Retirement means different things to different people, whether it is more time to spend with family, a chance to travel or finally an opportunity to take a rest. With all of these differences, what unifies us is a hope for a decent retirement. This means having a steady, reliable monthly income when you no longer work.
Social Security, pensions and personal savings are the three major pieces of financial security during retirement.
Social Security is an earned government benefit for seniors, people with disabilities and children who have lost a working parent. Working people contribute to Social Security with every paycheck.
A pension is income that you set aside while you're working so you will get a monthly paycheck when you retire.
Unions of working people advocate for strong pensions, expanded Social Security benefits and adequate wages so people can build up retirement savings over the course of their careers.
It was the labor movement that helped secure so much of what we take for granted today. The 40-hour workweek, the minimum wage, family leave, health insurance, Social Security, Medicare, retirement plans. The cornerstones of the middle-class security all bear the union label.” —President Barack Obama