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"What are these pensions of which you speak?" --Millennials (followed by "Social Security? No, that's not still going to be a thing when we're old.")
There are many billions of dollars in these pension funds.
Over 900,000 North Carolinians are covered by the state pension fund, which delivered $535 million last month. https://www.nc.gov/agency/retirement-systems-division
Along with investment in bonds, the System is reliant on investment in equities to provide a return to sustain support for retirees.
I don't stereotype millennials. That puts me into a tiny minority. Millennials are surely the most stereotyped generation in history.
Most have a level of common sense.
"What are these pensions of which you speak?" --Millennials (followed by "Social Security? No, that's not still going to be a thing when we're old.")
I'm old enough to have a millennial as my child and I don't have a pension either, and neither do most of my friends my age. I don't disparage anyone that has a pension because pension recipients are less burden on overall society in the long run.
We are about to understand what happens when the majority of people don't have pensions awaiting them.
I'm old enough to have a millennial as my child and I don't have a pension either, and neither do most of my friends my age. I don't disparage anyone that has a pension because pension recipients are less burden on overall society in the long run.
We are about to understand what happens when the majority of people don't have pensions awaiting them.
"We are about to understand what happens when the majority of people don't have pensions awaiting them."
Well, add into that, when too many who could plan for their financial future ignore or fail to embrace their personal responsibility.
I think everyone knows someone who won't contribute to a company 401K even enough to grab a company match.
Pensions in the private sector were replaced by personal accounts many, many years ago. 1974 for IRAs and 1978 for 401Ks. How much notice did people need?
Many people work for small businesses, and traditionally these small business can't afford the benefits offered by large companies, such as matching contributions to 401k's for example. This is where the individual needs to step up and contribute to an IRA, but many don't, for any number of reasons. That's where taking personal responsibility has failed in some cases.
On the other hand, in recent years most non- rich kids are coming out of college with mountains of debt, so they are starting in a hole to begin with. Most would first prefer to pay off the student debt - and that's where the lack of a corporate pension hurts.
Anyway, going back to the original statements by the OP, it does seem that lack of income growth combined with increased housing, health care, and education costs are increasing the gap between the upper 10% and the rest of us. I don't see a quick solution either.
Healthcare and drug prices are a great example. My wife and I went to HSA's this year...so are cognizant of the prices. One of the drugs my wife takes for a heart condition is $150 for 30 pills in the US. In the U.K., it's $123 for 84 pills. Same drug. But it's illegal to import drugs from outside the US.
We buy many of our family members' chronic disease medications from outside the US and it saves a TON of money. We don't care about any laws. The US medical system, while the most advanced, doesn't take care of its own citizens.
We buy many of our family members' chronic disease medications from outside the US and it saves a TON of money. We don't care about any laws. The US medical system, while the most advanced, doesn't take care of its own citizens.
Unless you are buying everything from a well known Canadian manufacturer, and everything is made in (and ships from) Canada, you could be taking great risks in receiving poor quality meds. The US pharma industry rips off the domestic consumers, in many cases, because they know other countries won't allow it. This will change here over time. However quality wise, it's the best in the world.
We buy many of our family members' chronic disease medications from outside the US and it saves a TON of money. We don't care about any laws. The US medical system, while the most advanced, doesn't take care of its own citizens.
Can I send you a PM about it? We need to come up with something.
If a pension fund goes broke, the government can and will step in, but only certain amounts would be protected.
I'm in a single-employer plan that was taken over by PBGC. Yes, there are caps, but the majority of people won't hit them. The biggest drawbacks of PBGC are (1) choosing from the annuities they offer -- no lump-sum withdrawals from PBGC -- and (2) no COLA increase. You hope that inflation doesn't slash the real value of your pension. Financially the single-employer program at PBGC is reasonably healthy.
The rules for multi-employer plans, basically unionized industries, are different. Also, the multi-employer program at PBGC is badly underfunded.
I'm in a single-employer plan that was taken over by PBGC. Yes, there are caps, but the majority of people won't hit them. The biggest drawbacks of PBGC are (1) choosing from the annuities they offer -- no lump-sum withdrawals from PBGC -- and (2) no COLA increase. You hope that inflation doesn't slash the real value of your pension. Financially the single-employer program at PBGC is reasonably healthy.
The rules for multi-employer plans, basically unionized industries, are different. Also, the multi-employer program at PBGC is badly underfunded.
Interesting. I don't care for annuities either, but in this case, you were fortunate to have PBGC as a backup. Some folks aren't as fortunate.
Unless you are buying everything from a well known Canadian manufacturer, and everything is made in (and ships from) Canada, you could be taking great risks in receiving poor quality meds. The US pharma industry rips off the domestic consumers, in many cases, because they know other countries won't allow it. This will change here over time. However quality wise, it's the best in the world.
We mostly buy from Canadian companies, but some of them are from India. We understand the best is from the US, but really? The prices of these medications are absolutely ridiculous for many people in our country to pay. If we need to buy a medication from India, so be it. Yes, that country has tons of cost-saving schemes, but there are also many good, smart companies and smart scientists there.
At some point, if you can't pay for a life-saving, chronic disease medication, you will start to think less of quality and more of "can I just buy this medication for my illness so I don't die early?" That's a terrible dilemma to have. And to think, to have this dilemma in the richest country in the world.
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