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:

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Staff members of Brooklyn Defender Services (“BDS”), a non-profit public defender organization in Kings County, this week announced the formation of the BDS Union as a chapter of the Association of Legal Aid Attorneys (“ALAA”) – UAW Local 2325.

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More than a thousand coal miners at Warrior Met Coal are now in the third month of their strike in the right-to-work state of Alabama.

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The recently formed AJWS Union announced this week that management at American Jewish World Service, a leading global Jewish human rights organization. has formally and voluntarily recognized the workers' union affiliated with OPEIU Local 153.

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