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Old 07-16-2010, 08:20 PM
 
43,242 posts, read 47,117,023 times
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Quote:
Originally Posted by livecontent View Post
I disagree counselor. The person is reporting income and pension far above what most people earn. I think your view is skewed by the over compensated salaries and pensions of those in the beltway. A change will come and it will not be pleasant to the pampered.

Livecontent
You should look at just were your always saying your income is coming from too live content.Is it not the case that you income is most coming from similar sources at higher than normal entitlemnt income. Remmeber his largely based on his and wifes life time real earnings and has been paying the bill for many entitlements of others that never contribuited enough to cover theirs.You should be happy that he and wife contributed to entitlements by paying txaes for so mnay years at higher levels.Ther are changes coming but he is like beyond thsoe changes now at retiremnt and entitlements we all consider set wil change more than likely. Envy;pure and simple.
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Old 07-16-2010, 08:20 PM
 
9,807 posts, read 6,463,355 times
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My cousin took retirement from Chrysler after 40 years ( age 18-age 58)

His retirement package stated complete medical insurance ewould be covered til Medicare ( age 65 ) and a monthly pension for life stated.

Two years into retirement( age 60 ) he recieved a letter stating Chryler could no longer pay his health insurance in full and he had to pay $600 a month as his share.

Six months later his wife ( who was younger and still emplloyed) lost her job.

Retirement can throw curve balls at you.
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Old 07-16-2010, 11:43 PM
 
43,242 posts, read 47,117,023 times
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That is part of teh govenment forced bankrupsy tewrms. It could ahve been much worse in a bankrupsy court on lagecy cost. The investors are who took the haircuts many involvng other retiree plans. In a court the settlement would have put employee legacy cost lower than the investors;so he was lucky. Now he has to hope that Chrysler can survive and not endup in bankrupsy court.
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Old 07-17-2010, 04:28 AM
Status: "I LOOOVE COLORS" (set 7 days ago)
 
30,157 posts, read 27,247,842 times
Reputation: 17570
just a helpful hint: you can go back in and edit even after you post...i find it so difficult sometimes to read your posts with sooo many words not spelled correctly... you have good thoughts but its awfully difficult sometimes for all of us to figure out what it is your trying to write.
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Old 07-17-2010, 08:49 AM
 
23,901 posts, read 19,964,172 times
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Quote:
Originally Posted by texdav View Post
You should look at just were your always saying your income is coming from too live content.Is it not the case that you income is most coming from similar sources at higher than normal entitlemnt income. Remmeber his largely based on his and wifes life time real earnings and has been paying the bill for many entitlements of others that never contribuited enough to cover theirs.You should be happy that he and wife contributed to entitlements by paying txaes for so mnay years at higher levels.Ther are changes coming but he is like beyond thsoe changes now at retiremnt and entitlements we all consider set wil change more than likely. Envy;pure and simple.
Yeah and not very well clothed envy. Those who govern are not going to destroy the machine they use to govern with. No government wants to operate behind the 8 ball. Who has contributed more to their benefits:
Federal employees
mid to low income social security recipients

Haven't federal pensions been reformed? May he doesn't make much money so saving 5% of little earned is still little saved. Who knows!
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Old 07-17-2010, 10:50 AM
 
5,272 posts, read 6,153,756 times
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Quote:
Originally Posted by mathjak107 View Post
not everyone of us thinks of retirement as "chintzing down" and trying to live on the cheap... i know many look at retirement that way and rightfully so, the pay check stops and your forced in survival mode to make ends meet.

but there are loads of retirees too that have planned and dreamed of a retirement lifestyle thats even better then before they retired...
Agreed, and in fact, I'm one of them. TBH, I don't think I would have retired if my income was going to be limited to "only" $80K because such an income would not allow me to do all the traveling I plan to do in retirement. However, that was not the OP's question. He came to this board and with no other background, stated that he had two houses, two cars, no debt, an $80k income and $200,000 in other assets and wanted to know whether that was "adequate" as if he might have to eat cat food to survive.

I think that is why so many took offense to the OP's question.
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Old 07-17-2010, 12:06 PM
 
4,931 posts, read 8,814,715 times
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Quote:
Originally Posted by texdav View Post
You should look at just were your always saying your income is coming from too live content.Is it not the case that you income is most coming from similar sources at higher than normal entitlemnt income. Remmeber his largely based on his and wifes life time real earnings and has been paying the bill for many entitlements of others that never contribuited enough to cover theirs.You should be happy that he and wife contributed to entitlements by paying txaes for so mnay years at higher levels.Ther are changes coming but he is like beyond thsoe changes now at retiremnt and entitlements we all consider set wil change more than likely. Envy;pure and simple.
Thank You for your Post. You have pointed out issues that I will be mulling over in my mind.

Yes, changes are coming, for we cannot allow ourselves to put into debt by over generous public employees salaries and pensions. That is most severe economic problem that the world governments are facing. It is now causing a drain on resources in all US States, in all municipal governments.

However, I do believe that what pensions has been promised should be delivered. The difficult issues is how can we morally and ethically accept the reduction of private employees pensions and at the same time continue to go to the taxpayer to cover shortfalls in public pensions caused by excessive and early pensions.

Of course, we tend to bunch all the public employees into one basket; what we do forget is that many work hard and diligently and do, very much, deserve the salaries and the pensions that they earn. It is the ones we hear about in the media and know from our own experience, that have extreme salaries and padded pensions, that put the "rotten apples in the basket".

Livecontent

Last edited by livecontent; 07-17-2010 at 12:28 PM..
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Old 07-17-2010, 12:55 PM
 
23,901 posts, read 19,964,172 times
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Quote:
Originally Posted by livecontent View Post
Thank You for your Post. You have pointed out issues that I will be mulling over in my mind.

Yes, changes are coming, for we cannot allow ourselves to put into debt by over generous public employees salaries and pensions. That is most severe economic problem that the world governments are facing. It is now causing a drain on resources in all US States, in all municipal governments.

However, I do believe that what pensions has been promised should be delivered. The difficult issues is how can we morally and ethically accept the reduction of private employees pensions and at the same time continue to go to the taxpayer to cover shortfalls in public pensions caused by excessive and early pensions.

Of course, we tend to bunch all the public employees into one basket; what we do forget is that many work hard and diligently and do, very much, deserve the salaries and the pensions that they earn. It is the ones we hear about in the media and know from our own experience, that have extreme salaries and padded pensions, that put the "rotten apples in the basket".

Livecontent
One thing to mull over is the structure of the individual pension plans both private and public. Were they intended to be paid for out of current or future dollars. To compare the Illinois state pension with the North Carolina state pension would yield dramatically different results. That's why when you see sensationalized articles about public pensions they usually discuss Illinois and not states like North Carolina. Even New Jersey is having fixes applied that aren't draconian.
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Old 07-17-2010, 12:57 PM
 
43,242 posts, read 47,117,023 times
Reputation: 13691
I did not mean to get on your case but It obvious that this couple is still goig to be pay a fair share when they are retired in taxes. Thier contribtion will continue.Their income is well documneted and they will get nothing beyond SS when they reach that age likely. They can be come disabled and not qaulify for disabilty after so many years not working.They face paying for their insurance themsleves and very other thing until they reach 65 at minium. I think they shoud take a sober look at what the possiblities are and plan ;myself.They are pretty much on their own until 62 and then 65.They like myslf do not have any program that is likely to be a safe guard of what they worked so hard for ;so many years as a safety net.
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Old 07-17-2010, 01:01 PM
 
Location: Los Angeles area
9,326 posts, read 7,287,642 times
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Default Public employee pension discussion in another thread

Perhaps all of you are already aware of a rather similar discussion in another thread in this same Retirement Forum. It is entitled "Pensions, are they safe?" But in case not, I mention it.
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