Currently, 59% of New Yorkers do have access to a retirement plan. Of those who do have a plan—either a defined contribution or a defined benefit plan—the majority have less than $30,000 for their retirement.
With an average annual benefit of only $15,528, Social Security is quickly becoming an inadequate income replacement at retirement. Without a supplemental income, many individuals will spend the later years of their lives in poverty, adding expenses to constrained working families, and requiring support from government at all levels.
SCEPA and the New York City Central Labor Council, AFL-CIO, invite you to join us on Tuesday, June 17th, for a conference on retirement security. Joined by the City and State Comptrollers, the conference will delve into both the problems and solutions to New York City’s retirement security crisis. We can come together to both create broad-based prosperity, individual financial security, and increased economic activity.
The event will be live streamed on The New School's Livestream channel. Please join the conversation on Twitter @SCEPA_economics and @CentralLaborNYC using #RetireNYC.
Event Information http://www.economicpolicyresearch.org/index.php/component/eventlist/details/68-confronting-new-york-city-s-retirement-crisis