posted
Looks bad for the working, and even upper middle class.
CNBC will have a discussion at 12:00 EST 03/08
I have been an entreprneur most of my working life..Commercial/Charter Sports Fishing,USCG Licensed Captain for Hire [ 100 Ton ], Fish Monger, Stock Trading enterprize, Realestate, and now marketing and developement of fishing lures, for Big Game Sports Fishing, as well as Salmon and Albacore Tuna...
I used to laugh when employees would ask me about a pension plan if they worked for me..
Like many of us, I have been extremely lucky to even be alive, and financialy reasonably secure in my financial future, the risks I took in my working career "at Sea" really scared my family members .. There has been some very close brushes with disaster in my working life..
As a man with a "limited at best" education I feel I have lived the American dream..
I never planned much for our financial future..Actually left that responsibility to my wife..She is a Professional, and well educated..
The whole point to all of this, is the following......SHE HAS an exellant pension program, for her retirement!
If we would of relied on me and my "Risky" business ventures for her retirement who knows how things would of worked out..
Atleast ONE bread winner in the family better have a viable pension/ retirement plan, sponsered by the company they work for!
The loss of pensions is a security blanket that should not be dismissed as just another middle class perk, that can be cut, so these no good lousy stinking CEO'S can buy new Gulf Streams for their no good stinking, stealing lying A$$'s.!!
posted
Well I guess its are turn in the barrel can't get much from the poor and the rich are to powerful to let anybody take anymore from them so what is left but everyone from working class to upper middle class.
Posts: 6008 | From: phoenix az | Registered: Mar 2005
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quote:Originally posted by glassman: anybody out there working for Toyota?
i'm curious how their pension plan works in the US...
in Japan? they have a natioanl pension plan that is set up differntly from social security...
I am 30, do not have a college education, and work for a large financial services company. I consider myself very blessed to share the same office and hold the same jobs as people with masters degrees. My parents didn't prepare or plan for their retirement, so now I'm going overboard. I'm "barely getting by" right now because of all of the investment I'm making to secure my future. Between 401K, Roth IRA, and real estate ventures it's tough. I'm hoping in the next 10 years my scrimping and saving now will have payed off. Fortunately, my company also has a pension fund, for now.
Posts: 722 | From: Richmond, Va , USA | Registered: Mar 2004
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posted
The big question is when will people have enough of what is going on through out the US? It gets worse and worse, i feel that at some point we will have a revolution in this country if things do not change. Even beyond this, i have a friend that was going through the legal process of getting Social Security Disability after 2.6 years 3 appeals and hiring a attorney, the day before trial they told the attorney they would my friend his benefits. Now they tell him it will take 2 months to get his check to him and it can be reviewed and still can be rejected. He will not get a lot of money per month anyway but he can live on it, but he also has to pay the attorney fee out of his pocket even though he won.
Posts: 3875 | From: ca. | Registered: Jul 2005
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posted
That's great, but what if you don't live to retirement age?
quote:Originally posted by Ramius: I am 30, do not have a college education, and work for a large financial services company. I consider myself very blessed to share the same office and hold the same jobs as people with masters degrees. My parents didn't prepare or plan for their retirement, so now I'm going overboard. I'm "barely getting by" right now because of all of the investment I'm making to secure my future. Between 401K, Roth IRA, and real estate ventures it's tough. I'm hoping in the next 10 years my scrimping and saving now will have payed off. Fortunately, my company also has a pension fund, for now.
-------------------- "Those who would give up Essential Liberty to purchase a little Temporary Safety, deserve neither Liberty nor Safety."
- Benjamin Franklin Posts: 3898 | Registered: Dec 2005
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posted
Ramius is a perfect example of someone who will probably be fine come retirement age. The problem we're facing though is that there's not too many out there like him. In my experience most people still aren't worried about it as they figure that "something" will happen between now and then and somehow they'll be set. We're heading towards a retirement age group where there will be no middle class. There will be the haves and the truly have nots.
We offer a retirment plan with matching company funds at work and guess what the bulk of the employees do? They'll put their money in, take the match from the company and then withdraw it at the end of every month. They'll take the early distribution penalty and the tax hit just to supplement their income a bit every month.
Posts: 5729 | From: Wisconsin | Registered: Sep 2003
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You are right so many people with or without families are using every cent just to get by and still get in debt. Many people are refinancing their houses up to the max. because it costs so much to live.
Posts: 3875 | From: ca. | Registered: Jul 2005
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You are right so many people with or without families are using every cent just to get by and still get in debt. Many people are refinancing their houses up to the max. because it costs so much to live.
That's true, a lot of them are but there's a lot of them who are just not concerned about it. They could be saving but aren't. I believe that the generation of people just starting out in the work force will probably be ok in their later years as it's going to be ingrained into them to save as much as possible. The ones who are in trouble are the ones around my age, mid 40's or so. If they haven't started yet, it's too late. A lot of them will be working right up until they die.
Posts: 5729 | From: Wisconsin | Registered: Sep 2003
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posted
Where are the young people going to find jobs that wii pay them enough to save? The cost of living is going up so much.
Posts: 3875 | From: ca. | Registered: Jul 2005
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quote:Originally posted by Gordon Bennett: That's great, but what if you don't live to retirement age?
quote:Originally posted by Ramius: I am 30, do not have a college education, and work for a large financial services company. I consider myself very blessed to share the same office and hold the same jobs as people with masters degrees. My parents didn't prepare or plan for their retirement, so now I'm going overboard. I'm "barely getting by" right now because of all of the investment I'm making to secure my future. Between 401K, Roth IRA, and real estate ventures it's tough. I'm hoping in the next 10 years my scrimping and saving now will have payed off. Fortunately, my company also has a pension fund, for now.
That's true, I may not...I guess then I will have at least prepared my wife/kids.
Posts: 722 | From: Richmond, Va , USA | Registered: Mar 2004
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quote:Originally posted by IWISHIHAD: Where are the young people going to find jobs that wii pay them enough to save? The cost of living is going up so much.
well, they take a lot of spped and work three jobs each household...
they make the kids stuff envelopes after school
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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