Posted October 6, 2006

1. As a non-union worker, do you feel that you will be prepared for retirement? 

I don’t think so. If I put in 30 years with my company, I’m looking at a maximum pension of $1100 or $1200 (which I can collect only after I turn 65). If I retire any earlier, I’ll get less. My pension doesn’t include medical benefits, so that’s something I need to consider. Also, my 401K will probably only last six or seven years.

2. What steps are you taking to prepare?

My highest priority right now is to save as much as I can. My colleagues and I are doing everything we can to help our company go union, but in the meantime my wife and I have to save and do our best to remain debt free. Union retirement would be a lot better than what we have now. If we bring in the union, our pensions would be more than double what we can expect now.

3. Is saving for retirement top of mind for your friends and co-workers?

We talk about it all the time, especially how concerned we are with the retirement plan in place for us. The numbers just won’t help us make ends meet. If you look at the costs of retirement and medical care, it just doesn’t add up. The only way we’re going to make it is if we can go union.

4. Where do you think saving for retirement ranks among key concerns facing American workers?

Definitely a top concern. We want to be taken care of when we get older. At some point, our bodies just won’t work like they do when we’re young. Corporate America doesn’t want to hire older Americans if they can hire younger Americans for less money. This is just one of the many reasons why saving for retirement is such an important issue.

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