Retirement in the United States is in crises. Many of us can feel the American Dream slipping away. Our ability as a nation to sustain our economy at a time when record numbers of workers are entering their retirement years should be an important part of our national debate. Retirement security for all should be a national priority. To accomplish that, we need to develop and propose innovative solutions.
First the facts:
- Until the 1980s pensions were common and workers knew that with Social Security, their own savings, including 401(k)s, and a pension, they could retire with dignity.
- Today, there’s somewhere between a $4-8 trillion retirement savings deficit.
- Over the next 10 to 15 years, the bulk of the 75 million baby boomers will be of retirement age – giving the U.S. the largest over-65 population in its history.
For the last 100 years public pensions have proven to be the most cost-effective vehicles for both taxpayers and pensioners to ensure a safe retirement. When properly funded by legislatures and employee contributions, these pensions are a model of how retirement policy can work at the national level.
The problem in Oregon is not that state workers have a decent pension. The real problem is that private sector workers don’t have any kind of retirement security, which makes us an attractive target for opponents of public workers.
Why does this matter? We believe retirement security for ALL Americans lies in a partnership between the public and private sectors. What works for some should work for all.
Join other 503 members and retirees in determining what our next steps will be and read about the Secure Choice Pension plan, or to get more involved in SEIU’s Retirement Security for All campaign, visit www.retirementsecurityforall.org.