More than half of all older Americans rely on their social security as their sole or at least their primary source of income in their golden years. Through years of strong union leadership, NYSUT retirees are, happily , not in that statistic. Still, many retirees worry about their pension security.
The good news: there is no need to worry! Over the last two decades, about 87% of our retirement funding, in the NYSTRS, has come from investment income. Over those 20 years, the System paid out in benefits more than four times what it collected while nearly tripling the size of the fund.
This is strong indication of a well run, sustainable pension system. It is rated among the top in the country.
If there is any reason for concern, it does not come from the system or its administration. The only concerns are threats from outside the system itself: legislators who want to change the state constitution; conservative groups that want to alter it; others who want to end it entirely. Vigilance at the polling places, awareness of who the pension assailants are and what their agenda could mean to current and future recipients is the best way to protect and secure your economic stability in the years ahead.