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:
This week, the NYC District Council of Carpenters continued its strike against the Manufacturing Woodworkers Association of Greater NYC, seeking better wages and benefits for workers. The Carpenters’ contract expired on June 30, and on Monday July 1, 350 members went out on strike in protest of
NYC car wash workers will join with activists from Make the Road NY (MRNY), New York Communities for Change (NYCC) and the Retail, Wholesale and Department Store Union (RWDSU) for a citywide protest on SATURDAY, JULY 13TH calling on NY’s car wash kingpin John Lage to improve work
New York, NY - New York City Central Labor Council, AFL-CIO President Vincent Alvarez has released the following statement on the MTA's decision to use Chinese-made steel to repair the Verrazano Bridge:
Members of the District Council of Carpenters have been on strike against the Manufacturing Woodworkers Association. The location of their picket line is below. Please come out to show your support!
Proposed Contract Would Hurt New Hires Through Tiered Compensation System
Join our brothers and sisters from Teamsters Local 237 representing NYC Housing Authority workers as they rally on July 2nd, to defend good jobs, programs and services from devastating sequestration cuts.