Machinists Union International President Brian Bryant Appointed to President Biden’s Export Council

Machinists Union International President Brian Bryant Appointed to President Biden’s Export Council

IAM Union International President Brian Bryant Appointed to President Biden’s Export Council

IAM Union International President Brian Bryant Appointed to President Biden’s Export Council

IAM141.org

WASHINGTON DC – Brian Bryant, International President of the 600,000-member International Association of Machinists and Aerospace Workers (IAM), has been appointed by President Biden to serve on the President’s Export Council. This U.S. governmental organization is the principal national advisory committee on international trade, offering a forum for private-sector business and labor leaders, members of Congress, and other administration officials to discuss and resolve trade-related issues.

Bryant, a Maine native and shipbuilder at Bath Iron Works, will represent the voices of 600,000 active and retired IAM members across the aerospace, defense, airline, manufacturing, and other industries in White House trade discussions. He also serves as Vice Chair of the AFL-CIO’s Industrial Union Council, on the Executive Committee of the IndustriALL Global Union, and on the AFL-CIO’s Executive Council.

“Our nation’s trade policies directly affect the livelihoods of our members in so many critical industries,” said Bryant. “I’m extremely thankful to President Biden for nominating me to help ensure that workers have a prominent seat in every trade discussion that affects our jobs, supply chains, and national security.”

The President’s Export Council has recently renegotiated the U.S.-Mexico-Canada Agreement (USMCA). The council’s advocacy ensured that the agreement included stronger labor protections for American workers and enforcement mechanisms, leading to better working conditions and higher wages for workers in the United States, particularly in the manufacturing and automotive sectors.

The International Association of Machinists and Aerospace Workers (IAM) is among the largest unions in North America, representing nearly 600,000 active and retired members in manufacturing, aerospace, defense, airlines, railroad, transportation, shipbuilding, woodworking, health care, and other industries.

We have a quick favor to ask. If only 10% of union members sign up for regular donations to support important legislative and regulatory goals like this, we can put airline workers front and center on Capitol Hill. Becoming a recurring donor is more than a contribution—it’s a commitment to our cause and a testament to the power of collective action. Every donation helps, no matter the size.

Related News

Association Update

Association Update

 The contract extension vote will be conducted by electronic voting through BallotPoint Election Services. Voting instructions and pin numbers will be sent to each member’s home address on file with American Airlines, as well as via e-mail to their company email...

United Airlines Negotiations Update for September 17, 2024

United Airlines Negotiations Update for September 17, 2024

United Contract Negotiations Update17 September 2024 Dear Sisters and Brothers, Your IAM District 141 negotiating team and United Airlines management continued contract negotiations for seven different contracts last week in Chicago, Illinois. The District 141 sub-...

Stay up to date with all the latest news and information from the District 141 of the Machinists Union

Machinists Union International President Brian Bryant Appointed to President Biden’s Export Council

3 June 2024

WASHINGTON DC – Brian Bryant, International President of the 600,000-member International Association of Machinists and Aerospace Workers (IAM), has been appointed by President Biden to serve on the President’s Export Council. This U.S. governmental organization is the principal national advisory committee on international trade, offering a forum for private-sector business and labor leaders, members of Congress, and other administration officials to discuss and resolve trade-related issues.

Bryant, a Maine native and shipbuilder at Bath Iron Works, will represent the voices of 600,000 active and retired IAM members across the aerospace, defense, airline, manufacturing, and other industries in White House trade discussions. He also serves as Vice Chair of the AFL-CIO’s Industrial Union Council, on the Executive Committee of the IndustriALL Global Union, and on the AFL-CIO’s Executive Council.

“Our nation’s trade policies directly affect the livelihoods of our members in so many critical industries,” said Bryant. “I’m extremely thankful to President Biden for nominating me to help ensure that workers have a prominent seat in every trade discussion that affects our jobs, supply chains, and national security.”

The President’s Export Council has recently renegotiated the U.S.-Mexico-Canada Agreement (USMCA). The council’s advocacy ensured that the agreement included stronger labor protections for American workers and enforcement mechanisms, leading to better working conditions and higher wages for workers in the United States, particularly in the manufacturing and automotive sectors.

The International Association of Machinists and Aerospace Workers (IAM) is among the largest unions in North America, representing nearly 600,000 active and retired members in manufacturing, aerospace, defense, airlines, railroad, transportation, shipbuilding, woodworking, health care, and other industries.

We have a quick favor to ask. If only 10% of union members sign up for regular donations to support important legislative and regulatory goals like this, we can put airline workers front and center on Capitol Hill. Becoming a recurring donor is more than a contribution—it’s a commitment to our cause and a testament to the power of collective action. Every donation helps, no matter the size.

Related

Association Update

Association Update

 The contract extension vote will be conducted by electronic voting through BallotPoint Election Services. Voting instructions and pin numbers will be sent to each member’s home address on file with American Airlines, as well as via e-mail to their company email...

United Airlines Negotiations Update for September 17, 2024

United Airlines Negotiations Update for September 17, 2024

United Contract Negotiations Update17 September 2024 Dear Sisters and Brothers, Your IAM District 141 negotiating team and United Airlines management continued contract negotiations for seven different contracts last week in Chicago, Illinois. The District 141 sub-...

United Airlines Negotiations Update for September 17, 2024

United Negotiations Update

United Contract Negotiations Update

29 May 2024

Dear Sisters and Brothers,

Last week, we met with United Airlines to set logistics, protocols, and scheduling for our upcoming contract negotiations.

Our members have been clear. We are overdue for a comprehensive contract negotiation under the rules set forth under Section Six of the Railway Labor Act.

Both sides will form subcommittees to work on specific language for each Article across all seven contracts: Fleet Service, Passenger Service, Storekeepers, Maintenance Instructors, Security Officers, Central Load Planners, and Fleet Technical Instructors and Related.

We have agreed to meet one week each month to exchange proposals, starting with Article One. The first sessions are scheduled for the weeks of June 24th, July 15th, and August 12th.

Setting these ground rules is crucial for ensuring a structured and efficient negotiation process. We will provide an update after each session.

In solidarity,

Your Negotiating Committee
Olu Ajetomobi
Joe Bartz
Jill Hazamy
Victor Hernandez
Barb Martin
Terry Stansbury
Faysal Silwany
Erik Stenberg
Sue Weisner

Michael G Klemm
President and Directing General Chair, 
District 141,
International Association of Machinists & Aerospace Workers

Recording Secretaries: Please print and post on all IAMAW bulletin Boards.

Honoring Their Sacrifice

Honoring Their Sacrifice

Honoring Their Sacrifice

Honoring Their Sacrifice

IAM141.org

Dear IAM Family,

This weekend, we remember those who have given their lives for our freedoms.

For more than 136 years, IAM members have been integral parts of our communities. They have fought—and died—in every major American military mission since our founding in 1888. As a union with deep ties to our military, we will always remember, mourn, and honor those who made the ultimate sacrifice.

That’s why we provide best-in-class services to our military veterans, built an IAM monument to honor our military, and are incredibly proud that IAM members serve the interests of our armed forces each and every day.

This Memorial Day – and every day – we remember those who have given their lives for all of us.

Sincerely,

Brian Bryant
International President

Related News

Association Update

Association Update

 The contract extension vote will be conducted by electronic voting through BallotPoint Election Services. Voting instructions and pin numbers will be sent to each member’s home address on file with American Airlines, as well as via e-mail to their company email...

United Airlines Negotiations Update for September 17, 2024

United Airlines Negotiations Update for September 17, 2024

United Contract Negotiations Update17 September 2024 Dear Sisters and Brothers, Your IAM District 141 negotiating team and United Airlines management continued contract negotiations for seven different contracts last week in Chicago, Illinois. The District 141 sub-...

Stay up to date with all the latest news and information from the District 141 of the Machinists Union

Honoring Their Sacrifice

26 May 2024

Dear IAM Family,

This weekend, we remember those who have given their lives for our freedoms.

For more than 136 years, IAM members have been integral parts of our communities. They have fought—and died—in every major American military mission since our founding in 1888. As a union with deep ties to our military, we will always remember, mourn, and honor those who made the ultimate sacrifice.

That’s why we provide best-in-class services to our military veterans, built an IAM monument to honor our military, and are incredibly proud that IAM members serve the interests of our armed forces each and every day.

This Memorial Day – and every day – we remember those who have given their lives for all of us.

Sincerely,

Brian Bryant
International President

Related

Association Update

Association Update

 The contract extension vote will be conducted by electronic voting through BallotPoint Election Services. Voting instructions and pin numbers will be sent to each member’s home address on file with American Airlines, as well as via e-mail to their company email...

United Airlines Negotiations Update for September 17, 2024

United Airlines Negotiations Update for September 17, 2024

United Contract Negotiations Update17 September 2024 Dear Sisters and Brothers, Your IAM District 141 negotiating team and United Airlines management continued contract negotiations for seven different contracts last week in Chicago, Illinois. The District 141 sub-...

Machinists Union Applauds the Passage of the FAA Reauthorization Bill

Machinists Union Applauds the Passage of the FAA Reauthorization Bill

Machinists Union Applauds the Passage of the FAA Reauthorization Bill

Machinists Union Applauds the Passage of the FAA Reauthorization Bill

IAM141.org

WASHINGTON — The Securing Growth and Robust Leadership in American Aviation Act, H.R. 3935, reauthorizes the Federal Aviation Administration (FAA) through 2028. This comprehensive bill, led by Representative Sam Graves (R-MO), covers airport planning, development, facilities, equipment, and operations. Key provisions include increasing air traffic controller hiring targets, creating a workforce development program for aviation professionals, and enhancing protections for airline workers. The bill has attracted widespread bipartisan support, reflecting its critical importance to the aviation industry.

IAM International President Brian Bryant emphasized the bill’s importance, stating, “While the bill, H.R. 3935, does not address all the IAM’s demands in an FAA reauthorization package, it does include several of our requested provisions and will ultimately help improve the safety and working conditions of our air transport members.”

The bill addresses a wide range of issues crucial to the aviation industry. It directs the FAA to hire and train more air traffic controllers to fill the current gap of 3,000 vacancies. It also mandates increased access to training simulators across air traffic control towers nationwide. To enhance runway safety, the bill requires the installation of additional runway technology at medium and large hub airports.

Passenger protections are also a significant focus of the legislation. The bill mandates that the Department of Transportation (DOT) establish standards to ensure the aircraft boarding and deplaning process is accessible for individuals with disabilities, including those who use wheelchairs. Additionally, airlines are required to seat young children next to an accompanying adult without charging extra fees if adjacent seats are available.

The bill further enhances protections for airline workers by expanding legal protections to ground-based employees, such as gate and check-in agents, and improving self-defense training for flight attendants. Bryant noted, “This legislation offers some positive means to ensure the safety and well-being of workers and passengers. For instance, we’ve witnessed the increase in passenger attacks towards aviation workers during the COVID-19 pandemic. We’ve also witnessed the string of tragic accidents and fatalities of ramp workers like in April 2023 when an American Airlines’ ramp worker died while working on the tarmac at Austin-Bergstrom International Airport in Austin, Texas. Policy changes are needed and this FAA reauthorization legislation, while not perfect, offers many much-needed positive changes for passenger and worker safety and helps transform this vital industry into the future.”

It also includes provisions for increasing cockpit voice recording to 25 hours, enhancing oversight of aircraft production, and ensuring automatic cash refunds for canceled or substantially delayed flights.

The bill also provides for the establishment of an FAA Ombudsman to coordinate responses to issues related to aircraft certifications, pilot certificates, and operational approvals. The legislation also mandates a peer review of current aviation whistleblower protections and requires the FAA to work directly with the Department of Labor on whistleblower cases.

Now that the bill has passed in the House, it will head to President Joe Biden for his signature. Once signed into law, the Securing Growth and Robust Leadership in American Aviation Act will provide the necessary framework and funding to ensure the continued safety and efficiency of the U.S. aviation industry through 2028.

Overall, the Securing Growth and Robust Leadership in American Aviation Act aims to improve aviation safety, enhance protections for passengers and airline workers, and invest in airport and air travel infrastructure nationwide.

We have a quick favor to ask. If only 10% of union members sign up for regular donations to support important legislative and regulatory goals like this, we can put airline workers front and center on Capitol Hill. Becoming a recurring donor is more than a contribution—it’s a commitment to our cause and a testament to the power of collective action. Every donation helps, no matter the size.

Related News

Association Update

Association Update

 The contract extension vote will be conducted by electronic voting through BallotPoint Election Services. Voting instructions and pin numbers will be sent to each member’s home address on file with American Airlines, as well as via e-mail to their company email...

United Airlines Negotiations Update for September 17, 2024

United Airlines Negotiations Update for September 17, 2024

United Contract Negotiations Update17 September 2024 Dear Sisters and Brothers, Your IAM District 141 negotiating team and United Airlines management continued contract negotiations for seven different contracts last week in Chicago, Illinois. The District 141 sub-...

Stay up to date with all the latest news and information from the District 141 of the Machinists Union

Machinists Union Applauds the Passage of the FAA Reauthorization Bill

16 May 2024

WASHINGTON — The Securing Growth and Robust Leadership in American Aviation Act, H.R. 3935, reauthorizes the Federal Aviation Administration (FAA) through 2028. This comprehensive bill, led by Representative Sam Graves (R-MO), covers airport planning, development, facilities, equipment, and operations. Key provisions include increasing air traffic controller hiring targets, creating a workforce development program for aviation professionals, and enhancing protections for airline workers. The bill has attracted widespread bipartisan support, reflecting its critical importance to the aviation industry.

IAM International President Brian Bryant emphasized the bill’s importance, stating, “While the bill, H.R. 3935, does not address all the IAM’s demands in an FAA reauthorization package, it does include several of our requested provisions and will ultimately help improve the safety and working conditions of our air transport members.”

The bill addresses a wide range of issues crucial to the aviation industry. It directs the FAA to hire and train more air traffic controllers to fill the current gap of 3,000 vacancies. It also mandates increased access to training simulators across air traffic control towers nationwide. To enhance runway safety, the bill requires the installation of additional runway technology at medium and large hub airports.

Passenger protections are also a significant focus of the legislation. The bill mandates that the Department of Transportation (DOT) establish standards to ensure the aircraft boarding and deplaning process is accessible for individuals with disabilities, including those who use wheelchairs. Additionally, airlines are required to seat young children next to an accompanying adult without charging extra fees if adjacent seats are available.

The bill further enhances protections for airline workers by expanding legal protections to ground-based employees, such as gate and check-in agents, and improving self-defense training for flight attendants. Bryant noted, “This legislation offers some positive means to ensure the safety and well-being of workers and passengers. For instance, we’ve witnessed the increase in passenger attacks towards aviation workers during the COVID-19 pandemic. We’ve also witnessed the string of tragic accidents and fatalities of ramp workers like in April 2023 when an American Airlines’ ramp worker died while working on the tarmac at Austin-Bergstrom International Airport in Austin, Texas. Policy changes are needed and this FAA reauthorization legislation, while not perfect, offers many much-needed positive changes for passenger and worker safety and helps transform this vital industry into the future.”

It also includes provisions for increasing cockpit voice recording to 25 hours, enhancing oversight of aircraft production, and ensuring automatic cash refunds for canceled or substantially delayed flights.

The bill also provides for the establishment of an FAA Ombudsman to coordinate responses to issues related to aircraft certifications, pilot certificates, and operational approvals. The legislation also mandates a peer review of current aviation whistleblower protections and requires the FAA to work directly with the Department of Labor on whistleblower cases.

Now that the bill has passed in the House, it will head to President Joe Biden for his signature. Once signed into law, the Securing Growth and Robust Leadership in American Aviation Act will provide the necessary framework and funding to ensure the continued safety and efficiency of the U.S. aviation industry through 2028.

Overall, the Securing Growth and Robust Leadership in American Aviation Act aims to improve aviation safety, enhance protections for passengers and airline workers, and invest in airport and air travel infrastructure nationwide.

We have a quick favor to ask. If only 10% of union members sign up for regular donations to support important legislative and regulatory goals like this, we can put airline workers front and center on Capitol Hill. Becoming a recurring donor is more than a contribution—it’s a commitment to our cause and a testament to the power of collective action. Every donation helps, no matter the size.

Related

Association Update

Association Update

 The contract extension vote will be conducted by electronic voting through BallotPoint Election Services. Voting instructions and pin numbers will be sent to each member’s home address on file with American Airlines, as well as via e-mail to their company email...

United Airlines Negotiations Update for September 17, 2024

United Airlines Negotiations Update for September 17, 2024

United Contract Negotiations Update17 September 2024 Dear Sisters and Brothers, Your IAM District 141 negotiating team and United Airlines management continued contract negotiations for seven different contracts last week in Chicago, Illinois. The District 141 sub-...

The Dawn of the Machinists Union

The Dawn of the Machinists Union

The Dawn of the Machinists Union

The Dawn of the Machinists Union

IAM141.org

In the smoky workshops of late 19th century America, a revolution was brewing. The Industrial Age, with its booming factories and powerful railroads, had brought both progress and hardship. While innovation flourished, so did worker exploitation. It was against this backdrop that a small group of machinists in Atlanta, Georgia, took a stand for themselves and their fellows, sparking the birth of the International Association of Machinists and Aerospace Workers (IAMAW), a labor union that would leave an indelible mark on American history.

The year was 1888. Thomas W. Talbot, a skilled railroad machinist, witnessed firsthand the plight of his colleagues. Wages were slashed, working conditions were grueling, and job security was nonexistent. Having previously belonged to the Knights of Labor, a broader labor organization, Talbot believed a more focused approach was needed. He envisioned a union specifically for machinists, one that could effectively address their unique challenges.

On May 5th, 1888, with the resolve of those facing an uphill battle, Talbot and 18 other machinists gathered in a locomotive pit, a symbolic location for their clandestine meeting. This makeshift conference room became the birthplace of the Order of United Machinists and Mechanical Engineers, the precursor to the IAMAW.

The fledgling union’s goals were clear: resist wage cuts, secure better working conditions, and establish a safety net for members through unemployment, illness, and accident benefits. It also aimed to elevate the status of machinists, recognizing their skilled craft and demanding fair compensation.

However, the path wouldn’t be easy. The late 19th century was a period of fierce anti-union sentiment. Powerful industrialists saw unions as a threat to their control and wielded their influence to suppress them. Early strikes were often met with violence and strikebreakers. The fledgling union faced constant challenges in securing recognition and bargaining rights from employers.

Despite the obstacles, the Order of United Machinists and Mechanical Engineers persevered. They adopted a motto – “Organization, Cooperation, Education” – reflecting their commitment to building a strong worker base, fostering solidarity, and promoting skills development. This combination of activism and education proved to be a winning formula.

Within a year, the organization held its first convention in Atlanta, Georgia, changing its name to the National Association of Machinists (NAM). The convention established a formal structure, including elected officers and local chapters, laying the groundwork for a national organization.

By the 1890s, the NAM was expanding its reach beyond railroads, attracting machinists from various industries, including manufacturing and shipbuilding. This growth necessitated a name change again, and in 1891, the organization became the International Association of Machinists (IAM).

The IAM’s early victories, including securing the first ever union contract with a major railroad in 1892, proved its effectiveness. This success inspired other skilled workers to organize, contributing to the broader labor movement.

The story of the Machinists Union’s founding is a testament to the power of collective action. It’s a reminder that the fight for fair wages, safe working conditions, and worker dignity is a continuous struggle. From those humble beginnings in a locomotive pit, the IAMAW has grown into a powerful organization representing hundreds of thousands of workers across North American industries. As the organization continues to evolve and address new challenges, the spirit of those 19 machinists who dared to fight for a better future remains a cornerstone of the IAMAW’s legacy.

Related News

Association Update

Association Update

 The contract extension vote will be conducted by electronic voting through BallotPoint Election Services. Voting instructions and pin numbers will be sent to each member’s home address on file with American Airlines, as well as via e-mail to their company email...

United Airlines Negotiations Update for September 17, 2024

United Airlines Negotiations Update for September 17, 2024

United Contract Negotiations Update17 September 2024 Dear Sisters and Brothers, Your IAM District 141 negotiating team and United Airlines management continued contract negotiations for seven different contracts last week in Chicago, Illinois. The District 141 sub-...

Stay up to date with all the latest news and information from the District 141 of the Machinists Union

The Dawn of the Machinists Union

14 May 2024

In the smoky workshops of late 19th century America, a revolution was brewing. The Industrial Age, with its booming factories and powerful railroads, had brought both progress and hardship. While innovation flourished, so did worker exploitation. It was against this backdrop that a small group of machinists in Atlanta, Georgia, took a stand for themselves and their fellows, sparking the birth of the International Association of Machinists and Aerospace Workers (IAMAW), a labor union that would leave an indelible mark on American history.

The year was 1888. Thomas W. Talbot, a skilled railroad machinist, witnessed firsthand the plight of his colleagues. Wages were slashed, working conditions were grueling, and job security was nonexistent. Having previously belonged to the Knights of Labor, a broader labor organization, Talbot believed a more focused approach was needed. He envisioned a union specifically for machinists, one that could effectively address their unique challenges.

On May 5th, 1888, with the resolve of those facing an uphill battle, Talbot and 18 other machinists gathered in a locomotive pit, a symbolic location for their clandestine meeting. This makeshift conference room became the birthplace of the Order of United Machinists and Mechanical Engineers, the precursor to the IAMAW.

The fledgling union’s goals were clear: resist wage cuts, secure better working conditions, and establish a safety net for members through unemployment, illness, and accident benefits. It also aimed to elevate the status of machinists, recognizing their skilled craft and demanding fair compensation.

However, the path wouldn’t be easy. The late 19th century was a period of fierce anti-union sentiment. Powerful industrialists saw unions as a threat to their control and wielded their influence to suppress them. Early strikes were often met with violence and strikebreakers. The fledgling union faced constant challenges in securing recognition and bargaining rights from employers.

Despite the obstacles, the Order of United Machinists and Mechanical Engineers persevered. They adopted a motto – “Organization, Cooperation, Education” – reflecting their commitment to building a strong worker base, fostering solidarity, and promoting skills development. This combination of activism and education proved to be a winning formula.

Within a year, the organization held its first convention in Atlanta, Georgia, changing its name to the National Association of Machinists (NAM). The convention established a formal structure, including elected officers and local chapters, laying the groundwork for a national organization.

By the 1890s, the NAM was expanding its reach beyond railroads, attracting machinists from various industries, including manufacturing and shipbuilding. This growth necessitated a name change again, and in 1891, the organization became the International Association of Machinists (IAM).

The IAM’s early victories, including securing the first ever union contract with a major railroad in 1892, proved its effectiveness. This success inspired other skilled workers to organize, contributing to the broader labor movement.

The story of the Machinists Union’s founding is a testament to the power of collective action. It’s a reminder that the fight for fair wages, safe working conditions, and worker dignity is a continuous struggle. From those humble beginnings in a locomotive pit, the IAMAW has grown into a powerful organization representing hundreds of thousands of workers across North American industries. As the organization continues to evolve and address new challenges, the spirit of those 19 machinists who dared to fight for a better future remains a cornerstone of the IAMAW’s legacy.

Related

Association Update

Association Update

 The contract extension vote will be conducted by electronic voting through BallotPoint Election Services. Voting instructions and pin numbers will be sent to each member’s home address on file with American Airlines, as well as via e-mail to their company email...

United Airlines Negotiations Update for September 17, 2024

United Airlines Negotiations Update for September 17, 2024

United Contract Negotiations Update17 September 2024 Dear Sisters and Brothers, Your IAM District 141 negotiating team and United Airlines management continued contract negotiations for seven different contracts last week in Chicago, Illinois. The District 141 sub-...

Reality Check: The Fallacy of “Just Save More” and Why Union Protections Matter More Than Ever

Reality Check: The Fallacy of “Just Save More” and Why Union Protections Matter More Than Ever

Reality Check: The Fallacy of “Just Save More” and Why Union Protections Matter More Than Ever

Reality Check: The Fallacy of “Just Save More” and Why Union Protections Matter More Than Ever

IAM141.org

Last month, T. Rowe Price issued recommendations on retirement savings that, while perhaps well-intentioned, come across as not only unrealistic but downright insulting to many working Americans. They suggest that by age 35, someone earning $60,000 annually should have saved between $60,000 and $90,000. By the time they reach 60, that savings should balloon to $750,000 to $1,100,000. These figures might work in theory, but for most, they’re nothing short of a fantasy.

T. Rowe Price proposes a plan that sounds deceptively simple: start saving early and increase your savings rate over time. They advise beginning with 6% of your income at age 25 and gradually bumping it up each year. According to them, this will help maintain your lifestyle in retirement without relying too heavily on Social Security. But this advice, while it might delight your inner stoic, completely disregards the financial realities faced by most people today.

To understand how out of touch this advice is, consider the stark difference between the average and median savings rates in the U.S. The average savings account balance might be over $65,000, but this figure is skewed by the ultra-wealthy. The median savings account balance—reflecting what most Americans actually have—is less than $8,000. This huge disparity highlights just how unrealistic these savings targets are for the vast majority of people.

Moreover, the cost of living paints a grimmer picture. The average rent in the United States is around $1,500 per month, and in many major markets, it’s much higher. For someone earning $60,000 a year, after taxes, they might have just over $30,000 left to cover all other expenses—food, transportation, healthcare, student loans, and more. Under these conditions, saving $60,000 to $90,000 by age 35, let alone $750,000 to over a million by age 60, is nearly impossible.

This advice also fails to account for the broader economic challenges many face, such as stagnant wages, rising living costs, and economic disruptions like the pandemic. These factors make it clear that the problem isn’t a lack of discipline or intelligence among workers but systemic issues that financial advisors often overlook.

The idea that young people can simply forgo the latest iPhones and $10 coffees to afford retirement is not just out of touch—it’s insulting. It suggests that financial struggles are the result of frivolous spending rather than real economic pressures. This perspective ignores the reality that many are doing their best just to make ends meet. It’s not about skipping a few luxuries; it’s about the fundamental affordability of living and saving in today’s economy.

In stark contrast, unionized workers often have access to defined benefit pension plans that provide a steady income in retirement. These pensions, secured through collective bargaining, offer a level of financial security that individual savings plans often can’t match. For union members, retirement isn’t just about scraping by—it’s about living with dignity and stability.

The message is clear: while saving money is important, it alone isn’t enough to ensure a comfortable retirement. Structural supports, like those provided by unions, are crucial in securing the kind of retirement that financial advisors dream about. It’s time for financial advice to align more closely with the realities of most Americans’ lives and recognize the importance of collective action in achieving financial security.

Related News

Association Update

Association Update

 The contract extension vote will be conducted by electronic voting through BallotPoint Election Services. Voting instructions and pin numbers will be sent to each member’s home address on file with American Airlines, as well as via e-mail to their company email...

United Airlines Negotiations Update for September 17, 2024

United Airlines Negotiations Update for September 17, 2024

United Contract Negotiations Update17 September 2024 Dear Sisters and Brothers, Your IAM District 141 negotiating team and United Airlines management continued contract negotiations for seven different contracts last week in Chicago, Illinois. The District 141 sub-...

Stay up to date with all the latest news and information from the District 141 of the Machinists Union

Reality Check: The Fallacy of “Just Save More” and Why Union Protections Matter More Than Ever

13 May 2024

Last month, T. Rowe Price issued recommendations on retirement savings that, while perhaps well-intentioned, come across as not only unrealistic but downright insulting to many working Americans. They suggest that by age 35, someone earning $60,000 annually should have saved between $60,000 and $90,000. By the time they reach 60, that savings should balloon to $750,000 to $1,100,000. These figures might work in theory, but for most, they’re nothing short of a fantasy.

T. Rowe Price proposes a plan that sounds deceptively simple: start saving early and increase your savings rate over time. They advise beginning with 6% of your income at age 25 and gradually bumping it up each year. According to them, this will help maintain your lifestyle in retirement without relying too heavily on Social Security. But this advice, while it might delight your inner stoic, completely disregards the financial realities faced by most people today.

To understand how out of touch this advice is, consider the stark difference between the average and median savings rates in the U.S. The average savings account balance might be over $65,000, but this figure is skewed by the ultra-wealthy. The median savings account balance—reflecting what most Americans actually have—is less than $8,000. This huge disparity highlights just how unrealistic these savings targets are for the vast majority of people.

Moreover, the cost of living paints a grimmer picture. The average rent in the United States is around $1,500 per month, and in many major markets, it’s much higher. For someone earning $60,000 a year, after taxes, they might have just over $30,000 left to cover all other expenses—food, transportation, healthcare, student loans, and more. Under these conditions, saving $60,000 to $90,000 by age 35, let alone $750,000 to over a million by age 60, is nearly impossible.

This advice also fails to account for the broader economic challenges many face, such as stagnant wages, rising living costs, and economic disruptions like the pandemic. These factors make it clear that the problem isn’t a lack of discipline or intelligence among workers but systemic issues that financial advisors often overlook.

The idea that young people can simply forgo the latest iPhones and $10 coffees to afford retirement is not just out of touch—it’s insulting. It suggests that financial struggles are the result of frivolous spending rather than real economic pressures. This perspective ignores the reality that many are doing their best just to make ends meet. It’s not about skipping a few luxuries; it’s about the fundamental affordability of living and saving in today’s economy.

In stark contrast, unionized workers often have access to defined benefit pension plans that provide a steady income in retirement. These pensions, secured through collective bargaining, offer a level of financial security that individual savings plans often can’t match. For union members, retirement isn’t just about scraping by—it’s about living with dignity and stability.

The message is clear: while saving money is important, it alone isn’t enough to ensure a comfortable retirement. Structural supports, like those provided by unions, are crucial in securing the kind of retirement that financial advisors dream about. It’s time for financial advice to align more closely with the realities of most Americans’ lives and recognize the importance of collective action in achieving financial security.

Related

Association Update

Association Update

 The contract extension vote will be conducted by electronic voting through BallotPoint Election Services. Voting instructions and pin numbers will be sent to each member’s home address on file with American Airlines, as well as via e-mail to their company email...

United Airlines Negotiations Update for September 17, 2024

United Airlines Negotiations Update for September 17, 2024

United Contract Negotiations Update17 September 2024 Dear Sisters and Brothers, Your IAM District 141 negotiating team and United Airlines management continued contract negotiations for seven different contracts last week in Chicago, Illinois. The District 141 sub-...