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Thread: Pensions & Social Security

  1. #1
    Master OptiBoarder rbaker's Avatar
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    Pensions & Social Security

    A lesson well learned in the school of hard knocks - the best teacher there is.

    A recent post by drk ( http://www.optiboard.com/forums/showthread.php?t=12972 ) prompts me to send this along for your consideration. Since I am retired, my interest in this subject goes far beyond mere academic discussion.

    In drk’s post he stated:

    “Makes you wonder whether American business can be trusted to dole out retirement benefits, or we have to go nationalized.”

    I have never wondered about these issues. I was brought up with a “profound knowledge” concerning government. One axioms of that knowledge is that while we do need some government we will pay a price for it. It will be the most inefficient and wasteful method to perform a function. I was also given “profound knowledge” about human nature. I was taught that I am responsible, in large part, for my actions and therefore my place in life.

    In my working life I was enrolled in six pension plans. I received benefits in the form of minor cash distributions when I left the company from only two of these plans. Three of the plans just disappeared, the employer discontinued them and retained the funds. The last plan was absorbed by bankruptcy court when my employer went belly up. So, I don’t trust my golden years to my employer. Well, how about the guvmint?

    For the last 18 years of my working life I made the maximum contribution to Social Security. I was also self employed for quite a few of those years so my contribution was doubled. I now receive a check for $1615.00 a month. Now don’t get me wrong. I ain’t complaining. In fact, I am amazed that I get even that amount from Uncle Sam. It's just that I will have to live to the age of 232 to get back my contribution to Social Security. Lets face the facts. You are going to get screwed by both the government and your employer. Quite simply, they are not responsible for you welfare – you are.

    So, I am going to take this opportunity to change drk’s statement to the one below:

    Makes you wonder whether American business can be trusted to dole out retirement benefits, or we have to go nationalized, or we take personal responsibility for our own welfare.

    Dick

    www.aerovisiontech.com

  2. #2
    Master OptiBoarder chm2023's Avatar
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    I agree you are responsible for your own welfare. I wouldn't put the SS system and vaporized pensions in the same category--you knew SS wasn't a great deal from the start, and you are getting your checks. So while I understand the issue of poor return, there's no reason to call "foul". On the other hand, seems to me the companies you worked for broke a contract (ethically binding if not legally) with you. I guess I have been fortunate, the 2 companies I worked for long enough to be entitled to a pension are going strong (knock wood!). I think the wave of the future is the model of no pension, 401K with generous employer matching: this way the company keeps its (incompetent) mitts off your money, and has no looming liability.

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