Pension plans are going the way of the doe doe bird.

[Willoughbyva]

http://news.yahoo.com/s/ap/20050724/ap_on_bi_co_ne/managing_money_pensions

With large corporations getting rid of the more favorable pension plans and using 401K programs. It seems that social security or somethng is going to have to make up the difference. Some people are going to simply be unable to work in their later years.

 

[Rastus]

Companies filing bankrupcy has also been making private pension plans disappear also. I found that out in the '80's when I invested heavily into LTV steel just before they filed bankupcy and dissolved their pensions. Now the airlines are doing it, and the auto manufacturers are about to start.

 

[Jhhnn]

That's the problem when you let the company run the pension plan- they'll rob you blind, in a way that's perfectly legal, of course.

By applying a series of accounting tricks, management siphons off the companies' assets for themselves, including investing employee pension funds in the company to artificially inflate the stock price, then take a perfectly legal "exception" that allows for reduced payments to the plan- pay out those funds to themselves and the BOD. When the stock price of the now looted company falls, both investors and employees are left holding the (empty) bag... and the taxpayers are now called upon to fulfill the radically reduced pension stipends...

From an executive POV, you'd have to be a fool not to- if you don't, the next guy will, so get it while you can...

Can't happen in an independently administered defined contribution plan. There's no incentive for the kind of looting described above, so the administrators have to take the long view, settle for their fees, milk the cow rather than slaughter it... which still leaves some milk for the guys who were supposed to get it in the first place...

 

[zendari]

Originally posted by: Willoughbyva
http://news.yahoo.com/s/ap/20050724/ap_on_bi_co_ne/managing_money_pensions

With large corporations getting rid of the more favorable pension plans and using 401K programs. It seems that social security or somethng is going to have to make up the difference. Some people are going to simply be unable to work in their later years.

They have something to make up the difference. It's called the Roth IRA.

 

[outriding]

Originally posted by: zendari

Originally posted by: Willoughbyva
http://news.yahoo.com/s/ap/20050724/ap_on_bi_co_ne/managing_money_pensions

With large corporations getting rid of the more favorable pension plans and using 401K programs. It seems that social security or somethng is going to have to make up the difference. Some people are going to simply be unable to work in their later years.

They have something to make up the difference. It's called the Roth IRA.

Do you have a 401k?

 

[zendari]

Originally posted by: outriding

Originally posted by: zendari

Originally posted by: Willoughbyva
http://news.yahoo.com/s/ap/20050724/ap_on_bi_co_ne/managing_money_pensions

With large corporations getting rid of the more favorable pension plans and using 401K programs. It seems that social security or somethng is going to have to make up the difference. Some people are going to simply be unable to work in their later years.

They have something to make up the difference. It's called the Roth IRA.

Do you have a 401k?

I'm an 18 year old intern. I don't get a company match, so no I don't. I have 4k in my Roth IRA though.

 

[BBond]

Originally posted by: zendari

Originally posted by: Willoughbyva
http://news.yahoo.com/s/ap/20050724/ap_on_bi_co_ne/managing_money_pensions

With large corporations getting rid of the more favorable pension plans and using 401K programs. It seems that social security or somethng is going to have to make up the difference. Some people are going to simply be unable to work in their later years.

They have something to make up the difference. It's called the Roth IRA.

So while Americans are enjoying all of the benefits of globalization, they should save enough out of their WalMart paychecks that they earn selling all of those imported products to fund their retirement themselves. Uh huh.

Why not tell that to all of those CEOs running off with workers' pension funds? Tell them they should be funding their own retirement instead of floating from corporation boardroom to corporation boardroom on golden parachutes. Or do you believe, as they do apparently, that they have some sort of divine right to be filthy rich all of their lives?

 

[BBond]

Originally posted by: zendari

Originally posted by: outriding

Originally posted by: zendari

Originally posted by: Willoughbyva
http://news.yahoo.com/s/ap/20050724/ap_on_bi_co_ne/managing_money_pensions

With large corporations getting rid of the more favorable pension plans and using 401K programs. It seems that social security or somethng is going to have to make up the difference. Some people are going to simply be unable to work in their later years.

They have something to make up the difference. It's called the Roth IRA.

Do you have a 401k?

I'm an 18 year old intern. I don't get a company match, so no I don't. I have 4k in my Roth IRA though.

Eighteen. No kidding.

 

[zendari]

Better to start early, BBond, so I don't become a bitter old man like you are.

 

[moshquerade]

Originally posted by: zendari
Better to start early, BBond, so I don't become a bitter old man like you are.

:thumbsup:

 

[BBond]

Originally posted by: moshquerade

Originally posted by: zendari
Better to start early, BBond, so I don't become a bitter old man like you are.

:thumbsup:

Me? Bitter?

I'm sitting at my computer drinking a cup of herbal tea reading news and laughing at ridiculous comments like yours. What are you doing? Interning? Do you get paid?

If not, I hope it turns into a real job someday. If so, keep those cards and letters coming.

:laugh:

 

[Moonbeam]

Do not retire or sell your organs, but do not change capitalism because you and one % of the rest of the people will be rich.

The disease you see around you is your own. You do not deserve better. You will make a world that treats you exactly as you feel, but not how you think you feel, how you really feel.

 

[moshquerade]

Originally posted by: BBond

Originally posted by: moshquerade

Originally posted by: zendari
Better to start early, BBond, so I don't become a bitter old man like you are.

:thumbsup:

Me? Bitter?

I'm sitting at my computer drinking a cup of herbal tea reading news and laughing at ridiculous comments like yours. What are you doing? Interning? Do you get paid?

If not, I hope it turns into a real job someday. If so, keep those cards and letters coming.

:laugh:

i'm sure he got the drift of your bitterness not solely through this thread.

 

[BBond]

Originally posted by: Moonbeam
Do not retire or sell your organs, but do not change capitalism because you and one % of the rest of the people will be rich.

The disease you see around you is your own. You do not deserve better. You will make a world that treats you exactly as you feel, but not how you think you feel, how you really feel.

They will become what they fear. Bitter old men.

 

[Darkhawk28]

Originally posted by: BBond

Originally posted by: Moonbeam
Do not retire or sell your organs, but do not change capitalism because you and one % of the rest of the people will be rich.

The disease you see around you is your own. You do not deserve better. You will make a world that treats you exactly as you feel, but not how you think you feel, how you really feel.

They will become what they fear. Bitter old men.

They won't be bitter. They simply don't care.

 

[zendari]

Originally posted by: BBond
Me? Bitter?

I'm sitting at my computer drinking a cup of herbal tea reading news and laughing at ridiculous comments like yours. What are you doing? Interning? Do you get paid?
If not, I hope it turns into a real job someday. If so, keep those cards and letters coming.
:laugh:

Yes, I get paid.

And the CEO's should also give up their pension plans. So George Bush came up with the pension fairness act. I'm sure they don't need them though, and are willing to save on their own. Are you?

Nobody's forcing you to retire.

 

[Darkhawk28]

Originally posted by: zendari

Originally posted by: BBond
Me? Bitter?

I'm sitting at my computer drinking a cup of herbal tea reading news and laughing at ridiculous comments like yours. What are you doing? Interning? Do you get paid?
If not, I hope it turns into a real job someday. If so, keep those cards and letters coming.
:laugh:

Yes, I get paid.

And the CEO's should also give up their pension plans. So George Bush came up with the pension fairness act. I'm sure they don't need them though, and are willing to save on their own. Are you?

Nobody's forcing you to retire.

:roll:

 

[Jhhnn]

Zendari's right about one thing- it's better to start early on retirement, given the way the world is currently working. OTOH, finding a certain amount of bitterness among seasoned workers is to be expected- they've done their part, paid their dues, into the various pension and profit sharing plans, etc, only to find out they've been scammed, and are still being scammed... that the wealth they've worked hard to create is all being siphoned off at the top.

Get back to us in 30 years or so, zendari, after you've been repeatedly been blued, screwed and tatooed... I'm sure you currently think you'll end up on the other side of that equation, but the odds aren't in your favor, at all...

 

[Moonbeam]

They won't be bitter. They simply don't care about themselves. Fixed

 

[zendari]

Originally posted by: Jhhnn
Zendari's right about one thing- it's better to start early on retirement, given the way the world is currently working. OTOH, finding a certain amount of bitterness among seasoned workers is to be expected- they've done their part, paid their dues, into the various pension and profit sharing plans, etc, only to find out they've been scammed, and are still being scammed... that the wealth they've worked hard to create is all being siphoned off at the top.

Get back to us in 30 years or so, zendari, after you've been repeatedly been blued, screwed and tatooed... I'm sure you currently think you'll end up on the other side of that equation, but the odds aren't in your favor, at all...

I'm already being screwed jhhnn, only by the government. It's called social security. I'm sure my 30% reduced SS payments will allow me to play golf once a month and buy some Ben and Jerrys ice cream if I'm lucky.

 

[Darkhawk28]

Originally posted by: zendari

Originally posted by: Jhhnn
Zendari's right about one thing- it's better to start early on retirement, given the way the world is currently working. OTOH, finding a certain amount of bitterness among seasoned workers is to be expected- they've done their part, paid their dues, into the various pension and profit sharing plans, etc, only to find out they've been scammed, and are still being scammed... that the wealth they've worked hard to create is all being siphoned off at the top.

Get back to us in 30 years or so, zendari, after you've been repeatedly been blued, screwed and tatooed... I'm sure you currently think you'll end up on the other side of that equation, but the odds aren't in your favor, at all...

I'm already being screwed jhhnn, only by the government. It's called social security. I'm sure my 30% reduced SS payments will allow me to play golf once a month and buy some Ben and Jerrys ice cream if I'm lucky.

Another one of the spoiled, selfish, new generation of neocon.

 

[outriding]

nm

 

[BBond]

Originally posted by: zendari

Originally posted by: BBond
Me? Bitter?

I'm sitting at my computer drinking a cup of herbal tea reading news and laughing at ridiculous comments like yours. What are you doing? Interning? Do you get paid?
If not, I hope it turns into a real job someday. If so, keep those cards and letters coming.
:laugh:

Yes, I get paid.

And the CEO's should also give up their pension plans. So George Bush came up with the pension fairness act. I'm sure they don't need them though, and are willing to save on their own. Are you?

Nobody's forcing you to retire.

Dood,

I'm already there.

 

[Moonbeam]

The robots have arrived and will soon design and build themselves. Then we can all retire.

 

[BBond]

Originally posted by: Moonbeam
The robots have arrived and will soon design and build themselves. Then we can all retire.

The ultimate expression of Globalization.

I wonder if they'll have CEO robots too? Or will the criminals at the top maintain their status as the rest of us are replaced by robots?