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Old 01-07-2016, 11:05 AM
 
Location: Tennessee
23,581 posts, read 17,574,904 times
Reputation: 27672

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Quote:
Originally Posted by IDtheftV View Post
People have no idea how much they are paying for the advice they are getting.
You can't really say that. If you were GM management, that's gone. If you retired with an airline, you are on the government plan so that instead of being able to eat out once or twice a month, you get to carry out some hamburgers and fries.

If you worked in Detroit, so far, your pension hasn't been cut, but the funding is still insolvent. Most states have insolvent pension funds that assume a hopeless 8% return, but in reality ... not so good. If I was a pensioner in Detroit - only ten years in or so - I would fear for they payments when I passed 70. If you spent your working life their and you are in your 50's or 40's it's worse. Lots of Ohio, Indiana, et. al. cities just haven't hit the fan yet. The states are less than a generation from a serious failure.
I don't know about GM, but I know it was pretty common practice for Eastman-Kodak employees in my hometown to take a lump sum payment - many didn't think they would live very long. I think the pension eventually went belly up, but the lump sum guys weren't just simply a loss.
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Old 01-07-2016, 05:04 PM
 
29,782 posts, read 34,871,258 times
Reputation: 11705
A topic related article that really is topic related whether you agree or disagree.
Conservatives are still trying to prove there's no retirement crisis -- but workers may know better - LA Times

Quote:
One persistent feature of the conservative attack on Social Security, and especially on the emerging campaign to increase benefits, is the notion that the typical American will do just fine in retirement just as it is.

Andrew G. Biggs of the pro-business American Enterprise Institute has been especially vocal on the topic in recent weeks, with articles in the Wall Street Journal, Washington Post and Forbes appearing all since just before Christmas. The pieces overlap in their treatment of the theme, which is succinctly defined by the headline in the Journal: "New Evidence on the Phony 'Retirement Crisis.'"
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Old 01-07-2016, 05:10 PM
 
Location: Great State of Texas
86,093 posts, read 72,515,954 times
Reputation: 27565
Quote:
Originally Posted by TuborgP View Post
A topic related article that really is topic related whether you agree or disagree.
Conservatives are still trying to prove there's no retirement crisis -- but workers may know better - LA Times
And the story always ends the same way...only government can save you from yourself.
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Old 01-07-2016, 05:38 PM
 
Location: SoCal
13,232 posts, read 6,335,450 times
Reputation: 9854
I never read the LA times for a reason. I think it laid off and declared bankruptcy recently. You can only read so much BS, let alone have to pay to read BS stuff. 75 editorial staffs were laid off, IIRC.
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Old 01-07-2016, 05:59 PM
 
14,260 posts, read 23,995,588 times
Reputation: 20076
Quote:
Originally Posted by Serious Conversation View Post
I don't know about GM, but I know it was pretty common practice for Eastman-Kodak employees in my hometown to take a lump sum payment - many didn't think they would live very long. I think the pension eventually went belly up, but the lump sum guys weren't just simply a loss.

Often, employees take the lump sum as it is a great way to purchase those large ticket items that they did not save for. For example, when Procter & Gamble spun off their orange juice assets about 15 years ago, the local Florida Ford dealership experienced a mini boom.

As for Kodak, the total pension liability was 86% covered with $4.9B in assets to cover $5.6b in benefits.

Statement from PBGC on Bankruptcy Filing of Kodak Corporation

In other words, Kodak pensioners will get nearly all the benefits they were promised.
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Old 01-07-2016, 07:22 PM
 
29,782 posts, read 34,871,258 times
Reputation: 11705
Quote:
Originally Posted by NewbieHere View Post
I never read the LA times for a reason. I think it laid off and declared bankruptcy recently. You can only read so much BS, let alone have to pay to read BS stuff. 75 editorial staffs were laid off, IIRC.
Ummm not sure about paying since I read online for free. As far as reading BS is that your summation after reading the link? The bankruptcy was with their parent company and they came out of that in 2012. Am I missing something more current? If so please link so I can put all in perspective. Isn't all of this more about the message and not the messenger?
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Old 01-07-2016, 07:28 PM
 
33,046 posts, read 22,062,610 times
Reputation: 8970
Quote:
Originally Posted by TuborgP View Post
A topic related article that really is topic related whether you agree or disagree.
Conservatives are still trying to prove there's no retirement crisis -- but workers may know better - LA Times
Quote:
One persistent feature of the conservative attack on Social Security, and especially on the emerging campaign to increase benefits, is the notion that the typical American will do just fine in retirement just as it is.

Andrew G. Biggs of the pro-business American Enterprise Institute has been especially vocal on the topic in recent weeks, with articles in the Wall Street Journal, Washington Post and Forbes appearing all since just before Christmas. The pieces overlap in their treatment of the theme, which is succinctly defined by the headline in the Journal: "New Evidence on the Phony 'Retirement Crisis.'"


How can conservatives say that with straight faces when statistics say otherwise?
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Old 01-07-2016, 07:39 PM
 
Location: Los Angeles area
14,018 posts, read 17,740,386 times
Reputation: 32304
I have to shake my head at the idea of a campaign to increase Social Security benefits. The real issue is how to sustain the current benefits for the long run. So where will the funding come from in order to increase the benefits? Such talk is pandering to the lowest common denominator, and it only encourages those who think they should be guaranteed the lifestyle of their choosing for as long as they live.
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Old 01-07-2016, 07:49 PM
 
33,046 posts, read 22,062,610 times
Reputation: 8970
Quote:
Originally Posted by HappyTexan View Post
And the story always ends the same way...only government can save you from yourself.

This is more like 'only big government can save you from small government'.

If local government allowed low earners to buy small houses, low earners would have paid-off homes in retirement and thus would not be destitute living on only Social Security.
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Old 01-07-2016, 07:52 PM
 
33,046 posts, read 22,062,610 times
Reputation: 8970
Quote:
Originally Posted by Escort Rider View Post
I have to shake my head at the idea of a campaign to increase Social Security benefits. The real issue is how to sustain the current benefits for the long run. So where will the funding come from in order to increase the benefits? Such talk is pandering to the lowest common denominator, and it only encourages those who think they should be guaranteed the lifestyle of their choosing for as long as they live.

If those people had been allowed the lifestyle of owning a small home, they would already be guaranteed that lifestyle as along as they live.

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