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When I was starting out, all of the defense prime-contractors had defined benefit pensions. Most closed these pensions around 2005-2010, and froze accrual of benefits to existing employees around 2015. There's a silver lining: marquee engineers from Lockheed and the like, then in mid-career or somewhat later (people then in their 40s or early 50s), took a serious look at leaving, to start their own tech businesses. 20 years ago, this would have been intractable, as the giving up of a cushy pension would be too speculative. Now it suddenly makes sense.
Another trend is the merry-go-round of hopping from Boeing to Lockheed to Northrop. Seemingly every time that I'd arrive for a technical meeting, there would be a new cadre of geniuses around the conference table. "Wait, is this the Boeing meeting"? No, it was actually Lockheed, but 3 of the Boeing employees all left and took better offers at Lockheed. So no, I didn't blunder into the wrong campus that time. This would never have happened a generation ago, when everyone clung tenaciously to their pensions and pension-eligibiity.
My dad started at Northrop Grumman in 2007 or 2008. At that time, they had a pension. He worked there maybe ten years in a low paying role (<$40,000/year), but gets like $300/month in pension income.
This. Those born in the 60s have little to nothing in common to those born before that. That's why I really dislike using dates to define generations because it ignores the most important aspects which is the cultural differences.
Yup. The Baby Boom in the U.S. has generally been tied to '46 to '64, but those of us born in the '60s grew into a different world that those born in the '40s.
For those of us born in the second half of the Baby Boom, I often see (and like) the term "Generation Jones." We had a different experience than those who were born into the first half or so of the Baby Boom, different opportunities, different values guiding our parents (some of whom could be in that first wave of Boomers), different challenges.
Yup. The Baby Boom in the U.S. has generally been tied to '46 to '64, but those of us born in the '60s grew into a different world that those born in the '40s.
For those of us born in the second half of the Baby Boom, I often see (and like) the term "Generation Jones." We had a different experience than those who were born into the first half or so of the Baby Boom, different opportunities, different values guiding our parents (some of whom could be in that first wave of Boomers), different challenges.
Yup. The Baby Boom in the U.S. has generally been tied to '46 to '64, but those of us born in the '60s grew into a different world that those born in the '40s.
For those of us born in the second half of the Baby Boom, I often see (and like) the term "Generation Jones." We had a different experience than those who were born into the first half or so of the Baby Boom, different opportunities, different values guiding our parents (some of whom could be in that first wave of Boomers), different challenges.
Someone born in early 1946 would be nearly 19 at the end of 1964.
Lots of babies born to 17- and 18-year-olds in every generation.
That would have been the last year of what's considered the Baby Boom. The second wave would have begun roughly in 1956. Actually, there were 4 million births each year from 1957-61.
My understanding is that it represents two different sets of attributes. First, it represents a certain demographic who were born between approximately 1946 and 1964. Secondly, it represents a mindset locked into a period of time anchored in a long ago fantastical interpretation of reality such that many Boomers are often caught saying the phrase "Back in my day..." followed by some rose-colored interpretation of reality as we know it. These interpretations are generally nowhere close to reflecting what the reality actually was, often glossing over tragedies, inequities, and injustices, and typically acts as an obstruction to open-mindedness and intellectual and spiritual growth as a human.
From.a first year Boomer, each year has good times not so memorable times. Memorable, remembering Jackie Robinson, even into the mid 1950's still being the first black American to break the color barrier in baseball.
Growing up in Oakland, California, couldn't understand, 1959 why students trying to attend school in Arkansas, being shot with water from fire hoses. Martin Luther King, Civil Rights. People being not allowed to marry, especially if black and white, in certain states.
Bomb shelters, air drills in school, the fear of Russians. Strict dress code, must wear certain clothes for certain occasions; there might be elephants in the living room, one kept their mouth Shut.
Those were the days my friends, shall I go on.....
I'm sure some private sector employers still offer pension plans, but it is very rare to run into one for new hires.
Assuming that 15% is true, that is probably including long-term employees at companies that used to offer them, and those employees are probably Boomers or older Gen-Xers grandfathered under legacy plans. If you include government employee and military, I'd buy that 15%.
Again - that is not what the data says and ignores what was said prior - 15% of all workers in PRIVATE companies have access to pensions, that is not just older employees. The 15% figure does not include schools, government or military.
I am guessing because of your work, you personally may see few - that doesn't mean that pensions are not available in other areas. There are many industries where pensions are normal. Also Pensions are earned only if vested which normally requires staying in a job for more than just a couple of years, few stay long enough. Also, according to the data, over a quarter of the federal workforce are veterans - some have pensions from both, like my DW.
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