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View Poll Results: If you have/will get one; when and how much?
Before age 50 15 7.04%
Age 50-55 27 12.68%
Age 56-60 24 11.27%
Age 60-62 13 6.10%
Age 63-65 7 3.29%
After age 65 10 4.69%
Less than $10K 16 7.51%
$10K-20K 17 7.98%
$20K-30K 14 6.57%
$30K-40K 16 7.51%
$40K-50K 12 5.63%
More than $50K 12 5.63%
No Pension 30 14.08%
Voters: 213. You may not vote on this poll

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Re: Pension?
Old 11-21-2005, 08:40 AM   #41
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Re: Pension?

My company recently converted from a DBP to a cash account pension. Those in the existing plan had a choice to stay on the old plan or start the new plan (keeping what we had vested in the old plan, but the percent-of-pay would never go up). I had 12 or so years in and the suspicion that if they were changing it, it wouldn't be in my favor, so I stayed in the old plan even though I doubt I'll be here until retirement. I probably should've switched the cash balance plan. Oh well.

My DBP isn't COLA, so while I'm up to 28% or so of salary if I change jobs inflation will dramatically reduce the real benefit before I retire.
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Re: Pension?
Old 11-21-2005, 09:26 AM   #42
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Re: Pension?

Quote:
Originally Posted by Spanky
There are many peope on this board receiving or expecting pensions from the government. Some of the pension benefits are very generous (e.g., $60 - 100K per year). The majority are vey confident that the government will never default its pension obligations or reduce the amount of promised benefits.

Why are you so sure that this will never happen? Can we trust the government? There have been so many discussions about the possibility that the government may default payments to social security. Why would'nt the government do the same the same to pensions? What if the government decides to default its obligations? How do you feel about that?
If the federal government were forced to default on my pension it would be in a situation so extreme that losing my pension would be the least of my worries. If the US economy were so bad that the government couldn't meet its obligations the stock market would collapse, state and local governaments (which get a great deal of their funding from Uncle Sam) would be unable to provide basic services and there would be a general breakdown of society. I don't lose a minute of sleep worrying about this possibility because I don't think it will happen and because worrying about it would do no good anyway!

Grumpy
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Re: Pension?
Old 11-21-2005, 10:40 AM   #43
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Re: Pension?

Quote:
Originally Posted by grumpy
If the federal government were forced to default on my pension it would be in a situation so extreme that losing my pension would be the least of my worries. If the US economy were so bad that the government couldn't meet its obligations the stock market would collapse, state and local governaments (which get a great deal of their funding from Uncle Sam) would be unable to provide basic services and there would be a general breakdown of society. I don't lose a minute of sleep worrying about this possibility because I don't think it will happen and because worrying about it would do no good anyway!

Grumpy
Grumpy:

I agree (mostly) with your assessment. My suspicion is that pensions will be managed and smoothed with taxes, not by flicking an on-off pension switch. But not that I want to initiate a big devolution-discussion into future taxes--seriously.

--Greg

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Re: Pension?
Old 11-21-2005, 10:47 AM   #44
 
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Re: Pension?

I think we should decrease taxes on the top 5% of the population. It is well known that they are the most productive citizens. Unburdened by taxes, they will invest, stimulate the economy, and increase gross FICA receipts. Social Security will be solvent, everyone has their pension, and the economy zips along. Simple!

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Originally Posted by Apocalypse . . .um . . .SOON
But not that I want to initiate a big devolution-discussion into future taxes--seriously.
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Re: Pension?
Old 11-21-2005, 10:52 AM   #45
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Re: Pension?

Quote:
Originally Posted by tozz
I think we should decrease taxes on the top 5% of the population.* It is well known that they are the most productive citizens.* Unburdened by taxes, they will invest, stimulate the economy, and increase gross FICA receipts.* Social Security will be solvent, everyone has their pension, and the economy zips along.* Simple!
That's what this administration seems to think too. How's that been working for you?
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Re: Pension?
Old 11-21-2005, 05:41 PM   #46
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Re: Pension?

Could you back up that the top 5% are the most productive citizens?

Are you talking about Chainsaw Al, Gary Winnick, Ken Lay?

What about the other 95%?

I used to think I was pretty productive, and I would have been around the 60th percentile.
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Re: Pension?
Old 11-21-2005, 09:28 PM   #47
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Re: Pension?

I think the top 5 percent are those earning the highest income while their tax payments represent more than half of all personal income taxes.
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Re: Pension?
Old 11-21-2005, 10:56 PM   #48
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Re: Pension?

Quote:
Originally Posted by Spanky
I think the top 5 percent are those earning the highest income while their tax payments represent more than half of all personal income taxes.
And if they don't think that's a bargain, I'll be glad to change places with them.
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Re: Pension?
Old 11-22-2005, 08:04 AM   #49
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Re: Pension?

I sure would not complain too much about paying the tax if I were making millions ...
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Re: Pension?
Old 11-22-2005, 08:34 AM   #50
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Re: Pension?

I saw where GM will be closing several plants including the one in Oklahoma. An old college buddy of mine took a job there when he graduated and has been there for about 28 years. I dropped in on him a couple of years ago and he was looking forward to retiring at 54 as he would have all his health benefits and pension in place at that time. Can you imagine being so close and losing your job like that? Not only that, but what benefits he will be entitled to are in jeopardy if GM eventually croaks. * Ford said they would be making some cuts the first of the year as well.

I wish those that are affected all the best.

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Re: Pension?
Old 11-22-2005, 09:15 AM   #51
 
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Re: Pension?

Shoulda plugged in my sarcasm emoticon.

Quote:
Originally Posted by Zipper
Could you back up that the top 5% are the most productive citizens?
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Re: Pension?
Old 11-23-2005, 01:36 PM   #52
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Re: Pension?

Thirty years from now I will get about $500/month non-COLA pension from the musicians union. I wonder if that will be enough to cover my trash bill at that point?

There's nothing I can do to raise that number much in the future. As a freelancer not in a major city, I only work about a third of the year (sometimes more, sometimes less), and only half of those jobs are covered by pension agreements.

Still, $500/month pension is $500 more than I expected when I started this lifestyle.
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Re: Pension?
Old 11-23-2005, 06:17 PM   #53
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Re: Pension?

The discounted value of $500 (based on 3% inflation rate) in 30 years is $206, which should be sufficient to pay for garbage bill and a couple of nice dinner for two. My garbage bill is about $26 per month.
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Re: Pension?
Old 11-24-2005, 01:22 AM   #54
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Re: Pension?

Inflation is such a rip off for pensioners.
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