Are Pensions non-existant ?
@3SnuggleBunnies (16374)
United States
March 6, 2016 8:31am CST
I was reading something on one of the canidates running for US President about how employee compensation have changed. One of the notions is how in the 1980's things started shifting from company sponsored pensions for their employees to a 401k in which one cannot gaurantee their rate of return if any at all. And economists love to tell people that social security isn't enough to live off of in your golden years and to save save save! I don't know alot of people who can afford to save outside of a 401k plan if they have one.What are people to do outside of work til they die? or if they fall ill become homeless? Could social security benefit expansion be the answer like in the article below?
Because your 401(k) really might not be enough, a new report finds.
3 people like this
5 responses
@celticeagle (166761)
• Boise, Idaho
6 Mar 16
Once again I am feeling so lucky to have been in the workforce during a time when there were pensions and even unions. Scary how things are going. Glad I am retired. I am on SSD and have a small life long pension. I feel very lucky to have this because I got it after only working at the job for five years. Now days you really have to think outside the box. Being your boss seems to be something to give serious thought to.
1 person likes this
@3SnuggleBunnies (16374)
• United States
6 Mar 16
Agreed you are very blessed that you were given a pension after such a short time on the job. That is truly unheard of these days. It is scary how things are going I don't know that my generation or the subsiquent ones will have things any better.
1 person likes this
@celticeagle (166761)
• Boise, Idaho
6 Mar 16
@3SnuggleBunnies ...It is sad to see how things are going. My daughter is disabled so she doesn't work and I am glad she won't have to go through the nightmare.
@3SnuggleBunnies (16374)
• United States
6 Mar 16
I imagine the taxation is high the pensions there? I don't know what is or isn't taxed for pensions here as I don't have one nor probably ever will as the way the employers are now days.
@skysnap (20153)
•
6 Mar 16
@3SnuggleBunnies Tax high. pension low. and even retirement accounts are taxed 60%. which makes you invest into some sort of gold type of assets.
@Hatley (163776)
• Garden Grove, California
9 Jun 16
I am retired amd in a retirement center paid forby my social security and my
'ssi for Im physically handi capped seniors/
@3SnuggleBunnies (16374)
• United States
6 Mar 16
That sounds like a good suggestion, though still not much but more than many seniors are getting. As if they worked full time on minimum wage the benefit would be $1160 a month not including taxes ect. When my mom went on disability and later social security she made $600 a month She didn't work alot when I was growing up so I understand that. But even in senior housing (30% of income) when rent is $200, approx that leaves you with $400 to pay your utilites, food, meds, Dr co-pays ect.
@JohnRoberts (109846)
• Los Angeles, California
6 Mar 16
There are very few excuses in which not to save. People spend spend spend. They complain about higher costs etc but go ridiculous at Christmas. How about saving that money instead of buying the latest dancing ipad that you have to have because everyone does. No, social security is not enough and your employer does not owe you a pension or 401k. It is YOUR responsibility to be financially prudent. All too often people moan and groan the I got no money blues as they wait in line at Starbucks.
1 person likes this
@3SnuggleBunnies (16374)
• United States
6 Mar 16
I agree with much of what you have said. Most of us are guilty of it. Now I agree the latest and greatest gadget isn't always necessary nor is a $6 daily coffee fix. We sadly are a society of "keeping up with the Jones' " to keep status up but yet we are in alot of debt because of such spending habits. However, in the same right our economy is based on consumerism if people don't buy or consume beyond necessities our economy will falter.
@JohnRoberts (109846)
• Los Angeles, California
6 Mar 16
@3SnuggleBunnies Then there is something wrong with our economy if we are "blackmailed" into spending. This is relatively a recent thing based on greed and lack of foreign sales. There was once a time when "a penny saved is a penny earned" meant something. Companies prided themselves on products built to last rather than products built to quickly wear out in order to increase sales. If our economy demands we spend every cent to be a good American, we are headed toward catastrophic disaster for future retiree generations when the government will not even have social security to offer and remember that even confiscating every cent from rich people does not scratch the surface of paying for everything.
