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Old 11-09-2018, 02:06 PM
 
122 posts, read 59,519 times
Reputation: 269

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Quote:
Originally Posted by animalcrazy View Post
I never had a pension or a 401K. I chose to manage my money for retirement by putting it into income properties. My husband has a good police pension and retired as a sergeant after nearly 30 years. I personally never trusted any of the hospitals I worked for to give me much of a retirement and I always worried about them closing. I have more money from the rentals than most people have in their 401K and about 300K more than John's deferred comp, which we invested nearly $900 dollars a month in for his entire career. The crash of 2008 was a disaster but it didn't affect the rentals. You can always find someone who needs a place to live. I tried to talk John into buying a couple more properties (cash only), but he wouldn't budge. It was the perfect time to buy. The demand for rentals was high and so were the rents. I was able to retire at 58 and my husband at 56. We could spend 2K a month from the rental money and now, the sale of the properties and that will take us well into our 90's. I was always worried that social security would never be there for me either, so I planned for that as well. Moral of story? Be responsible for your own financial security. Depending on anyone for your retirement is foolish. Granted the police pension is a huge given, but not everyone has that option. We could survive without it, but it would mean some drastic lifestyle changes. We could sell our house and buy in a lower tax area for cash and live just fine. As long as you have options, you are ahead of the game.
Good for you...! I agree 1000%. It's amazing how people put their complete trust in institutions and believe that they care more about their welfare than they do! Especially today with companies closing and the economic situation moving whichever way the wind blows.
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Old 11-09-2018, 03:03 PM
 
Location: Paranoid State
13,047 posts, read 10,434,659 times
Reputation: 15678
Pensions should be outlawed. People should just save for their own retirements.
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Old 11-09-2018, 04:04 PM
 
2,443 posts, read 2,070,283 times
Reputation: 5690
Quote:
Originally Posted by sportyandmisty View Post
pensions should be outlawed. People should just save for their own retirements.
lol
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Old 11-09-2018, 04:14 PM
 
4,866 posts, read 1,217,890 times
Reputation: 3738
Quote:
Originally Posted by SportyandMisty View Post
Pensions should be outlawed. People should just save for their own retirements.
PUBLIC pensions should be outlawed.
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Old 11-09-2018, 04:19 PM
 
2,443 posts, read 2,070,283 times
Reputation: 5690
Quote:
Originally Posted by Grlzrl View Post
PUBLIC pensions should be outlawed.
I will go along with that but what non government companies offer their employees is their business. Taxpayers are not on the hook.
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Old 11-09-2018, 04:38 PM
 
6,635 posts, read 4,596,063 times
Reputation: 13350
Quote:
Originally Posted by Grlzrl View Post
That sucks!

I guess you didn't read her post. Lump sum is no longer an option.

I agree with you. But if you read the pension plan docs, most of them say they can change it at anytime. HOWEVER, anything already accrued should be paid. Are you saying they aren't paying what he is owed? Or just that they changed the availability of the lump sum?

Most people prefer the lump sum. It's less risky if your company goes under, too.

Ugh. I am sorry. I hope you live 50 years just to screw them.
They removed the lump sum option and severely reduced the amount of his pension account. Thankfully, we’ve been saving via 401Ks and other investments as well. Did it **** us off to lose the money? Yep, but we’ll be fine. It just sucks that companies don’t have to keep their promises, but sure expect maximum work effort out of their employees.
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Old 11-09-2018, 08:37 PM
 
Location: Proxima Centauri
4,812 posts, read 1,984,732 times
Reputation: 5254
Default Red State Hell

Quote:
Originally Posted by matisse12 View Post
You might be interested in watching this new (10-23-18) interesting Frontline episode called and about the "The Pension Gamble", even though you're not a public employee.

Here it is in full:
https://www.pbs.org/video/the-pension-gamble-hzokyh/

I watched this excellent documentary from the first to the last minute. What a powerful indictment of the political system at Kentucky's local, the federal level, and the complicit Wall Street hedge fund managers this is. In 1999 Kentucky had a fully funded state pension system which got whittled away by excessive fees, and two recessions. The saddest part of this story is that we were warned by Brooksley Borne that bundling loans into securities was a ticking time bomb. The bundled loans were marketed as securities and assigned an AAA rating. The companies that marketed these securities needed a federal hand out when interest rates rose and owners of variable rate mortgages defaulted.



What a sad day for Kentucky public servants.
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Old 11-10-2018, 01:11 AM
 
95 posts, read 26,494 times
Reputation: 149
I lost the company pension as a result of a takeover. Basically, the pension fund was converted to cash and the employees were paid out on a pro-rata basis. The only good thing was that the fund went to cash just before the tech wreck around 2000 and so my new retirement account started with a reasonable balance. The bad thing was that the amount of the cash out could not have bought half the annuity equivalent to the previously guaranteed pension.

Anyway, it was outside my control. The really important thing was that DWvand I educated ourselves about investing and we were able to take control over the assets that we did have.
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Old 11-10-2018, 01:35 AM
 
4,432 posts, read 2,609,683 times
Reputation: 10304
Quote:
Originally Posted by Stockyman View Post
Luckily I have a company pension but I won't be retiring in another 20 years if I'm lucky enough to not be fired, let go, or have my company close.

Curious if anyone here lost their company pension or had it reduced due to bankruptcy of their company. Not sure if my company can last another 20 years even though it's very stable now but who can tell in the future. I feel for people who say retired from Sears and were depending on that pension to help them in retirement.

Sorry if this has been discussed to death.
Whats this "Pension" thing you speak of?

I never had a job with a pension.

401k, yes, but pensions were done away with in my sectors by the time i started working.

My father worked 30 years at fortune top 10 company,his pension was one thing, and since he retired at 55, they cut his pension amount by the amount he could collect from SS when he became eligible. He did NOT get his pension plus SS.

Oh, and other things were different then too. He had his military done, was in college on the GI bill, and did a summer temp job for the Company. They hired him full time permanent out of that summer job BEFORE he completed his degree. Then 4 years later they paid fir his time off. Paid for the remaining of his degree, and held his job for him when he finished his degree. So he was hired full time permanent without a completed degree.

Thise days are probably long gone too.

And no. I could not get a job there for three reasons: 1) by the time i came along, they had stopped the hiring of family members, 2) i am NOT an engineer. I can barely hang a picture. 3) the military, which service thereof the company valued highly, would not take me due to my having asthma.


Last edited by galaxyhi; 11-10-2018 at 02:02 AM..
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Old 11-10-2018, 05:02 AM
 
2,443 posts, read 2,070,283 times
Reputation: 5690
Quote:
Originally Posted by Grlzrl View Post
PUBLIC pensions should be outlawed.
Many states are going to a tier 2 pension for new employees where the pension is not near as generous and some are more of a 401K type thing. The postal service did this too and working there is not as desirable as it once was.
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