Social Security Is Not Enough
Social Security alone won’t be enough to stop the slide into poverty. Experts say that program will provide only about 40 percent of what the average retiree needs. For a secure retirement, financial planners talk about a “three-legged stool” consisting of Social Security, personal savings and a workplace retirement plan, like a pension or a 401(k). But for too many Californians with no savings and no defined benefit plan, two legs are missing and the stool is set to crash under the pressure.
Local 1000 understands the key to securing retirement for all Californians is to build up and to reinforce public pensions, Social Security and private plans, and we are active on all three fronts. First, Local 1000 will continue to ensure that public pensions and the vital role they play in stimulating the economy are protected and sustainable into the future. Second, we are working on the national level with other allies to make sure everyone, including the wealthy, pay their fair share into Social Security to ensure the program remains strong for the future.