What The Pension Insurance Deficit Means for Your Retirement

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Retirement woes

Thanks for this article of pension information. It is really scary for all of us Seniors.

We have lived through the hard times of the Depression, been drafted to go to war, been injured or worse, etc.

Others who did not go to war worked in the factories and made good money. Immigrants come here and receive more benefits than our citizens! It is hard to think of all of these things.

Does anyone care?

phyllis fuller of WI @ Jun 21, 2009 22:52:08 PM

reply to Unidentified of IN

You've got to be kidding.....right? Are we being punked?

First of all, it was the auto companies that 'guaranteed' the benefits, not the government. As with any company, a guarantee is only as good as the company behind it. So you took a risk thinking the auto companies would be around forever and almost won. Except that GM & Chrysler are now in bankruptcy. Wasn't there a clue that nothing is guaranteed when the gov't in 1979 had to bail out Chrysler? Remember Lee Iacocca?

You state: "I BELIEVE A PROMISE IS A PROMISE, DEAL IS A DEAL AND A GUARANTEE BY OUR WONDERFUL GOVERNMENT IS EXACTLY WHAT IT IS SUPPOSED TO BE, A GUARANTEE OF BENEFITS." The gov't never guaranteed benefits to any auto company employees. If you listened to union reps, well.....that was a mistake!

"WAY TOO MANY MISTAKES MADE BY OUR GOVERNMENT WITH REGARD TO THE AUTO INDUSTRY." - NO, way too many mistakes made BY the American auto industry!

"HE WORKED IN THAT DIRTY, FILTHY PLACE FOR NEARLY HIS ENTIRE LIFE. NOT BECAUSE HE LOVED HIS WORK, BUT BECAUSE HE WANTED TO PROVIDE FOR HIS FAMILY" - Did anyone prevent him from getting a job in a clean place? Was he told he HAD to stay there? Especially if he didn't 'love his work.'

Do I feel for this angry lady? Sure, but where's her family?

What happened to self-sufficiency in this country? Doesn't anyone take responsibility for themselves anymore? Is it always someone else's fault?

NEXT GENERATION

As I tell my 3 kids, don't assume that Social Security is going to be around for you. If it is, GREAT! But don't assume it.

Don't spend every dollar you make. Put a MINIMUM of 10% of your salary away even though you're in your early 20's. Live on the 90% and you'll never miss the 10%. And do it for the rest of your life and you can retire in your early 60's.

Don't rely on anyone else. Don't assume that someone else is going to provide for you. If they do, GREAT! But don't assume it.

Even with the current economy and stock market; is it lousy? Sure. But it won't stay that way. I've lost 57% of my portfolio and I'm in my mid-50's. No one ever guaranteed me anything. But I'll come out of this okay 'cause I've always lived within my budget, saved, invested and done what I've needed to.

If everyone did this, we'd have less whiners in this world; less people EXPECTING others to provide for them. Happier people.

PS: Everyone takes out a loan to buy a car. Did anyone ever think that instead of borrowing, delay the first new car you buy until you save enough to buy it for cash. Then from that point forward, you continue to save for the next car and don't buy one until you can again pay cash? You're not only never in debt to buy a car, but you don't have the interest cost associated with the loan so it actually costs you less! This is the way people should think....not always spend and borrow.

BJboxcars of MN @ Jun 09, 2009 14:30:40 PM