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Old 12-12-2018, 07:43 PM
 
78 posts, read 33,566 times
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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/
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Old 12-13-2018, 12:19 AM
 
Location: NYC
2,910 posts, read 1,589,162 times
Reputation: 7952
Saw that story on the news tonight, fellow worked for Lockheed Martin for 29 years. A couple of months before his retirement at 30 years the company abruptly closed down the plant & he lost his pension & the couple's dream for retirement. His wife has needed several heart procedures in the following years & they have had to refinance their mortgage several times, he admits they will never be able to pay off the home.

He is in his 80's now & works at Walmart as a greeter although he would prefer to be home with his ailing wife but they need his income. I suspect she was a homemaker & doesn't have much SS. A very sad & I think what will be an increasingly large problem as our generation ages: older people without pensions who didn't really understand investing in IRAs/401ks, or couldn't because of family issues, until too late & the skyrocketing costs of healthcare are pummeling them.
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Old 12-13-2018, 02:50 AM
 
2,443 posts, read 2,072,308 times
Reputation: 5690
Quote:
Originally Posted by Hefe View Post
Saw that story on the news tonight, fellow worked for Lockheed Martin for 29 years. A couple of months before his retirement at 30 years the company abruptly closed down the plant & he lost his pension & the couple's dream for retirement. His wife has needed several heart procedures in the following years & they have had to refinance their mortgage several times, he admits they will never be able to pay off the home.

He is in his 80's now & works at Walmart as a greeter although he would prefer to be home with his ailing wife but they need his income. I suspect she was a homemaker & doesn't have much SS. A very sad & I think what will be an increasingly large problem as our generation ages: older people without pensions who didn't really understand investing in IRAs/401ks, or couldn't because of family issues, until too late & the skyrocketing costs of healthcare are pummeling them.
You would think companies would not be able to do that. Should get some kind of pension for years of working. 29 years is way past the vesting period. Also, it's not like Lockheed Martin went out of business or is broke.
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Old 12-13-2018, 04:13 AM
 
Location: Colorado Springs
4,840 posts, read 4,956,944 times
Reputation: 17309
Quote:
Originally Posted by jasperhobbs View Post
You would think companies would not be able to do that. Should get some kind of pension for years of working. 29 years is way past the vesting period. Also, it's not like Lockheed Martin went out of business or is broke.
But their stock doing great! In our Corporate owned system, all that matters is returns to shareholders.
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Old 12-13-2018, 04:24 AM
 
Location: Ypsilanti, MI
2,439 posts, read 3,665,541 times
Reputation: 4805
Quote:
Originally Posted by Hefe View Post
Saw that story on the news tonight, fellow worked for Lockheed Martin for 29 years. A couple of months before his retirement at 30 years the company abruptly closed down the plant & he lost his pension & the couple's dream for retirement. His wife has needed several heart procedures in the following years & they have had to refinance their mortgage several times, he admits they will never be able to pay off the home.

He is in his 80's now & works at Walmart as a greeter although he would prefer to be home with his ailing wife but they need his income. I suspect she was a homemaker & doesn't have much SS. A very sad & I think what will be an increasingly large problem as our generation ages: older people without pensions who didn't really understand investing in IRAs/401ks, or couldn't because of family issues, until too late & the skyrocketing costs of healthcare are pummeling them.
I think this story is bogus.

Lockheed-Martin is unionized. 29 years is way past the vesting period as others have said. He may have made a now stupid choice to accept a cash-buyout of his pension at an early age when the plant closed, and then wasted all the money. If not, that pension was still waiting for him at regular retirement age and may still be waiting for him today.

That being said, my wife and I have four siblings between us who have or will be retiring with no pensions and zero or near zero savings. I feel sorry for them but I still remember the "Parable of the Talents" from the Bible and the "Little Red Hen" children's story. They had the same opportunities, and in some cases better opportunities, than my wife and I. They chose their path and decided not to change direction or alter plans even when the dismal future was obvious at the halfway point path toward retirement.
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Old 12-13-2018, 04:28 AM
 
13,914 posts, read 7,411,228 times
Reputation: 25408
Quote:
Originally Posted by jasperhobbs View Post
You would think companies would not be able to do that. Should get some kind of pension for years of working. 29 years is way past the vesting period. Also, it's not like Lockheed Martin went out of business or is broke.
They canít. I presume the guy took a pension buyout offer and spent the money.
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Old 12-13-2018, 04:34 AM
 
Location: North Texas
114 posts, read 45,870 times
Reputation: 909
Quote:
Originally Posted by Hefe View Post
Saw that story on the news tonight, fellow worked for Lockheed Martin for 29 years. A couple of months before his retirement at 30 years the company abruptly closed down the plant & he lost his pension & the couple's dream for retirement.
Quote:
Originally Posted by jasperhobbs View Post
You would think companies would not be able to do that. Should get some kind of pension for years of working. 29 years is way past the vesting period. Also, it's not like Lockheed Martin went out of business or is broke.
I read the stories, and both said it was McDonnel Douglas, not Lockheed. McD is out of business (or I guess now part of Boeing). I don't know what happened to the guy in the story, but it seems Lockheed is trying to do right by their retirees. According to several articles, they contributed around five billion to their pension fund this year. I'll admit to not understanding all that's going on though.

When my dad left AT&T, his pension followed him through all it's changes (I think it became Altell and maybe a few other names). He's still getting the pension from whichever company bought out or joined with AT&T today (20+ years later). I'd really like to know the details of the guy in the story. I'm no expert, but even when a company goes belly up, the pensioners still get something, even if it's from the PBGC.
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Old 12-13-2018, 04:36 AM
 
Location: North Texas
114 posts, read 45,870 times
Reputation: 909
I was Ninja'd by GeoffD


I agree with him. That's my guess too.
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Old 12-13-2018, 04:42 AM
 
13,914 posts, read 7,411,228 times
Reputation: 25408
Quote:
Originally Posted by MI-Roger View Post
That being said, my wife and I have four siblings between us who have or will be retiring with no pensions and zero or near zero savings. I feel sorry for them but I still remember the "Parable of the Talents" from the Bible and the "Little Red Hen" children's story. They had the same opportunities, and in some cases better opportunities, than my wife and I. They chose their path and decided not to change direction or alter plans even when the dismal future was obvious at the halfway point path toward retirement.
I was kind of late to the deferred gratification game. My sister used to fling The Ant and the Grasshopper fable at me. Fortunately, Iím high enough income that I could overcome a number of poor life decisions.
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Old 12-13-2018, 04:52 AM
 
5,426 posts, read 3,450,730 times
Reputation: 13709
Here's the story which Hefe is talking about at his post #2 which appeared on CBS News on December 12, 2018 - which the OP posted.

https://www.cbsnews.com/news/i-blame...-of-americans/

"At 80 years old, Coomer is still working as a part-time greeter five days a week at a Walmart in Oklahoma. Coomer is one of the nearly 10 million Americans over 65 who are still working.

In 1994, aerospace manufacturer McDonnell Douglas closed its plant in nearby Tulsa. Coomer, a machinist, had worked there for 29 years."

"All of a sudden, the loudspeaker come on and it said, 'Attention, McDonnell Douglas will close in 60 days.' And I mean, we stopped and looked at each other and thought, 'What in the world?' And to me, that was just like you had walked up and slapped me in the face," Coomer said."

He was 56 years old with an eighth-grade education and one year shy of a full pension. Financially, the Coomers have never recovered. Over the years, they burned through retirement savings and downsized their house and lifestyle, but still have a mortgage they can never pay off."

From the 2nd article the OP posted:

"Tom Coomer was a machinist at the aerospace manufacturer McDonnell Douglas for 29 years, but the plant closed one year before he was due to get his full pension. Now 80 years old, he works as a greeter five days a week at a Walmart in Oklahoma"

Last edited by matisse12; 12-13-2018 at 05:01 AM..
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