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Posted: 8/17/2018 10:52:00 AM EDT
[#1]
Quote HistoryQuoted:  How about providing us with a list of U.S. based corporations which ever offered a pension plan that permitted workers or management to retire at age 40 with 20 years of service. |
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Posted: 8/17/2018 10:53:31 AM EDT
[#2]
Quote HistoryQuoted: Age 50 with 30 years of service was a quite common pension but at a reduced maturity rate. we have a few who took it at that age . |
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Posted: 8/17/2018 10:54:12 AM EDT
[#3]
Sure, I would much prefer a mob-influenced, Las Vegas casino-building pension to a 401k.
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Posted: 8/17/2018 10:54:25 AM EDT
[#4]
Quote HistoryQuoted:
Donald Trump? 
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Posted: 8/17/2018 11:00:08 AM EDT
[#5]
Quote HistoryQuoted: Yes we have a few who took it at that age . The only ones I have seen take the 50/30 pension is either people that actually have additional investment income or have medical issues that making it to 65 seems highly unlikely. Taking the reduced pension early and not being yet eligible for Social Security payments is a pretty hard jump for some to take. Only good thing is our pension is actually pretty solvent and is expected to cover the remaining projected eligible recipients. |
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Posted: 8/17/2018 11:00:38 AM EDT
[#6]
Quote HistoryQuoted:
How about providing us with a list of U.S. based corporations which ever offered a pension plan that permitted workers or management to retire at age 40 with 20 years of service. AND they're wanting YOUR tax dollars to shore up their funds, sorry to stuff you so hard. Think next time before you post.  right back at you
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Posted: 8/17/2018 11:02:16 AM EDT
[#7]
Mind-blowing. It really isn't that hard to stay out of debt and/or plan for retirement. Here's how:
1. Live within (or below--below is better) your means. Very rarely, people have health issues and/or unforeseen financial obligations that render them financially vulnerable. They have my sympathy. Everyone else has made their own bed and can lie in it. |
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Posted: 8/17/2018 11:05:27 AM EDT
[#8]
I'm going to Max out my credit limits and debt once during my retirement to fund a lavish lifestyle.. It's not like the collection agency can come after when I'm dead. No children and no estate
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Posted: 8/17/2018 11:06:12 AM EDT
[#9]
Quote HistoryQuoted:
State, Federal, and Municipal governments... sorry to stuff you so hard. Think next time before you post. right back at you
I guess reading is hard for you and comprehension is even more difficult. I asked for a list of corporations. When the "boomers" parents were employed the number of government employees was a fraction of what it is today. Their parents were overwhelmingly employed in the private sector. 
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Posted: 8/17/2018 11:06:35 AM EDT
[#10]
Quote HistoryQuoted: Not saying it isn't. But it's also common sense. He's right you know. The majority of the working class is financially illiterate. |
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Posted: 8/17/2018 11:07:46 AM EDT
[#11]
I'm not surprised.
More people are retiring, and the vast majority aren't saving shit for retirement. What was the average balance in those gov sponsored RA's that the IRS stopped because they weren't worth it, $500? |
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Posted: 8/17/2018 11:08:53 AM EDT
[#12]
Quote HistoryQuoted: Same at my work. Our pension plan stopped in 2016 and everybody at that time was grandfathered in. Going forward, it is a 401K. The only ones I have seen take the 50/30 pension is either people that actually have additional investment income or have medical issues that making it to 65 seems highly unlikely. Taking the reduced pension early and not being yet eligible for Social Security payments is a pretty hard jump for some to take. Only good thing is our pension is actually pretty solvent and is expected to cover the remaining projected eligible recipients. 
Last year bought a small home on Oak Island in NC When ever I vacation there I don't want to leave. |
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Posted: 8/17/2018 11:09:50 AM EDT
[#13]
Quoted:
"According to the report from the CBP, the rate of bankruptcy among seniors has increased between 200 and 300 percent since 1991. Seniors now account for 12.2 percent of all bankruptcy filers, a significant increase from 2.1 percent in 1991." "The move toward defined contribution retirement plans, like 401(k)s, is not the sole cause of the increasing rate of bankruptcy among seniors, but it is a contributing factor. The sharp rise in bankruptcy is occuring in a context where more risk is being shifted to the individual" https://protectpensions.org/2018/08/16/americans-going-bankrupt-retirement/ The guys on a public pension, are being subsidized by the useful idiots who didn't latch onto that sweet titty. A pension is the most wonderful thing in the world.... until it runs out of OPM. (Other People's Money.) Private sector learned this the hard way. Public will learn soon enough. |
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Posted: 8/17/2018 11:10:05 AM EDT
[#14]
I have a small tax practice. We prepare about 500 tax returns each year.
The number of senior clients (age 65+) with mortgages and jobs and less than six figures in retirement savings is troubling. How did we get here? Last month, a small business client in her early 50s asked me, "Should I save more for retirement?" I have never heard a client say, "I have too much money in retirement. I wish I saved less." Never. Pro tip for those of you that are self-employed and have kids: Put your kids on payroll and contribute to a Roth for them. If they have $20,000 in it by age 18, it will grow to over a half million dollars by age 65 assuming a reasonable rate of return. |
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Posted: 8/17/2018 11:11:06 AM EDT
[#15]
I have more money saved up for retirement than my parents do.
I am 36, they are 62/64. They are pulling equity out of their house right now, even though it was paid off. They don't see this as a crisis. |
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Posted: 8/17/2018 11:11:30 AM EDT
[#16]
Quote HistoryQuoted:
I'm sure that news source is unbiased. 
Hmmm, 12.2% are seniors - that means 87.8% declaring bankruptcy aren't seniors.....
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Posted: 8/17/2018 11:11:59 AM EDT
[#17]
If I may suggest an additional possibility, there may be a large number of Americans that relied on pensions which became unsustainable.
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Posted: 8/17/2018 11:14:16 AM EDT
[#18]
Quote HistoryQuoted:
I'm sure that news source is unbiased. |
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Posted: 8/17/2018 11:15:10 AM EDT
[#19]
my grandparents are broke, even with my grandfathers pension, va stuff and all of the medical crap to pay for his and my grandmothers care
he retired in 1992, and hasn't worked a day since, my grandmother couldn't work after being declared legally blind but didn't take any kind of gov assistance because my grandfather made more than enough for them to live not saying thats a bad thing, he worked a long time after he got out of the army, but he didn't plan on living to 90+ I plan on having far more than I need to retire so nothing like this will happen to me. I hope to have enough to leave to my (future) kids when its my time as well. |
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Posted: 8/17/2018 11:19:11 AM EDT
[#20]
Since most states retirement population is around 15% and less than that if you count married couples, I would say that percentage is normal.
I paid into Social Security, Retirement, and 401k. I’m OK, unless we both face something catastrophic. |
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Posted: 8/17/2018 11:19:12 AM EDT
[#21]
Quote HistoryQuoted:
Retired people should have supplement insurance, if they don't and aren't really well off they are financial idiots. Working people should have disability insurance but that's a different topic. Quote HistoryQuoted:
Quoted:
gotta pay that 20% medicare doesn't Working people should have disability insurance but that's a different topic. I just wish the limits were higher. I am maxed out and it is probably not enough. Fuck the IRS. |
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Posted: 8/17/2018 11:20:50 AM EDT
[#22]
Quote HistoryQuoted:
It is not a conspiracy. Simply put, people are living longer and are outliving their retirement plans. I have no plans for retiring at 70. I simply am planning on working as long as I can. And yes I am still building a 401k retirement. Most people should consider at least part time work after retirement. It would ease the financial burden and keep you alert and active in your old age. How is your HSA account? |
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Posted: 8/17/2018 11:22:12 AM EDT
[#23]
The cost of things, continues to rise. All the while pay is staying the same. Retirement pay, is definitely staying the same.
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Posted: 8/17/2018 11:22:19 AM EDT
[#24]
Quote HistoryQuoted:
The creator of th8e 401K regrets it and says it a shit system. Quote HistoryQuoted:
Quoted:
The 401(k) system required decent monetary policy and laws to protect pensions from the likes of Carl Icahn. We had neither. |
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Posted: 8/17/2018 11:22:58 AM EDT
[#25]
These trends are all the more interesting when you consider tha SSI is also going to evaporate in 15-20 years.
Traditionally, Old people without family would starve in the street to be eaten by wild dogs. History repeats. I'm putting away $48,000 per year, and it still may not be enough. |
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Posted: 8/17/2018 11:23:03 AM EDT
[#26]
Quote HistoryQuoted:
Age 50 with 30 years of service was a quite common pension but at a reduced maturity rate. Quote HistoryQuoted:
Quoted: How about providing us with a list of U.S. based corporations which ever offered a pension plan that permitted workers or management to retire at age 40 with 20 years of service. |
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Posted: 8/17/2018 11:24:15 AM EDT
[#27]
Quote HistoryQuoted:
The cost of things, continues to rise. All the while pay is staying the same. Retirement pay, is definitely staying the same. |
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Posted: 8/17/2018 11:24:58 AM EDT
[#28]
Quote HistoryQuoted:
These trends are all the more interesting when you consider tha SSI is also going to evaporate in 15-20 years. Traditionally, Old people without family would starve in the street to be eaten by wild dogs. History repeats. |
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Posted: 8/17/2018 11:25:08 AM EDT
[#29]
No we'll just eat the dogs
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Posted: 8/17/2018 11:25:43 AM EDT
[#30]
Sorry they sold their soul to the government Social Security fund. Maybe they should have invested just 10% of their money into stocks, they would be rolling in cash at 60 with their $10,000 house paid off 50 years ago.
But hey, fuck up and the government and taxpayers should fix it! |
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Posted: 8/17/2018 11:26:08 AM EDT
[#31]
Quote HistoryQuoted:
These trends are all the more interesting when you consider tha SSI is also going to evaporate in 15-20 years. Traditionally, Old people without family would starve in the street to be eaten by wild dogs. History repeats. I'm putting away $48,000 per year, and it still may not be enough. |
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Posted: 8/17/2018 11:27:45 AM EDT
[#32]
Quote HistoryQuoted:
15-20 years is optimistic. We're ten years overdue for the global economic reset. Quote HistoryQuoted:
Quoted:
These trends are all the more interesting when you consider tha SSI is also going to evaporate in 15-20 years. Traditionally, Old people without family would starve in the street to be eaten by wild dogs. History repeats. . They papered it over with stolen money.The next one's gonna be... ...interesting. |
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Posted: 8/17/2018 11:28:23 AM EDT
[#33]
Quote HistoryQuoted:
Donald Trump? Quote HistoryQuoted:
Quoted:
Unfortunately there's a lot of people that are getting ready to retire that are using bankruptcy as a means of getting rid of all their debt not because they're so much broke as they are just to get rid of the debt. I know one guy who was bragging about it. |
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Posted: 8/17/2018 11:28:36 AM EDT
[#34]
Quote HistoryQuoted:
Don't overspend. Don't use your house as a piggy bank. Live within your means. What is the difference between money and currency? My dad got sick and had to move in with me. See the gov expects you to deplete every last dime before they step in with Medicaid. My dad's medical bills were over 130k a year. All his saving were wiped out by my mom's illness. |
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Posted: 8/17/2018 11:28:39 AM EDT
[#35]
Hey look, a pro pension thread.
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Posted: 8/17/2018 11:28:42 AM EDT
[#36]
Quote HistoryQuoted:
The creator of the 401K regrets it and says it a shit system. |
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Posted: 8/17/2018 11:29:03 AM EDT
[#37]
Quote HistoryQuoted:
The creator of the 401K regrets it and says it a shit system. Quote HistoryQuoted:
Quoted:
The 401(k) system required decent monetary policy and laws to protect pensions from the likes of Carl Icahn. We had neither. I see nothing wrong with a 401K and other plans along the same line. You just have to learn to live within your means and plan ahead. If you don't actions have consequences. |
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Posted: 8/17/2018 11:29:31 AM EDT
[#38]
It's because most of their money is going to support the lazy idiot millennials living in their basements.
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Posted: 8/17/2018 11:30:32 AM EDT
[#39]
Quote HistoryQuoted:
Don't overspend. Don't use your house as a piggy bank. Live within your means. What is the difference between money and currency? |
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Posted: 8/17/2018 11:30:40 AM EDT
[#40]
Quote HistoryQuoted:
No we'll just eat the dogs. Quote HistoryQuoted:
Quoted:
These trends are all the more interesting when you consider tha SSI is also going to evaporate in 15-20 years. Traditionally, Old people without family would starve in the street to be eaten by wild dogs. History repeats. I'm putting away $48,000 per year, and it still may not be enough. Be sure to stock up on .22lr. It's currently on sale at Brownells. |
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Posted: 8/17/2018 11:33:09 AM EDT
[#41]
Quote HistoryQuoted: While that is all well and good, one life changing health even changes all of that. My mom for example, 8 years in a nursing home with Alzheimers, wiped my mom and dad's nest egg out very quickly. Started when she was 65. Nursing homes are 3 to 5k a month and up. My dad got sick and had to move in with me. See the gov expects you to deplete every last dime before they step in with Medicaid. My dad's medical bills were over 130k a year. All his saving were wiped out by my mom's illness. Health care costs is outrageously expensive. Dr. Dave Janda (ret.) said we should concentrate on prevention instead of treatment. That would save billions every year. The insurance industry isn't interested though since they're interested in making money, not providing for health care.  Failed To Load Title |
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Posted: 8/17/2018 11:33:29 AM EDT
[#42]
People with chronic, debilitating, expensive diseases should do the decent thing and just die.
It makes no sense to keep an 85 year old alive for 10 years at public or third party expense. |
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Posted: 8/17/2018 11:33:31 AM EDT
[#43]
Quote HistoryQuoted:
401k will allow me to be a millionaire. Quote HistoryQuoted:
Quoted:
The creator of the 401K regrets it and says it a shit system.
That'll be a significant sum, if you're able to retire back to 1988. |
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Posted: 8/17/2018 11:34:50 AM EDT
[#44]
I'm sure it has nothing to do with the cost of medical care.
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Posted: 8/17/2018 11:36:19 AM EDT
[#45]
Quote HistoryQuoted:
with their parent's "pensions" (read: Pyramid/Ponzy schemes...) Often bonds, companies stock, etc. but actual assets. Mine is still well over 100% funded. The pension fund had a decent amount of shares in the company. When the buyout of the company occurred the pension fund went from around 90% funded to more like 140% funded. With cash. They are NOT 'pay as you go' Ponzi schemes like Social Security. |
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Posted: 8/17/2018 11:36:51 AM EDT
[#46]
There are problems with how employed individuals use their 401k plans, but the bigger problems I see with retirees using 401ks are:
1) Retiring with at least one home that has been refinanced to the max with 30 years remaining to pay. 2) Using the 401K as a open savings account for every shiny object that catches their eye. 3) Outliving the projected age used when originally funding their 401K. I once had a retirement plan specialist explain that he thought that the bigger education shortfall was not in how to fund retirement, but how to plan the use of funds in retirement to prevent exhausting them. |
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Posted: 8/17/2018 11:41:38 AM EDT
[#47]
Quote HistoryQuoted:
Pensions ARE actually funded with real money and investments based on actuarial predictions. Often bonds, companies stock, etc. but actual assets. Mine is still well over 100% funded. The pension fund had a decent amount of shares in the company. When the buyout of the company occurred the pension fund went from around 90% funded to more like 140% funded. With cash. They are NOT 'pay as you go' Ponzi schemes like Social Security. Quote HistoryQuoted:
Quoted:
with their parent's "pensions" (read: Pyramid/Ponzy schemes...) Often bonds, companies stock, etc. but actual assets. Mine is still well over 100% funded. The pension fund had a decent amount of shares in the company. When the buyout of the company occurred the pension fund went from around 90% funded to more like 140% funded. With cash. They are NOT 'pay as you go' Ponzi schemes like Social Security.  .Good for you,...... However, most pension plans are underfunded by 50-80%. I've never understood how the Unions allow it, but they Do. I guess it's just easier for everyone, to pretend everything's OK. Until it isn't. |
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Posted: 8/17/2018 11:45:34 AM EDT
[#48]
Www.protectpensions.com
Lololololol |
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Posted: 8/17/2018 11:45:49 AM EDT
[#49]
Quote HistoryQuoted:
Now people have to actually pay in to/plan for their own retirement? Oh my stars! It does blow my mind how many people in my workplace either don't contribute to our matching 401K, or contribute less than the maximum matched amount. It's literally free money. don't buy the gun or the new car or go out to dinner so much...whatever, you'd be surprised with how much you could save and invest... |
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Posted: 8/17/2018 11:46:38 AM EDT
[#50]
If seniors account for 12%, what demographic(s) are the other 88%?
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