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 us for a Moment of Silence
Important updates from the WTC Health Program & September 11th Victim Compensation Fund experts
Dr. Michael Crane
Kicking-off a robust member to member phone bank for the 2020 elections, the New York City Central Labor Council will conduct twice-weekly phone bank opportunities for NYC union members to reach out to other union households both in NYC and in battleground states, with shifts every Tuesda
Join the NYC CLC, affiliates, and community partners as we engage in a Week of Action to support NYC workers.
As NYC continues it's phased reopening, we urge elected officials keep in mind America's Five Economic Essentials:
Keep front-line workers safe and secure.
Keep workers employed and protect earned pension checks.
Join the United Federation of Teachers and the NYC Central Labor Council, AFL-CIO for a virtual fair for NYC high school students to explore careers in union jobs.
Each and every day of this crisis, union members on the frontlines of the COVID-19 outbreak are bravely going to work, putting their health and lives on the line for their fellow New Yorkers.
On behalf of the New York City labor movement at the epicenter of the COVID-19 crisis, I’d like to extend thanks to United States Senator Charles Schumer for his tireless work on the stimulus bill.