Issue: Half of California Workers Are Heading for Retirement Troubles

Date: Mar 20, 2015 

Wanda McGuire describes herself as a “people person.” She spent years working in the fashion industry, and flew around the country as a flight attendant for Continental Airlines. She also worked in what she refers to as “corporate America” — obscure law firms, property management companies and long-gone venture capital startups. 

She exudes an enthusiasm and upbeat energy that she confidently outlines as major job assets. “I was good at what I did,” she says. It is clear that during her decades of work Wanda built up a strong set of organizational and administrative skills. But what she didn’t build up during those years of labor was a pension. No defined benefit pension, no 401(k) plan, no home equity to cash in on to ease her into retirement. 

At a time in her 60s when she should be kicking back, doing some traveling or sharing the occasional dinner with friends, she mostly worries. With only her monthly $1,200 Social Security income, getting by is not easy. I met Wanda at the St. Barnabas Senior Services Center in Mid-City Los Angeles, where she gathered with other seniors for a hot meal. 

There is a tragic sense that Wanda is not alone. Millions of Californians — like many tens of millions throughout the country — lack adequate pension security to sustain them after their work lives end. The ceaseless political attacks on defined benefit pensions, which guarantee workers a monthly income based on a percentage of their salaries during their working years, mean that more and more employees are forced to fend for themselves.  (Read the rest.)  

-cw

CityWatch

Vol 13 Issue 24

Pub: Mar 20, 2015