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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The New York City Chapter of the Alliance for Retired Americans, the NYC Department for the Aging, and JASA
Invite you to a
This week, Mayor Bill de Blasio lent his voice to the cause of 1,800 workers who have been out on strike since March 28. These members of IBEW Local 3 work as service technicians, engineers, and warehouse workers for Charter/Spectrum.
On Thursday, members of Local 3 IBEW took to the streets to protest Spectrum/Charter Communications’ attempts to stop payments to workers’ pension and benefits funds. The rally was held outside of the company’s E. 23rd St.
Join IBEW Local 3 members on strike at Spectrum Cable/Charter Communications for a rally to protect their pensions & benefits. Fair Contract NOW!