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Old 07-16-2008, 01:37 PM
 
Location: Wouldn't you like to know?
9,114 posts, read 16,161,300 times
Reputation: 3703

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Quote:
Originally Posted by HappyTexan View Post
Other retirees from the Top 500 firms get pensions and health care although in the last couple of years the price for them is rising.

Workers today get nothing..no pension plan nor health care after retirement. We are on our own with a 401K which will never compare to a pension plan. Big companies have been phasing out retirement benefits for quite a few years now by either increasing costs so much you can't afford it or just plain dropping it.

What I'm worried about is what happens in 20 years when these workers that only have a 401K to retire on starting hitting the retirement age.
I think you're selling the 401k short.

If I work for 35 years investing wisely the maximum in my 401k I'll have way more than any pension would've given me.....

You don't agree?
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Old 07-16-2008, 01:55 PM
 
Location: Ohio
138 posts, read 918,564 times
Reputation: 190
Quote:
Originally Posted by CouponJack View Post
Wow, I can't think of anyone else who gets lifetime health coverage.....


Oh yeah, congress does.....

I think people in prison also get lifetime health coverage.
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Old 07-16-2008, 01:57 PM
 
3,269 posts, read 9,192,092 times
Reputation: 2014
This doesn't seem too bad. It's only for those 65 and older who would get medicare anyway. They are also getting an extra $300 a month to pay for other healthcare. Sounds like a smart move on GM's part...from the article:

Now GM retirees also must navigate the confusing world of Medicare -- a health insurance plan some find so bewildering that many settle for costlier plans without doing the research to find cheaper, more comprehensive ones.

Please give me a break. GM is actually providing help to get set up with new insurance. These people should be glad all they are losing (for now anyway) is health insurance
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Old 07-16-2008, 02:04 PM
 
5,361 posts, read 10,267,772 times
Reputation: 4403
Yep, the Eskimos were rumored to put their old folks out to sit on an ice block for the Polar Bears to come eat.

Just a return to some real old time Conservative Values.
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Old 07-16-2008, 02:12 PM
 
Location: Great State of Texas
86,068 posts, read 76,241,792 times
Reputation: 27642
Quote:
Originally Posted by CouponJack View Post
I think you're selling the 401k short.

If I work for 35 years investing wisely the maximum in my 401k I'll have way more than any pension would've given me.....

You don't agree?
You sir are in the minority though. Workers are not forced to put anything in their 401K so we should not assume they are max'ing it out every year.

And your 401K can LOSE money in any given year while pensions are guaranteed fixed income.

A year old but this article shows some median and average 401K balances for various age groups and they are not big balances. Given this last year though I'm sure many people lost value in their 401K because the bulk of it is invested in equities.

Money: 401(k)'s for the Ages: Seeing Where You Stand - US News and World Report
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Old 07-16-2008, 02:32 PM
 
3,698 posts, read 10,526,787 times
Reputation: 2619
A pension isn't a guaranteed income.
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Old 07-16-2008, 03:02 PM
 
Location: Apple Valley Calif
7,474 posts, read 21,069,852 times
Reputation: 5634
Quote:
Originally Posted by HappyTexan View Post
We are on our own with a 401K which will never compare to a pension plan.
What I'm worried about is what happens in 20 years when these workers that only have a 401K to retire on starting hitting the retirement age.
I don't know why you say 401K will never compare with a pension. With the new laws, a new worker at age 18 will begin paying in to 401 K. It's automatic, the employer must enroll them, Yes the can opt out if they are really stupid, but then they have no one to blame but them selves.
If the new hire puts money away on an increasing basis for forty plus years, they can retire in fine style.
401K wasn't available to me until I was in my forties (There was no such plan before that time), and I still managed to put away a sizeable amount. Had it been available to me when I was 20, I would be swimming in clover. There is no reason for any employee starting work today, not to have a pot full of money by the time they retire.
It's time for people to be responsibility for themselves and not expect the government to do everything for them. One should start planning for retirement the day they start working, not wait until they are in their fifties. I did, and after almost three years of retirement, I have yet to touch any of my 401K money, and probably never will..! 401k is a great plan if used correctly. Start early and keep increasing your input. Every time you get a raise, put half into 401K
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Old 07-16-2008, 03:07 PM
 
Location: Great State of Texas
86,068 posts, read 76,241,792 times
Reputation: 27642
I'm in agreement with the posters that say 401K's are good. I have been max'ing mine out every year.

But from what I read that is what a minority of folks are doing.

We live in the age of government entitlement and I can't help but think they will want the government to fix all their problems and make sure they have a retirement check.
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Old 07-16-2008, 03:08 PM
 
Location: Boca Raton, FL
5,701 posts, read 9,315,111 times
Reputation: 7542
Smile P Gramm

Quote:
Originally Posted by cobolt View Post
but I think your elected officials get life time benefits all thanks to your generous tax contributions. I mean, didn't Phil Graham say the recession was in our heads?
He must have been watching his soft porn movie at the time!
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Old 07-16-2008, 03:09 PM
 
Location: The Great State of Texas, Finally!
5,377 posts, read 11,194,641 times
Reputation: 2519
Quote:
Originally Posted by evilnewbie View Post
So instead they should do what? Fire 10k people so they can keep their health care for retirement? Shut down a few more plants and layoff 20k people? Let these companes get away? Get away from what? Bankruptcy... You don't want them to get away from bankruptcy?
There is nothing to say that any of your suggestions won't happen anyway.
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