Community Chat

[Nbo]

It is easy to say save. Young people now barely earn a living wage even with a college degree. They are also having to pay for school loans.  Employers don't always contribute to the 401K and let's not talk about pensions because it's very rare to find a place that offers that. That is a thing of the past.  

[suzyQ3]

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@SahmIam wrote:

A few things:

1) Wage stagnation

2) Expecting individuals to "educate" their children on finances when they themselves don't understand it

3) Pensions are NOT guaranteed. I witnessed this first hand with those near and dear to me. After 25 years, numerous professional awards (known no matter where you live in the world), working with some of the most powerful people in the world...it meant nothing  when a new owner took over...the pensions AND life time healthcare benefits were TAKEN AWAY. 2 letters are framed and hung in their home office as they are identical other than one reading "Pension benefits" and "Healthcare benefits". The biggest insult from this person? This line at the end of each letter:

"We apologize for any inconvenience this may cause".

4) Health issues/accidents. You never know. Really...you NEVER know.

5) Corruption among the upper echelon of ANY company. They walk away with a slap on the hands. The people whose lives they ruined get.....nothing.

I could go on but why bother. There will always be those who believe that anyone who isn't doing well as they are deserve it. Whatever. *shrug*

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@SahmIam, an excellent and obviously heartfelt post.

[bikerbabe]

I laugh when retirees speak about pensions. Happy for you but don’t assume it would be an option if you are working TODAY.

Quote from Money

“The percentage of workers in the private sector whose retirement account is a defined benefit pension plan is now 4%, down from 60% in the early 1980s. About 14% of companies offer a combination of both types.
Meanwhile, the few employers that still offer traditional pensions - typically industries with a strong union presence, such as the airline and auto sectors – have been working overtime to cut deals to either reduce or eliminate their plans.”

A friend recently left a company after 20 years. Her pension: $132/mo.

[bikerbabe]

P.S.
The irony is that the two sectors that may still offer pensions are primarily government and union jobs. Yet there are complaints that government is too big and we need to lay off government workers and unions are no good and need to be eliminated. 🤪

[cherry]

When we make up food parcels for the needy, we always make 20  bags for the people living  in the high rise  down the street from our church

They also deliver  them to these people ,instead of making them come to collect them

[proudlyfromNJ]

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@bikerbabe wrote:
I laugh when retirees speak about pensions. Happy for you but don’t assume it would be an option if you are working TODAY.

Quote from Money

“The percentage of workers in the private sector whose retirement account is a defined benefit pension plan is now 4%, down from 60% in the early 1980s. About 14% of companies offer a combination of both types.
Meanwhile, the few employers that still offer traditional pensions - typically industries with a strong union presence, such as the airline and auto sectors – have been working overtime to cut deals to either reduce or eliminate their plans.”

A friend recently left a company after 20 years. Her pension: $132/mo.

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@bikerbabe  I worked for a company for 19 years. I get $125.00 a month for a pension.

I do have a 401K from my last company where I worked for  10 years.

[suzyQ3]

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@bikerbabe wrote:
P.S.
The irony is that the two sectors that may still offer pensions are primarily government and union jobs. Yet there are complaints that government is too big and we need to lay off government workers and unions are no good and need to be eliminated. 🤪

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@bikerbabe, a similar irony: People are often their own worst enemies, both in thought and action.

[cherry]

Look at all the people working for Enron that lost everything...you just can't depend on anything

AN old auntie of mine used to say, the only security ,is what you can hold in your hand

[lovesrecess]

I get only 40% of the SS I am entitled to only because I was a public school teacher. The law is called the WEP...windfall elimination program. God forbid that I get wealthy by having my full SS along with my teacher pension!

[lovesrecess]

All it may take is one major medical crisis to sink someone’s ship, regardless of how much they have saved and how well they have planned. Medicare is absolutely not the fabulous all-expense paid program some think it is. The free things on Medicare are when you aren’t sick. When you get sick, you have to open your wallet.