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:
Testament to Labor Movement’s Ability to Fight for Working Families
By Vincent Alvarez
Join Transport Workers Local 100 to Stand Up for a Fair Contract!
“Whether he’s been in Brooklyn fighting unnecessary hospital closures, or standing with union members fighting for fair contracts and better wages, Bill de Blasio has solidified his position as a true advocate for working people," said CLC President Vincent Alvarez.
Doormen at 231 Tenth Avenue walked off the job today in protest of building owners’ attempts to retaliate against workers seeking to unionize with 32BJ SEIU.
The Nurses of the Health & Hospitals Corporation of NYC have worked for far too long without a contract.
That's bad for nursing, bad for patients, and bad for the future
of our public hospital system.
Join AFGE, NYS AFL-CIO, NYC CLC, Rainbow PUSH Coalition & Federal Employees to rally against the government shutdown.
Call on Congress to pass a clean funding bill and allow federal employees back on the job.
This week, the stagehands of IATSE Local One took to the streets to protest the union-busting tactics of the Carnegie Hall Corporation. A deal between the union and Carnegie Hall Corporation was reached this afternoon.
This week, members of United Here have been picketing outside of 55 Water Street, protesting the Post-Sandy layoffs of more than 50 workers.