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:
August 20, 2014
Statement by Matthew Loeb International President, I.A.T.S.E. on Settlement at the Metropolitan Opera with Local 1
Guitar Center workers have been organizing for respect and fair pay throughout the country and have successfully voted for union recognition in Manhattan’s 14th St store, Chicago, and Las Vegas.
On Thursday, the MTA and unions representing LIRR employees reached a tentative agreement to provide workers with their first contract in roughly four years. For months, the two sides butted heads as they disagreed on the timeframe for raises, and healthcare contributions.
This week, AFSCME DC37 reached an agreement with the city on a seven-year contract that provides 10.41% in wage hikes plus a ratification bonus and back pay.
Comptroller Scott Stringer Announces Creation of Advisory Council to Examine Retirement Security Options
Visit to view the #RetireNYC video.
Are you aware that 41% of New Yorkers have no set retirement plan? This number increases to 57% and 59%, respectively for Blacks and Latinos, and it's even higher for low-wage workers, at 74%. Now is the time to address this important issue that affects all of us.
As we continue to recover from the effects of the recession, New York City and the United States are in the midst of a retirement crisis. Currently, 59% of New Yorkers lack access to a retirement plan. Of those who have a policy—either a defined contribution or a defined benefit plan—the majori