Some people fail to take into account that while American workers over the past seventy years were relying on themselves they were also forced to pay thousands of dollars per year into Social Security.
But enough of us see through the Republican lies on this issue judging by Bush's miserable failure in selling his Social Security destruction plan to America.
And it's highly unlikely that it will change with 70 million or so voting baby-boomers reaching retirement.
LMAO, your so bitter now that I would love to be around in 40 or 50 years to see how bitter you are then. Such a shame I don't have a time machine.
That's assuming you make the right decisions. Obviously not everyone will. I guess those people will just have to work until they drop.
What really amazes me is that nobody condsiders what could happen if the stock market crashes. Just because it's preformed well since the early 80's is no guarantee that it couldn't crash and take the rest of the economy with it. Anybody feel like jumping out a window today?
Oh look...the right-wing fluffer has returned.
With companies like American Airlines having problems with their pensions, this doesn't surprise me. And don't expect the government to bail out every pension in trouble. The $314 billion spent already in the "war on terror" and the moronic and expensive Medicare prescription drug boondoggle has hurt the government's ability to actually do something on the domestic side.
How many more times do people have to be slapped in the face before they realize pyramid schemes like SS and Pension funds fail under their own weight unless you can increase the people paying in indefinately?
btw pensions are a privledge not a right. The last company I worked at that had one paid into it while I didnt pay a cent.
I am surprised this piece of socialism has survived this long in the corporate world.
401ks are better anyways because it is put into an account with your name on it.
Gee what a surprise, an account with your name on it is better and wont be raped and taken from you.
Maybe someday people will get it.
unfortunately the 401k can get hurt since a large part is usually in the company you work for (matching) and the market could possibly go to sh!t in our lifetimes. Nothing is foolproof so it'd be nice if there were a safety net for the very unlucky people.
Doom and gloom from a liberal?
Say it aint so!
Zendari you might as well spend all you got and then some because you have no chance in life, none whatsoever, but the liberals will save you, or at least provide lip service to you as they steal your money.
Yep. We all know that socialism in the corporate world is only for the boardroom.
:roll:
And you should really read the fine print on those 401Ks. They may have your name on them but that money isn't yours until you're at least 59 and a half.
:roll:
And you should really read the fine print on those 401Ks. They may have your name on them but that money isn't yours until you're at least 59 and a half.
3chordcharlie
Diamond Member
- Mar 30, 2004
- 9,859
- 1
- 81
So that makes it okay to work at a private company that provides a private pension, and then simply elects to steal the pension fund from its employees? Membership in the pension plan is part of the terms of compensation for these companies, and may have had a significant role in determining which company employees choose to work with.
'Self-reliance' is certainly a noble thing, but there's a huge area of middle ground between funding your retirement entirely on private savings and investments, and expecting the government to look after it for you. When the government steals your SS money, or your company raids your pension fund, you are being robbed blind, and you are losing retirement income that you not only paid for, but had every reason to expect would be there for you.
Poor planning for the retirement of baby-boomers has affected SS-type plans worldwide, but government raiding of SS funds has done more damage than demographics ever could. You seek to give both government and private companies a free pass when they steal - why would you wish to do that? Does personal responsibility stop once you reach upper management?
Only if the participant elects to place their money into corporate stock. I'd pick a diverse mix and wouldn't put much in the company's own stock, if any. Depended on the financial well-being of the company.
Let me get this straigt. It is ok for the old people to complain about "possible" reduction of SS benefits, but when an 18 year old who is looking at a lifetime of taxation will get a guranteed 30% reduction they are nothing but spoiled?
I worked for a company that matched one-half of our 401K contribution up to three percent of salary. They switched the match from cash to company stock without any choice in the matter.
usually the part that the company matches goes into the company stock. the part that the employee puts in can go to other things. maybe this isn't standard practice but it's how I've heard of it working a couple of different places.
3chordcharlie
Diamond Member
- Mar 30, 2004
- 9,859
- 1
- 81
To be fair, that 'match' as devalued as it becomes when you have no choice in how to invest it, is still worth a minimum of $0. edit - i.e. they aren't taking anything from you.
Depends on thier plan, companies can offer more bang for the buck by taking their stock option. I worked for a fortune 250 company and we had many many many options through fidelity. I opted out of relying on how my company did for a return.
There are safety nets for the very unlucky but you would have to be damned unlucky for a 401k to fail. I contributed to a 401k for roughly 18 months and with the company match it created a nice little nestegg. If I worked there for 10 years the thing would be really nice.
The bottom line is in this country if you can get an education and have a little drive you can make it.
Uh I left a company 3 months ago and the money is mine. I am currently weighing my options on what to do.
As for thr 59.5 part that is a govt regulation regarding retirement funds. I can take it out but it will incur a 10% early withdrawl fee. That goes for any other IRA account and isnt limited to 401ks.
But of course I cant expect you to understand most of this. You seem completely inept at dealing with anything retirement related which is funny considering you are already retired. But I guess when you are a ward of the state waiting for your next welfare\SS check you are exactly what the congress is looking for.
Well, when I worked for a small consulting firm, it had no company stock so I could place their match whereever I wanted.
As the old saying goes, "Be honest, trustyworthy and true and you will get your just reward". Good luck with that.
45 years ago a car cost around $2000 and that was also around to the average yearly wage. Now that figure is a little over $20,000. Your nest egg will look a little different once the inflation that is being caused by the massive goverment debt and the high price of energy kicks in and is adusted for inflation for the next 45 years..
Originally posted by: 1EZduzit
As the old saying goes, "Be honest, trustyworthy and true and you will get your just reward". Good luck with that.
45 years ago a car cost around $2000 and that was also around to the average yearly wage. Now that figure is a little over $20,000. Your nest egg will look a little different once the inflation that is being caused by the massive goverment debt and the high price of energy kicks in and is adusted for inflation for the next 45 years..
This is assuming of course the nestegg sees zero growth.
Something that is not impossible but unlikely.
judasmachine
Diamond Member
- Sep 15, 2002
- 8,515
- 3
- 81
no one is going to get to retire the way our fathers and grandfathers have. all you can do is save your money, the company, and the government isn't going to do it for you.
Lets take the typical liberal abortion rant:
What happened to freedom and liberty in this country? These bastardly evil neocon religious nutcases think they can decide what is best for my body! Where is the LIBERTY and right to CHOOSE what is best for my own body? Where are my reproductive rights to privacy? Those Repugs are trying to put women in thier place as baby making machines. The right to CHOOSE what is best for ones own body should be up to the woman and her doctor, not government stooges!
Now lets swap a few words.
What happened to freedom and liberty in this country? These bastardly evil irresponsible liberals think they can decide what is best for my retirement! Where is the LIBERTY and right to CHOOSE what is best for my own retirement? Where are my financial rights to privacy? Those leftists are trying to put young workers in thier place as retirement-funding machines. The right to CHOOSE what is best for ones own future should be up to the person and his/her financial advisor, not government stooges!
I thought leftists were pro-choice.
What happened to freedom and liberty in this country? These bastardly evil neocon religious nutcases think they can decide what is best for my body! Where is the LIBERTY and right to CHOOSE what is best for my own body? Where are my reproductive rights to privacy? Those Repugs are trying to put women in thier place as baby making machines. The right to CHOOSE what is best for ones own body should be up to the woman and her doctor, not government stooges!
Now lets swap a few words.
What happened to freedom and liberty in this country? These bastardly evil irresponsible liberals think they can decide what is best for my retirement! Where is the LIBERTY and right to CHOOSE what is best for my own retirement? Where are my financial rights to privacy? Those leftists are trying to put young workers in thier place as retirement-funding machines. The right to CHOOSE what is best for ones own future should be up to the person and his/her financial advisor, not government stooges!
I thought leftists were pro-choice.
There is nothing wrong with the idea of a pension. All they are is another type of investment (essentially the same thing as an annuity). Their funding is not socialism either; it is an agreed upon term of the employee's service (that's a contractual obligation).
It's not like the employee is getting something for nothing. This is a term of employment. In fact, there are people who have choosen a lesser rate of pay in exchange for a defined pension plan.
The point where things go horribly wrong is when terms that the employee and employer previously agreed to is retroactively and unilaterally (by the employer) changed. Where is the "personal responsibility" in that?
disclaimer: I work for an insurance company
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