There is a loophole in the rules that govern Wall Street brokers and financial firms that provide retirement investment advice that can drain away thousands, or even tens of thousands, of dollars of hard-earned savings from a single retirement account. Today, a coalition of senior, union and consumer groups launched a new website—SaveOurRetirement.org—to mobilize support to close the “Retirement Advice Loophole” through a new rule the U.S. Department of Labor is trying to adopt.
A new report from the National Academy of Social Insurance, Americans Make Hard Choices on Social Security, takes a comprehensive look at public attitudes about the nation's retirement security program and finds broad support both for the program and for commonsense solutions to strengthen and expand the program in future years.
Most all of us know someone—or may even be someone—who worries about having enough economic strength through savings, pensions, Social Security, health insurance and other resources to retire. When the paychecks stop coming in we don’t want to rely on help from our families, drastic cuts in spending or be forced back to work.
In our new regular weekly feature, we'll be taking a look at the winners and losers of the week in the struggle for the rights of working families. The winner will be the person or organization that goes above and beyond to expand or protect the rights of working families, while the loser will be whoever went above and beyond to limit or deny those rights.
President Barack Obama will give his annual State of the Union address to the American people next week. But what is the state of our union? The vast majority of America's working families have experienced a raw deal in recent decades. Wages are falling, the gulf between the rich and everybody else is growing larger, we have a shrinking middle class and too many working families with no access to the American Dream.
What's the state of your union? Share your ideas with us to be featured in the blog by texting SOTU to 235246 (standard data & message rates may apply).
We've heard of the looming retirement security crisis, but this statistic is extremely sobering: The majority of black and Latino workers (62% and 69%, respectively) do not own assets in a retirement account. This is from a new report by the National Institute on Retirement Security released this week.
Contrary to what The Washington Post and the billionaires who are trying to cut Social Security by pitting young people against seniors say, the nation does face a retirement crisis and Social Security doesn’t need to be cut. It must be—and can be—strengthened, said Sen. Elizabeth Warren (D-Mass.) in a powerful speech on the Senate floor Monday.
One of the top targets of the 1% has been retirement security for America's working families. In addition to near constant congressional attacks on Social Security and companies attempting to reduce or get out of pension obligations, a widespread and growing tactic is to force employees to shift from defined-benefit plans that pay them a fixed amount each month in retirement, to defined-contribution plans, where the amount paid in is fixed, but payouts in retirement can change over time. This switch to defined-contribution plans, such as 401(k) plans, almost universally means less money to live on for retirees.