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For Immediate Release

Wednesday, March 04, 2015

AFSCME’s Saunders: Poll Shows Americans See “Tsunami of a Retirement Crisis” Thanks to 401(k) Schemes

For workers and families, the best path to economic peace of mind and a secure retirement has always been through a union.

Washington, D.C. — 

AFSCME Pres. Lee Saunders issued the following statement regarding the study released this week by the National Institute on Retirement Security (NIRS):

According to the poll, 86 percent of respondents believe there is a retirement crisis in America, 85 percent believe all Americans should have access to a pension and 67 percent would be willing to accept smaller pay increases in exchange for guaranteed retirement income:

“Our nation is facing a tsunami of a retirement crisis and the American people can see it coming. It’s no accident that as Wall Street-backed politicians double down on their attacks on pensions, Americans’ fears about retirement security are higher than ever. For workers and families, the best path to economic peace of mind and a secure retirement has always been through a union.  

“Americans now see that 401(k)s and individual retirement accounts are the cause of, not the solution to, the retirement crisis. But recent decades have seen Wall Street brokers line their pockets with the crumbling 401(k)s workers thought they could count on in their golden years, while middle-class Americans retire into poverty in skyrocketing numbers. It’s clearer than ever that the nation needs more retirement security, not less — our nation cannot afford a continued race to the bottom.”

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