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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On this and every Labor Day, we honor the men and women who keep New York City up and running. We represent workers from all three sectors of the labor movement, all backgrounds, and all walks of life, and we all play an important role in helping to keep NYC a world class, union-made city.
Last week, workers at neighborhood news sites DNAinfo and Gothamist marked 100 days since they informed their employer they had joined the Writers Guild of America, East.
Union workers at Waldner’s, one of the city’s largest office furniture companies, continued their fight against the company this week.
Every morning, parents in New York watch their children get on the school bus, entrusting their safety to bus drivers, attendants, and mechanics. These workers have the responsibility of maintaining a secure and safe environment.