Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hello all. I've been in the union( management) for about 19 years with about 20 to go until I'd like to retire. I've had a few non union contractors ask me to work for them for about 50-60% increase in wage. Union shops don't have to pay the huge benefit package cost for an employee which is usually about 80%. So if someone make $100K it cost the union contractor $180k for that person.
I'm concerned about leaving the union for two main reasons.
1. The pension. But I'm told with the extra money I'd make non union I can invest it and receive the same monthly monies I would from a pension.
2. Health Insurance when retired. When one retires from the union they get medicare as primary and then the union health insurance picks up all other costs no matter what. I don't see how I could supplement that without having to pay a hefty price.
1. Whether this works depends on whether you do invest the extra money, and the yield that you get on that investment. That is- discipline is required. Keep in mind that a fair number of people sold investments at a loss during the last recession and didn't participate in the subsequent recovery. Also be aware that most professional money managers skim off a percent or two every year.
2. Those who perform physical work are more likely to need to retire early because of injuries, etc. Health benefits before 65 can then be very valuable.
Don't leave the union. You have one year to retire. Get your benefits then take the second job.
You have no idea what the economic conditions will be in the next year, plus you would be giving up all the benefits you paid for for almost 20 years. No brainer!
How do things look for union work in your area? A friend is married to a journeyman glass window installer; she said they lived briefly in Phoenix where no one wanted to pay union scale because there were so many other people willing to work for less. He contended that he was better-trained and did better-quality work and my have been right- but do you think the market for union work in your area will be healthy for the next 20 years?
Also- how healthy is the pension plan? Is it multi-employer? I live near HQ of a major trucking company (YRC) and they're in a multi-employer plan. It's struggling because so many participating employers have folded and it's under-funded. Only the employers still in business are in a position to fund the deficit and they're having a hard time coming up with the money.
Health insurance? That's a biggie. I was paying $900/month for a high-deductible plan the year before I qualified for Medicare.
Finally- if they're giving you a 50-60% wage increase and you've now got benefits worth 80%, you probably cannot duplicate your current benefits. Do the non-union jobs include health insurance? Is there a 401(k) with a decent match? Most of my employment has been in jobs without a pension but between SS and my savings I'm doing just fine. I've had good 401(ks) since they became popular, though, and was able to get through my career without tapping into them.
Look at it this way...if you were in the military with 19 years service..one more year to get a retirement package...would you leave at 19 years or wait for a 20 year retirement package ?
Don't leave the union. You have one year to retire. Get your benefits then take the second job.
You have no idea what the economic conditions will be in the next year, plus you would be giving up all the benefits you paid for for almost 20 years. No brainer!
I have 20 years until I retire, not 1, and you don't lose all your Bennie's as far as pension annuity etc. you only get for the amount of time put in.
The future is AI/Automation/Robotics supported by highly skilled/specialized labor.
With a population that is ever expanding the need for labor will become less and less thus presenting a problem with large amounts of "useless" or "non-demanded" capacity. They can try to form unions but it will be as useless as a union shop at the home depot doorstep laborer line.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
