San Diego and San Jose Historic Public Pension Reform Propositions Pass OVERWHELMINGLY

[nullgeo]

Originally Posted by 1AngryTaxPayer

My generation up next to retire will have a different feel to it. That feel is going to resemble working unless you want to cut way back on your usual style.

If "[cutting] back on your usual style" means living sensibly and minimally, it would be an improvement for everyone, including the retirees ... just sayin'

Originally Posted by malamute

Well the "kids" celebrating the fact that older people are no longer going to be able to ever retire should realize that that keeps a lot of jobs for themselves from opening up.

I do think it's ridiculous that state employees could expect to retire at age 50 and live the high life for their next 40 years, but if there's a job problem now while they were retiring at age 50, just think how it's going to be with them hanging onto their jobs for 40 more years.

Of course oldsters will rarely, if ever, be capable of working into their 90's. Most employers won't want it, most jobs can't be performed with the limitations those ages impose. In some cases, such as being a retail door greeter, working into one's 70's might steal a few jobs from youth ... but what youth would seek such a job?

Now, before anyone screams, I am getting pretty long in the tooth myself, and am quite capable of being quite productive in certain professions. Yes, oldsters can contribute in certain areas. But the overall fear of seniors commanding much of the employment market is overblown. They certainly aren't going to be LEO's and firefighters, no work on municipal services crews.

[mysticaltyger]

Originally Posted by malamute

Well the "kids" celebrating the fact that older people are no longer going to be able to ever retire should realize that that keeps a lot of jobs for themselves from opening up.

I do think it's ridiculous that state employees could expect to retire at age 50 and live the high life for their next 40 years, but if there's a job problem now while they were retiring at age 50, just think how it's going to be with them hanging onto their jobs for 40 more years.

I just don't see people working until they drop dead. A lot of people end up with serious disabilities in their 50s (often because they didn't take care of themselves). I think most people will work a few extra years and then live out their old age in poverty or semi-poverty.

Fact Check: Most state employees can't retire until 55 at the earliest. It's generally the police, firefighters, and prison guards who can retire at 50, and they normally get a higher % of their incomes than the other state employees.

[leonard]

Originally Posted by mysticaltyger

Good post. I have always tried to save as if I wasn't going to get a pension...but it's really really tough when over the last 15.5 years that I've been working full time, investment returns have been pretty crappy, and now 13% of my pay is going to a benefit that I wonder if I will even get.

Yes, I know, others have it worse. But I do hope those in the older generation understand the uphill climb it's been over the last decade for the younger folks, even the ones who've mostly done the right thing (avoiding/minimizing debt, saving a significant chunk of salary for retirement, etc.)

Yep, spent the last 10 years getting rid of all debt. I have no debt now, own my home free and clear and all my vehicles, etc. Will be retiring this year and the vast bulk will come from the business I started 26 years ago. I will let my employees run it, share profit with them, They helped me and they deserve part of the profit now that they will be carrying more of the load.

[1AngryTaxPayer]

Unions at war with math, reality | UTSanDiego.com