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.
The New York City Central Labor Council, AFL-CIO joined SCEPA on Tuesday, June 17, 2014, for a conference on retirement security with New York City Comptroller Scott Stringer and New York State Comptroller Thomas DiNapoli. The conference addressed both problems and solutions to New York City’s retirement security crisis. At the conference, Scott Stringer announced the creation of an advisory panel to examine ways to provide retirement security for all New Yorkers.
Retirement Readiness in New York City: Trends in Plan Sponsorship, Participation and Income Security
Inadequate Retirement Account Balances for Families Nearing Retirement
Understanding Elderly Poverty
John Adler's Presentation
James Parrott's Presentation