Labor & Employment Law

Young and Worried About Retirement

By Mike Hall

Melissa, a college senior, says she never thought about retirement until she saw her parents dip into their retirement savings to help make ends meet after her father lost his job. Now it?s one of her top worries.

Melissa told her story at Retirement USA, where an online survey finds that 83 percent of  respondents say younger workers will fare worse in retirement than current retirees. There are some real good reasons for this pessimism, too.

First off, Social Security?which is even more vital than ever for younger workers, most of whom don?t participate in any kind of retirement plan?is under attack. Even though Social Security does not contribute a cent to the nation?s budget deficit, the federal budget deficit commission has it in their sights and there are reports the commission could recommended raising the retirement age or cutting benefits.

Then there are the Republican candidates on the campaign trail like Senate candidates Rand Paul in Kentucky, Joe Miller in Alaska and others who want to privatize Social Security. Do they really think it’s a smart idea to put Social Security on the same Wall Street roller coaster that made most 401(k)s go off the track when the market crashed? 

Young workers also worry about their lack of private pensions, which used to be another pillar of retirement security, but not anymore. Click here to find out more about what young workers say, including how many Gen-Xers will see a sharp drop in their standard of living in retirement.

Retirement USA, a coalition that includes the AFL-CIO, is spearheading a ?Wake Up, Washington? Month to encourage Americans across the country to tell lawmakers to keep their hands off of Social Security and to fix our patchwork private retirement.

Don?t forget to visit the online Story Bank where people share their personal stories, fears and concerns about retirement security.  Click here to visit and here to add your story.

Full post as published by AFL-CIO NOW BLOG on October 07, 2010 (boomark / email).