Quote:
Originally Posted by icenine
Actually what has happened is that the private sector ditched retirement programs for their employees in the last 30 years while the public sector did not. So those who stayed with the public sector ended up having it better. My dad worked at Ford for 42 years and got a really nice retirement.
I know one thing....the 401k has not been tested like the old fashion pension plans. I would not be surprised if the poverty of those over 65 increases as time goes on and less seniors have the traditional pension plan.
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In the bolded; You can bet on that. The 401k was another idea that was never really intended to benefit anyone but the employer and the plan administrator. Most working folks cannot afford to make contributions substantial enough into their 401k to generate a sufficient income at retirement. Heck, I make good money and contribute 10% of my income and TransAmerica tells me my "Retirement Forecast" is "Partly Sunny"..................I guess retail employees, which is damn near everyone these days, are just screwed.
I did profit from one bit of wisdom, however;
Never listen to Republican fearmongering. In June of 2009, I
increased my contribution to 15%. It was tight, but I'm glad I did it. I know a lot of people who cut theirs, or took money out to blow it on stupid shit. (Stated with a nod to Forrest Gump.
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Regards,
Dave