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.
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Yesterday, unionized editorial employees at Ziff Davis — Mashable, PCMag and AskMen — walked off the job for 24 hours to protest the company’s failure to agree to a living wage for all employees and to demand that management bargain in good faith.
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In addition to the renewable energy job standards detailed above, the newly-passed state budget includes several other important victories on behalf of working people. Among them:
Yesterday, working people across our nation flooded the Senate phone lines with support for the PRO Act as part of the AFL-CIO National Day of Action. Our outdated labor laws are no longer strong enough to protect us in the workplace.
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