provide defined-benefit pensions for their workers—and among those that do, many are offering “defined-contribution” (like 401[k]s) rather than traditional “defined-benefit” pension plans.

That’s why Social Security insurance is essential for millions of retirees. Nearly two-thirds of retirees count on Social Security for half or more of their retirement income and for more than three in 10, Social Security is 90 percent or more of their income. It is a safety net that keeps retirees out of poverty.

It’s also important to figure out what you will need to retire. Talking a look at how much Social Security will provide, whether you have another form of pension and how much you spend are all components in determining when you can retire.

For decades, workers achieved retirement security because their retirement income flowed from a combination of employer-provided pensions, Social Security and personal savings. But the recession has exposed the severe deficiencies in our retirement system. We need to develop a new way to provide workers with lifetime retirement security beyond Social Security.

More about this issue:

Apr 26

The 109 unionized employees of nonprofit legal services organization Mobilization for Justice, Inc. (MFJ) have been out on strike since February 23, and they need NYC Labor’s support!

Apr 19, 2024 | News Story

Members of the Writers Guild of America East (WGAE) and Writers Guild of America West (WGAW) at Sesame Workshop this week voted unanimously, with 100% participation, to authorize a strike if management does not agree to a fair new collective bargaining agreement before their current contract expi

Apr 19, 2024 | News Story

On April 11th, workers at Partners Coffee in Brooklyn joined UFCW Local 1500 for the fair wages and other benefits that come with a union contract.  The 27 workers of Partners Coffee include workers at the production warehouse, café, and kitchen staff.

Apr 12, 2024 | News Story

Members of the Fordham Graduate Student Workers union (FGSW-CWA Local 1104) have voted by an overwhelming 98 percent supermajority to give union leaders the authority to call a strike if negotiations between FGSW-CWA and university leadership fail to reach a fair settlement.

Apr 12, 2024 | News Story

Seeking to strengthen high-quality free legal services for New Yorkers and fight high turnover, union members at Mobilization for Justice hit a historic landmark this week as their strike is in its seventh week.

Apr 12, 2024 | News Story

The NYC CLC and UFT recently hosted a Labor Women's Power Breakfast as part of our celebration of Women's History Month in March.

Apr 5, 2024 | News Story

This week, the Association of Legislative Employees (ALE) reached a tentative agreement with the NYC Council for its first-ever contract.

Apr 5, 2024 | News Story

Postdoctoral researchers at Albert Einstein College of Medicine have signed up more than 80% of coworkers on authorization cards, expressing support for forming a union with the United Auto Workers.

Apr 5, 2024 | News Story

More than 60 elected officials throughout New York have signed onto

Apr 5, 2024 | News Story

Staffing shortages in the public sector are at crisis levels because of the recruitment and retention issues caused by Tier 6. It is critical that the State addresses this problem in the 2024-25 State Budget. Will you make a call to show your support for fixing Tier 6?