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Retirement Security

Retirement Security

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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Tell the Department of Labor to Stop Wall Street from Draining Your Retirement Account

Mike Hall & Kenneth Quinnell
Tell the Department of Labor to Stop Wall Street from Draining Your Retirement Account

When you pay a financial adviser to help you invest your hard-earned retirement savings, you would assume that they would be required, by law, to have your best interests at heart. But because of loopholes in the rules, advisers can get away with not only putting their own financial interests above that of their clients, but also allows them to take incentives from Wall Street firms to recommend investments that drain funds from ordinary Americans’ retirement accounts through hidden fees and lower returns. The White House Council of Economic Advisers says this costs us $17 billion a year.

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