This is the news you need to know in the fight for a secure retirement!
Before you dive into our top stories from this week, check out some stories of public employees helping their communities.
Here are the top stories from this week:
Worried about retirement? Welcome to the club by Paul Brandus. On Tuesday, the Economic Innovation Group (EIG) released the results of a new poll which reflects concerns among voters about the ability of workers to retire with security. Eighty-two percent of voters surveyed said they are concerned about the country’s retirement security. One-third of voters said they are not confident they will have enough money saved for retirement to live comfortably. Furthermore, the poll also divulged that many do not have a retirement savings plan, with 41% of voters stating that they do not have a retirement savings account. Of those 41% of voters who indicated that they were without a retirement account, 44% of them also claimed that after they met their expenses they did not have enough money left over to save for retirement. These findings illustrate the importance of protecting pensions, as they guarantee the secure retirement public employees deserve after a lifetime of public service.
One-third of Americans plan to retire later due to Covid-19, study finds by Lorie Konish. In this article for CNBC, Konish shared a new report from Age Wave and Edward Jones which finds that one out of every three Americans delayed their retirement date as a result of the coronavirus pandemic. It also revealed that the pandemic-induced economic downturn has negatively impacted workers’ retirement savings, with 14 million Americans pausing contributing to their retirement accounts as of March 2021. Finally, the research also showed the recession disproportionately impacted female workers preparing for retirement, as 41% of women said they were saving monthly for retirement compared with 58% of men. Pensions will remain a critical retirement tool while America emerges from the past year’s fiscal crisis, as they ensure our retired public employees do not fall into poverty.
Be sure to check back next week for the latest news in the fight for a secure retirement!