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Old 12-15-2018, 11:07 AM
 
1,257 posts, read 285,755 times
Reputation: 1501

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Quote:
Originally Posted by NewbieHere View Post
This I think is mostly likely the reason.

I stayed at one company early on because it had a very good pension, but I left it just a few months shy of being vested for a high salary. I was greedy for the higher salary. But had I stayed until that pension was vested, I would end up with just $100-$200 today. My salary was held low to pay for that pension. And no, I wasn’t making low salary, I was making a salary of a 40 year old while I was only in my 20s, if anything my salary was off the chart for somebody with my years of experience. But the startup offered me more than 20% increase and the job made a difference in my career over the long term.
Seems like you made the right decision to me. A couple hundred bucks is OK, but it's not going to provide the long term financial security we're all striving for.
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Old 12-15-2018, 02:01 PM
 
4,431 posts, read 2,605,246 times
Reputation: 10294
Quote:
Originally Posted by mathjak107 View Post
my old housing projects buddies are the same . they lived "stupidly" . i pleaded with them back in the 1970's to go to the trade school i signed up for . nope , they rather hang out and work low end jobs . it required no effort on their part . today they are raising their own families in the same projects and complaining about the bad deal life dealt them ...
Sometimes 'stupid is as stupid does'.

Take my best friend. Love him dearly, but he and wifey are sure stupid, not just sometimes, but all the time. I have know him a dozen years at least. Due to his bad back, i walked him through applying for, and getting SSDI. Because he worked another 14 years more than i had and at one time had a very good paying job, his SSDI is 40% more than mine, his wife is a nurse who makes a very good $26/hr for this area full time.
They have a habit of buying newr used cars, getting bored with them and trading in with a balance due on the new car, so they always owe more than the vehicle is worth. He owes like $10-12k on a '08 rear wheel drive car i warmed him not to buy. Hes now boted with it and owes another 3 years on it and doesnt like rear wheel drive in snow. His wife wanted a brand new car last year and bought a new jeep, at a payment of $650/m payment, conbined they shell out $1k/m fir car payments. She now wants a new Subaru!!! She has decided she does not like the jeep!!
They bought a trailer home some years after being foreclosed on their old house for non payment of the mortgage. When her mother offered them to buy a rental they had, they decided to turn the trailer over to his homeless brother, who is always behind on lot rent and the mortgage payment he took over, sio best friend is constantly making up the difference, a practice i warned him to not get into, because bro cant taje a mortgage himself.
Instead of actually buying the rental from mom and step dad, tyey are renting it, and it will become theirs when step dad and mom die. I said get paperwork drawn up by an attorney. Nope. Didnt. There are 8 kids, step and her siblings who will want 'their share' of the rental, even though its promised to best friend and wife....you just sit back and watch. And they are responsible fir all maintenance on the rental!
They have no money ever, eat out 2 or 3 timez a week at lavish or medium priced places.
They have no savings, she does put a whole whopping 1% of her gross into a retirement fund at work. I gusss better than nothing.

Now take my oh and i. I was coming out of homeless on welfare, and my OH out of bankruptcy 18 years ago when we got together and got married.
Now we have paid cash fir two cars, including my OH s current '14 that cost $19k, and financed but paid off in 2 years 3 months instead of 5 years my current '06 bought 8 ywars ago. Its not the best, but its paid for and ill keep it til it dies, a concept best friend doesnt get.
3 years ago we hought a house, with a healthy down payment, abd now own half of it from the bank. We did do a stupid thing finance the upgrades and updates we made, but in 2 years will be paid off, should have used cash. My fault my mistake. No one gave us the house.
We have nit as much as id like in savings and like now we are actually dipping into it as my OH s hours got cut at both part time jobs.

Point being we cane a long way, while best friend is digging a deeper hole as they want new cars each.

I dont claim to be tge snartest one, but comparatively i think we are very smart compared to repeated stupid mistakes vest best friend and wife are constantly making.

Ive got a plan to, once my OH gets new jobs to save a $1k / month, that if we get great or good returns will add $400-500k to our retirement over the next 15 years....at oeast according to some retirement charts. Even if it only ads $250,k it will be far more extra to have.

I guarentee you best friend, oh, who now wants to but another boat!!! Will still have no money while we are sitting pretty, or at least very comfortable conpared to them.

You just sit back and watch.

Sometimes you can change stupid, sometimes stupid is as stupid does.

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Old 12-15-2018, 03:33 PM
 
4,338 posts, read 2,261,255 times
Reputation: 5588
Quote:
Originally Posted by ncguy50 View Post
There are many iterations of Mr Coomer's story across the internet. Some of them state that Coomer receives a partial pension, a fact that many of the bigger news outlets conveniently left out. Now why would they omit that information?

Perhaps they want you to see their painting in a certain aspect, a certain light. They want to advance the idea that corporations and capitalism itself are greedy and self-serving. But if you dig deeper into the situation, you might find that McDonald-Douglass did right by their workers by offering buyouts, transfers, and making good on pro-rated pensions. But that just doesn't make for a good story especially when you are working feverishly to sell socialism to a population.

I still feel bad for Mr Coomer. But what we don't know what we don't know and we have no idea what he was offered or accepted in the 60 days following notification. And a biased media is not inclined to provide any information that would change your view and scuttle their agenda.

Seeing an 80 yo who walks with a wobble getting up at 7 am to go to work at Walmart is what people want to see. Oh there must be something wrong with society when this happens... It's probably just the media tendency to love a shock story; that's what pulls the ratings.
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Old 12-16-2018, 07:19 AM
 
Location: Outside US
1,171 posts, read 463,614 times
Reputation: 1534
Quote:
Originally Posted by mercedesmarcelina158 View Post
Interesting read on retirement being unreachable for some people

"I blame myself": Retirement remains out of reach for millions of Americans https://www.cbsnews.com/news/i-blame...-of-americans/

And this one
Why millions of Americans are still working past the age of 65 https://www.cbsnews.com/news/retirem...rking-past-65/
Thanks for sharing, mercedes

Unfortunately, these stories are becoming more common as time goes by.
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Old 12-16-2018, 07:27 AM
 
1,257 posts, read 285,755 times
Reputation: 1501
Quote:
Originally Posted by mercedesmarcelina158 View Post
Interesting read on retirement being unreachable for some people

"I blame myself": Retirement remains out of reach for millions of Americans https://www.cbsnews.com/news/i-blame...-of-americans/

And this one
Why millions of Americans are still working past the age of 65 https://www.cbsnews.com/news/retirem...rking-past-65/
I'm planning and working to make sure these stories don't become my story. Of course there are no guarantees, but shouldn't we all?
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Old 12-16-2018, 07:42 AM
 
Location: Outside US
1,171 posts, read 463,614 times
Reputation: 1534
Quote:
Originally Posted by jrkliny View Post
How does someone make it to their late 50s with only an 8th grade education? Society mandates 12 years of education as a minimum.
IMO, his 8th grade education is not the issue.

29 years of on the job experience and life experience is what matters.

If he had graduated from a (joke of a) high school would his circumstances be any different?

I am assuming he was working in a narrow industry in Oklahoma and transitioning his skills and experience was not possible in his geographic area. And a big negative to that is being in his mid-50s.
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Old 12-16-2018, 08:04 AM
 
197 posts, read 160,823 times
Reputation: 1122
Quote:
Originally Posted by Returning2USA View Post
IMO, his 8th grade education is not the issue.

29 years of on the job experience and life experience is what matters.

If he had graduated from a (joke of a) high school would his circumstances be any different?

I am assuming he was working in a narrow industry in Oklahoma and transitioning his skills and experience was not possible in his geographic area. And a big negative to that is being in his mid-50s.
Respectfully, I disagree that in today's society an eighth grade education, "is not the issue".

A person's unwillingness to accrue further skills limits life choices and reduces their financial expectations.

IMO educational aspiration and flexibility throughout life is fundamental.
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Old 12-16-2018, 09:36 AM
 
13,872 posts, read 7,381,208 times
Reputation: 25351
Quote:
Originally Posted by Vacanegro View Post
Seeing an 80 yo who walks with a wobble getting up at 7 am to go to work at Walmart is what people want to see. Oh there must be something wrong with society when this happens... It's probably just the media tendency to love a shock story; that's what pulls the ratings.

No. Society wants to see people who save for retirement and live a modest comfortable life at age 80. Articles like this are object lessons on what happens if you don't save or if you make bad decisions and blow your retirement money. I figure the 50-something guy who had the pension buyout after the plant closing made some poor decisions that ran him out of money. I certainly see examples of it. The fancy car or the fancy RV. The money looks infinite when it's 5x what you ever made. Personally, I have a very good handle on the lifestyle adjustments I will need to make if my "Geoff never works again" contingency plan happens. I only have one shot at it. I can't afford to be in denial. Fortunately, my worst case cash flow is significantly larger than Walmart greeter. I know I can't buy that fancy car or fancy RV and I have to trim some of the lifestyle things that hit my cash flow.
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Old 12-16-2018, 03:21 PM
 
5,682 posts, read 8,749,928 times
Reputation: 4911
Quote:
just plain unemployable for loads of reasons . can't pass a drug test , a back ground check , poor work history , speak english poorly (thug speak ) , poor work skills , poor work ethics , etc
I don't think these are the Seniors we are talking about. The ones I encounter working retail/fast food don't fit this description.

Quote:
But my nightmare is having to go out and work at an old age. No matter what people say about social aspects, they like their job, etc., I don't believe the majority feel that way. The older people I see in fast food places or at wal mart do not look happy to be there
I shopped at Target today and encountered 2 senior cashiers. I was 2nd in line behind one - then another opened a register and called me over. They both seemed cordial and content - people I might socialize with in another setting. Now this was an older Target among middle class neighborhoods of an era you would expect to find retirees. Whether they were working because they needed to or as a diversion I can't say but I want to give a shout out to Target for a pleasant shopping experience.

Costco is known for its employee-friendly policies. Lot's of people my age working there. Until this last election I wondered if I would have to join them to get health care. Hoping that concern won't come up again before medicare age.
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Old 12-18-2018, 01:16 AM
 
5,424 posts, read 3,440,673 times
Reputation: 13676
Quote:
Originally Posted by Perryinva View Post

I wondered the same thing and did some googling. Turns out Mcdonell Douglas very illegally targeted that Tulsa plant specifically to avoid paying pensions. Their pension plan was specifically designed to pay very little if one left the company before age 55 with less than 30 years. They were found guilty and fined $36M, but were supposed to pay an additional $90M in lost wages and pension. The disgusting part is they got the $90M overturned, and after lawyer fees each of the pension eligible laid off people only got about $30k, lump sum. Truly was a horrible and unethical company.
Thank you very much for researching this, and finding what actually happened, which answers a lot of questions in this thread!!
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