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Indeed, it sort of assumes that working at FAANG with a pension plan and 200k+ is what the author should be striving for (the objectively better option), and I’
by JosephRedfern 5y ago
Indeed, it sort of assumes that working at FAANG with a pension plan and 200k+ is what the author should be striving for (the objectively better option), and I’m not sure if that’s accurate.
While there are obvious benefits to FAANGing, there’s also a lot to be said for working for a smaller team, or even yourself. Money isn’t the soul (or even main) motivator for a lot of people.
- tehlike 5y agoThere is no pension. There is 401k.
- JosephRedfern 5y agoDepends where you are. In the UK and much of the EU it’s a pension, as far as I know. Either way, isn’t this mostly semantics? My point is that one persons priorities doesn’t necessarily match with another’s.
- tehlike 5y agoFair.
- lotsofpulp 5y agoSome countries call what Americans call a “401k” a “pension”. Americans use “pension” as short for “defined benefit pension”, meaning you are owed some amount of money every month after the retirement age, and it’s up to the employer to do whatever needs to be done to provide it. Americans use “401k” or “IRA” to refer to a defined contribution pension, one where the employer (and employee) contributes a certain amount into an account that is withdrawn from after retirement. However, the amount the employee can withdraw is subject to however much is in the account when they retire and however much the employee wants to periodically withdraw, so there is no definite benefit amount. I have British family that refer to the latter as a pension, but we would not in the US. I would be surprised if any modern tech company offers a defined benefit pension anymore, even in UK/Europe.
- JosephRedfern 5y agoTIL! Thanks for the explainer.