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When I did construction, many conversations were about the generous retirement benefits. It was always, "When I retiree I will be able to do this, and that, in
by hellbannedguy 5y ago
When I did construction, many conversations were about the generous retirement benefits.
It was always, "When I retiree I will be able to do this, and that, in comfort."
There was always the big decision of shouid I retire at 25 years (25 year old working 25 years), or get a few hundred more if I wait until 65?
I knew a person who worked accounting at the union.
She told me the average retire whom waits for the bigger pay day, cashed 3 checks.
3 checks----dead. (I was so shocked by this I never told anyone including my father.)
The wives did get 1/2 of the retirement, and lived off that for 10-20 years.
(I guess I should have been content with any work that offered a retirement?)
- giantg2 5y agoYeah, I've seen some studies that link early retirement to earlier death, but also some that show retirement can trigger underlying issues like stroke and heart attack from the changes.
- maerF0x0 5y agoAnecdotally similar happened to my step-father. He was working extra shifts, overtime etc. Died 6months before full pension. He never cashed a single check and my mom only got about 1/2 of what the full pension would have been worth (discounted value) because he passed "before retirement" . This is part of why I'm so adamant that I think pensions and the like are scams. I want to run my portfolio and my next of kin can have every cent (less taxes)
- giantg2 5y agoYeah, that does suck. My grandfather did earn a pension and retired from the steel industry. The company went bankrupt and he got maybe a quarter of what he was supposed too and he was one of the lucky ones. Many others didn't get anything. It would be nice if companies paid more into the 401k though, and didn't necessarily require the match. The 401k system is also letting companies off the hook with measly amounts. I'm mostly thinking about the people working at places like Lowe's and Walmart making $10-15/hr. Even 4% of $30k is only $1200 per year. Some of the people I knew who were working there were only contributing 1-2% (so 2-4% total with the match) because they couldn't afford to contribute more.
- maerF0x0 5y agoi mean, I dont think companies should be on the hook. Instead I think that money should just move into regular compensation and the government should be the one to both allow and incentivize 401k usage. It's kinda weird that I can only contribute $19k but if my company matches more can go in? That makes no sense. The limit should be the limit regardless of the graces of your employer.