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:
The New York City Chapter of the Alliance for Retired Americans, the NYC Department for the Aging, and JASA
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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!
Charter/Spectrum workers continue to walk the picket line this week. Approximately 1,800 workers walked off the job on March 28 after Charter Communications refused to bargain in good faith, attempting to slash benefits by halting their contributions to workers’ pension and medical plans.
A Constitutional Convention run by political special interests would cost taxpayers millions of dollars in an effort to achieve reforms that can occur without creating additional, costly layers of government.
On Wednesday, the New York State AFL-CIO facilitated a training for union members, officers, and staff on Labor’s opposition to a Constitutional Convention.