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grow a pair, and learn that life isnt about someone else giving you anything for free
maybe you'll luck out and your Savior Bernie will be nominated in 2020; then you can leech everything off other taxpayers..
Some people grew a pair and don't get scared out of Chicago. Then need to put it down in blame.
You can take a loss in one neighborhood in change .... move to another and start new. My relatives did it decades ago.
Many of the same issues are Nationwide today. Especially large cities. Even smaller cities feeling the effects like my old PA hometown. Far from booming but for Walmart. Cheap living though and low taxes. County is still corrupt too.
grow a pair, and learn that life isnt about someone else giving you anything for free
maybe you'll luck out and your Savior Bernie will be nominated in 2020; then you can leech everything off other taxpayers..
Your a hypocrite, being critical of people that recieve pension, while admitting you get a match thru your employer and also getting 6.2% match into your social security account, something teachers and most state of employees don’t get.
Truly so clueless or just enjoy putting out nonsense for trolling sake?
Quote:
Originally Posted by Liledgy
Your a hypocrite, being critical of people that recieve pension, while admitting you get a match thru your employer and also getting 6.2% match into your social security account, something teachers and most state of employees don’t get.
There is a fundamental difference between any "Defined Benefit" plan and a "Defined Contribution Plan" that should be obvious why one has largely been phased out -- Don't take my word for it look to the newspaper that helps pin things down for folks in the rather progressive capital of Wisconsin https://madison.com/ct/differences-b...9bb2963f4.html
[quote]A defined benefit plan, also known as the traditional pension, was once offered by many employers but is increasingly rare today in the private sector. It pays a retiree a specific benefit based on years of service and salary level until they die. In some cases, the payouts will continue for a spouse or other beneficiary.
...
Defined contribution plans are generally known by the Internal Revenue Service tax codes that permit them, such as 401(k) or 403(b). They allow workers to make pre-tax contributions to their own retirement accounts. In some cases, employers will chip in a percentage or match contributions made by employees.
...
Of course, the biggest difference between a defined benefit and a defined contribution plan is that a traditional pension provides a stream of income until death while the money in a 401(k) is gone when the savings run out. A 401(k) is essentially just a savings account with tax advantages.[/QUOTE]
To add Social Security in to the discussion is rather foolish, at its base it is simply a TAX and the "benefits" are merely a very opaque way to redistribute wealth to various groups that are politically influential -- https://reason.org/backgrounder/how-...-plans-funded/
Quote:
By contrast, Social Security explicitly draws on the revenue from taxing active employees to pay benefits for retirees, and the contribution rates are determined through a political process that is disconnected from any actuarial analysis of the program’s members.
If you want to feel sorry for Illinois governmental workers who are not paying the tax (and neither is the state...) go right on and say so but at least understand what sort of a thing it is! There is no "match". There is no "pot of money earmarked for you" or anyone else. The brutal fact is that there are only a range of likely payouts for the program and NONE OF THE SCENARIOS that do not involve disability or folks who reached retirement age decades ago have a "return" approaching even the most modest kind of payback that one gets from any kind of normal retirement -- it is a system that is increasingly out of step with the realities of the workplace and ends up being a losing proposition except for the rare "one earner couple" -- https://www.aol.com/2012/09/07/is-so...rican-workers/
Bottom line: Stop soaking up the nonsense being spewed in the press releases coming from the liars running your union and open your eyes to the real problem that increasing numbers of Illinois insiders reaping benefits literally hundreds of times greater than what they "paid in" MUST come to an end NOW. The facts are clear -- there are TENS OF THOUSANDS of folks reaping HUGE six figure pensions and the majority of them will have "gotten back what they paid in" after JUST 20 MONTHS!!! It is as though the insiders who allow this practice to go on see the rest of us tax payers in Illinois as some kind of "money tree" that can be plucked clean to support such lunacy -- https://www.forbes.com/sites/adamand.../#fb1192a237e8
Your a hypocrite, being critical of people that recieve pension, while admitting you get a match thru your employer and also getting 6.2% match into your social security account, something teachers and most state of employees don’t get.
even though I have earned millions in my lifetime, my employers have contributed less than 40k to my ira in my life
and, if you knew anything about the financial world, you would realize that the 6.2% that my employers have paid into my SS account PALES in comparison versus how much I have contributed my self
I just hope none of my contributory dollars ever get into the hands of people like you, who like to find any excuse as to justify why you deserve a free ride with ANYTHING..
And, the only pensioners I am critical of are the double dipper, crooked union/political scums who milk their underlings dry while they earn hundreds of thousands of dollars every year in salaries/pension accruals at the expense of their members/constituents..
even though I have earned millions in my lifetime, my employers have contributed less than 40k to my ira in my life
and, if you knew anything about the financial world, you would realize that the 6.2% that my employers have paid into my SS account PALES in comparison versus how much I have contributed my self
I just hope none of my contributory dollars ever get into the hands of people like you, who like to find any excuse as to justify why you deserve a free ride with ANYTHING..
And, the only pensioners I am critical of are the double dipper, crooked union/political scums who milk their underlings dry while they earn hundreds of thousands of dollars every year in salaries/pension accruals at the expense of their members/constituents..
99% of the double dippers are high level management pukes! And the amount you’ve contributed is the exact same 6.2% to SS as your employer has, no more. Furthermore, anybody that can understand compound interest realizes that your reap far more from the gains than you do from your contributions, whether it be from a 401k or a pension plan. And yes your a hypocrite.
[quote=chet everett;52801997]There is a fundamental difference between any "Defined Benefit" plan and a "Defined Contribution Plan" that should be obvious why one has largely been phased out -- Don't take my word for it look to the newspaper that helps pin things down for folks in the rather progressive capital of Wisconsin https://madison.com/ct/differences-b...9bb2963f4.html
Quote:
A defined benefit plan, also known as the traditional pension, was once offered by many employers but is increasingly rare today in the private sector. It pays a retiree a specific benefit based on years of service and salary level until they die. In some cases, the payouts will continue for a spouse or other beneficiary.
...
Defined contribution plans are generally known by the Internal Revenue Service tax codes that permit them, such as 401(k) or 403(b). They allow workers to make pre-tax contributions to their own retirement accounts. In some cases, employers will chip in a percentage or match contributions made by employees.
...
Of course, the biggest difference between a defined benefit and a defined contribution plan is that a traditional pension provides a stream of income until death while the money in a 401(k) is gone when the savings run out. A 401(k) is essentially just a savings account with tax advantages.[/QUOTE]
To add Social Security in to the discussion is rather foolish, at its base it is simply a TAX and the "benefits" are merely a very opaque way to redistribute wealth to various groups that are politically influential -- https://reason.org/backgrounder/how-...-plans-funded/ If you want to feel sorry for Illinois governmental workers who are not paying the tax (and neither is the state...) go right on and say so but at least understand what sort of a thing it is! There is no "match". There is no "pot of money earmarked for you" or anyone else. The brutal fact is that there are only a range of likely payouts for the program and NONE OF THE SCENARIOS that do not involve disability or folks who reached retirement age decades ago have a "return" approaching even the most modest kind of payback that one gets from any kind of normal retirement -- it is a system that is increasingly out of step with the realities of the workplace and ends up being a losing proposition except for the rare "one earner couple" -- https://www.aol.com/2012/09/07/is-so...rican-workers/
Bottom line: Stop soaking up the nonsense being spewed in the press releases coming from the liars running your union and open your eyes to the real problem that increasing numbers of Illinois insiders reaping benefits literally hundreds of times greater than what they "paid in" MUST come to an end NOW. The facts are clear -- there are TENS OF THOUSANDS of folks reaping HUGE six figure pensions and the majority of them will have "gotten back what they paid in" after JUST 20 MONTHS!!! It is as though the insiders who allow this practice to go on see the rest of us tax payers in Illinois as some kind of "money tree" that can be plucked clean to support such lunacy -- https://www.forbes.com/sites/adamand.../#fb1192a237e8
Chet, I know what a 401k is, I started contributing to one in 1984.
I don’t think bringing up social security is foolish at all. When right wingers (who are getting 401k’s and social security) are trying to steal a teachers pension and There employer doesn’t pay into (nor do they) social security.
There is a fundamental difference between any "Defined Benefit" plan and a "Defined Contribution Plan" that should be obvious why one has largely been phased out -- Don't take my word for it look to the newspaper that helps pin things down for folks in the rather progressive capital of Wisconsin https://madison.com/ct/differences-b...9bb2963f4.html
Chet, I know what a 401k is, I started contributing to one in 1984.
I don’t think bringing up social security is foolish at all. When right wingers (who are getting 401k’s and social security) are trying to steal a teachers pension and There employer doesn’t pay into (nor do they) social security.
If you have a 401k surely you know that it is extremely uncommon for even plans with the lowest fees and best fund choices to yield 10% annualized returns from a risky decision to stick with 100% equities. https://money.cnn.com/2017/05/10/ret...urn/index.html Far more common that returns are barely over half of that...
You still don't seem to want to acknowledge that the money a worker is putting into their 401k or even the funds that have to be put into private pensions is real while the "promises" made to gullible government workers are empty. Fact is if the crooks who run the public employee unions did not lie to rank & file members about it being "OK to allow the legislators to skip payments" there would be funds to protect. Unfortunately there is nothing but 'liabilities', that would be like trying to rob a bank that only had IOUs in their vault -- you can't steal something that is worse than empty!
Speaking of "empty" I'll again point out that aside from those increasingly rare single earner couples who reached retirement age decades ago and are still collecting Social Security who might have some impressive "returns" on the paltry taxes they and their employer paid, while nearly everyone else LOST MONEY -- Mod cut.
No idea why you think there is anything to feel sorry for Illinois government workers who can avoid that ripoff. Maybe you should send more of your cash to help the Treasury pay off the Federal deficit -- https://www.treasurydirect.gov/govt/.../gift/gift.htm
While on the subject of long term plans I'd again point out there is no "compound interest' on this planet that can magically allow for the sorts of utterly ridiculous multipliers that are baked into the pensions that Illinois has promised to insiders. Even if the pensions were funded properly it is utterly impossible to pay out hundreds of thousands per year for folks who in the total sum of their working years put in less than they take out of the system in 20 months!
Sadly though I don't doubt you've been far luckier than the average dolt that blindly follows the lies spit at by union leaders your willingness to let insiders roll around in dough they are taking out of your wallet is precisely why the insiders are confident they'll get to keep living high on the hog while you pay more in taxes and see the value of your home suffer. Frankly my hope is the true hypocrisy of the corrupt party leaders who are opposed to allowing their own campaign stooges to unionize may finally help voters understand the lies -- https://www.nbcnews.com/politics/ele...orkers-n864196
Last edited by PJSaturn; 08-15-2018 at 12:18 PM..
Reason: Copyrighted image.
If you have a 401k surely you know that it is extremely uncommon for even plans with the lowest fees and best fund choices to yield 10% annualized returns from a risky decision to stick with 100% equities. https://money.cnn.com/2017/05/10/ret...urn/index.html Far more common that returns are barely over half of that...
You still don't seem to want to acknowledge that the money a worker is putting into their 401k or even the funds that have to be put into private pensions is real while the "promises" made to gullible government workers are empty. Fact is if the crooks who run the public employee unions did not lie to rank & file members about it being "OK to allow the legislators to skip payments" there would be funds to protect. Unfortunately there is nothing but 'liabilities', that would be like trying to rob a bank that only had IOUs in their vault -- you can't steal something that is worse than empty!
Speaking of "empty" I'll again point out that aside from those increasingly rare single earner couples who reached retirement age decades ago and are still collecting Social Security who might have some impressive "returns" on the paltry taxes they and their employer paid, while nearly everyone else LOST MONEY --
No idea why you think there is anything to feel sorry for Illinois government workers who can avoid that ripoff. Maybe you should send more of your cash to help the Treasury pay off the Federal deficit -- https://www.treasurydirect.gov/govt/.../gift/gift.htm
While on the subject of long term plans I'd again point out there is no "compound interest' on this planet that can magically allow for the sorts of utterly ridiculous multipliers that are baked into the pensions that Illinois has promised to insiders. Even if the pensions were funded properly it is utterly impossible to pay out hundreds of thousands per year for folks who in the total sum of their working years put in less than they take out of the system in 20 months!
Sadly though I don't doubt you've been far luckier than the average dolt that blindly follows the lies spit at by union leaders your willingness to let insiders roll around in dough they are taking out of your wallet is precisely why the insiders are confident they'll get to keep living high on the hog while you pay more in taxes and see the value of your home suffer. Frankly my hope is the true hypocrisy of the corrupt party leaders who are opposed to allowing their own campaign stooges to unionize may finally help voters understand the lies -- https://www.nbcnews.com/politics/ele...orkers-n864196
My IRA ( I rolled my 401k into Fidelity when I left the utility) is 93% equities, 7% bonds. I don’t consider that risky at all since I will never need it. My annuity that is fully paid by the contractor is all index funds, 100% equities.
The sp500 is very close to 10% return over the last 90-100 years so even getting 8-9 is realistic.
You obviously have never used a compound interest calculater that bankrate, Fidelity. Forbes or numerous other financial websites offer. If a worker, say a teacher made $85,000 and saved say 9.3% of there money and say there employer matched say, 8.3% of their salary and say they were able to average 9% a year for say 35 years, that would be how much? I know do you? Over 3.7 million. What did the worker (teacher) put in? Less than 300k. That’s the power of compound interest (with an 8.3 match).
This thread has been hijacked multiple times by off-topic posts, bickering and personal attacks. If you wish to discuss personal finances, then do so in the Personal Finance forum. If you wish to discuss national politics, do so in the Politics forum. If you wish to bicker and attack other members -- exercise some self-restraint and don't do it.
Please remember which forum you're in when you post and keep your comments relevant to the topic presented in the opening post. Feel free to post opinions or statistics which conflict with another's post, but NEVER attack the intelligence nor the character of another member.
Thread closed.
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Truly so clueless or just enjoy putting out nonsense for trolling sake?
