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:
Join Build Up NYC to Rally at City Hall to call for the passing of Intro 1169, a bill that calls for training and tra
As City Stands Poised for a New Day, We Can be Confident Knowing We Have Progressives in Both Branches of City Government
New York, NY – New York City Central Labor Council, AFL-CIO President Vincent Alvarez today released the following statement regarding the victories of Mayor-Elect Bill de Blasio, and a new, more progressive City Council:
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.