From Fortune Magazine:

1. 3M freezes pension benefits for non-unionized workers, increasing CEO pension by $19.3 million in the last 2 years. Retirement costs especially high today as a comfortable retirement will cost more than $1 million. With the majority living longer, financial needs are growing, presenting financial challenges for older workers.

2. Pensions in the private sector have dwindled by 129,000 since the 1980s, currently there are only 46,000 in existence. Most companies invested less in their employees, leaving the onus of saving on the worker. This includes 3M, which is transitioning from a pension to a 401(k) plan by 2028.

3. While some workers face financial precarity in the later years of their lives, CEO pensions seem to be a steady investment with statements showing that 3M CEO Mike Roman’s pension has increased to $25.8 million in worth.

4. Despite a historical victory, United Auto Workers were unable to successfully bring back a pension program for its members. As comfortable retirement costs are expected to exceed $1 million, the financial need for employees has grown, presenting financial challenges for older workers.

5. Living longer than previous generations, today’s workers face more financial challenges as they near retirement. Many seniors live in financial precarity, with 45% of older men living alone and 54% of elderly women are considered poor, leading some to have to return to work in order to make ends meet.



Read more: 3M to freeze some workers’ pensions while CEO scores $26 million pension