Retirement Security
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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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The collective bargaining contract for city workers expired in May 2021, and the last time these public servants received a pay increase was in 2019– long before hundreds of municipal workers lost their lives to COVID-19 while showing up to make New York City run.
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Committee of Interns and Residents/SEIU members at Elmhurst Hospital will hold a rally demanding patient and healthcare worker equity on Tuesday February 21, 2023 from 5 pm - 6 pm.
After thirteen weeks on strike, members of the HarperCollins Union announced last night that they have reached a tentative agreement that includes increases to minimum salaries across levels and a $1500 lump sum bonus to all union employees.