Just watched the news and saw where a certain airline has cut wages 30%, practically eliminated retirement benefits, and gave the CEO $15 million in stocks. Gee, that seems fair. I guess in the grand scheme of running an airline, $15 mil is chump change but look at how many jobs that would finance for the next year. You wonder why you get crappy service when you go to these places, might that have something to do with it? People that were getting ready to retire now have to go and look for jobs in their retirement years. What future does that give you to look forward too?

I guess I'm very fortunate in that I work for a big company that has success sharing for management. Year before last, we didn't meet the goals so we didn't get anything at all. Last year, even with the storms down south and everything, the board of directors decided we had done very well and decided we would get 100% of the payout for your level. In my case, that works out to 10% of my yearly base pay if I remember right and I won't mention what that is.

I'm planning to retire in no more than six years and hope the system holds out that long. I sometimes worry about what my son and his wife have to look forward too if it is this bad now. And then I hate to even think about my grand sons retirement possibilities. I guess the moral of the corporate story for the younger generation is if you want to retire before age 90, plan on funding your own retirement plan because it don't look like anyone else is going to for very much longer.

By the way, I'm on vacation all week and I'm going fishing out of Oregon Inlet, NC Friday to adjust my attitude too.

 

Yes, this is really scary. Companies right and left are freezing or dropping their pension plans. At this point, you are lucky if you can find a job with a decent 401k plan and health insurance. You can pretty much forget a defined benefit pension if you are not already in it.

I am 39 years old, so I am kinda caught between the baby boomers and the generation x'ers. I have a feeling the X'ers and Y'ers are going to be having a hard time saving for their own retirement while simultaneously (through outrageous federal income tax bills) funding the already promised social security and medicare benefits for the Boomers. There is going to be some intergenerational friction in one form or another. It won't be pretty.

I also believe that for the first time in our country's history......most of today's generation (barring a sizable inheritance ) will actually have a declining standard of living compared to their parents. (due partially to our new global economy and also the massive levels of federal debt to fund promised entitlements....ie...drug prescription benefits, medicare, SS with fewer people paying in for the numbers of recepients). Somebody has to pay that bill when it comes due. Who do you think that will be?

 

The place I work at just went thru all this stuff. CEO gets a 100% raise and with one sweep of his hand axed 30% of the workforce . Can't find a sole that cares here anymore and most of us are 45-55, yet they expect spirited teamwork with a big smile!!! And they are not finished yet, our fearful saying "who's next" !!!! I have 36 months to go, gives you a new attitude!!

 

Well its a fact that many CEOs, company managers, etc. get bonuses for saving money. The problem is when they take it too far. The dealership i used to work at did it, although on a much smaller level. This is a dealership selling new Toyotas, Hondas, Jeep, Dodge, Ford, and Lincoln. The service manager got a bonus depending on how much money they brought in vs. the $$$ spent. Well we had broken lifts that never got fixed, Taiwan floor jacks bought from a tool show that never worked, limited space, not enough part's guys to keep up with the techs, etc. But the service manager always got a nice fat bonus, while the little guys paid the price.

Jim

 

well i want to retire at 50 years old, you can bet big bucks no companys are willing to pay for that. so i have taken it on myself. and that seems to be what has happened, no one takes care of there own retirement anymore. social security is full of young over weight lazy people bleeding the system. heck if i get back 100 dollars of my social security i will be amazed.
and the best way to beat paying taxes is to put it in a 401k/retirement plan.

 

I HEAR THAT!!!

Anyone who doesnt beleive it should do some work on the streets....I mean get out, and REALLY SEE how people are living...I am absolutely amazed at the abuse/misuse/fraud taking place on SS, Medicare, Medicaid, and welfare.....

I swear if I hear "Here's my medical card" one more time People would rather call an ambulance thats gonna cost taxpayers $500 or more, than drive their own self to the ER-which they dont need to go to in the first place (they should see a clinic or family phys), or call a cab and spend $5 to go...So you "don't feel good"? OK..Go see a doc...but NNNOOOO....Climb up in my big red ambulance, let me drive you to the ER for the 3rd time TODAY, then rack up a $1500 ER visit, to find out you have the same cold as I do, cause I've gotten it from hauling 75 other people with it this week...And put it all on the taxpayers card...All because you're too lazy to get a job, too lazy to take care of yourself Hey, I'm sick, but I'm still at work hauling you around..........Geez I hate people

Ok...There are people out there who really need it...Great, give'm all the help they need, twice over....Screw the rest of 'em who dont want to earn it like the rest of us....


The power of stupid people amazes me...Darwinism and "Survival of the Fittest" has got to be a joke...It's not possible....


Can you tell I'm burnt out on the ambulance runs??




Anyway...You guys are exactly right: You wanna retire, better plan for it yourself....Our great Liberal goverment here in the Land of Lincoln has gutted the Prisons, they're trying to steal the teachers pensions, taken money from schools, and on, and on, and on.......

Through my own financial planning, I can retire at 50 as a millionaire....WITHOUT the pension from my employer...Thats just a bonus...IF the economy doesnt collapse in the next 23 years Sad part is, due to inflation (if it stays constant at 4%), that million will be worth $300,000 in todays dollars)

Sooooo....Who can give me about $3.7 million??

 

That is the answer right there. Don't take the easy way out and make sure you have yourself (and family) taken care of. If you happen to get more then a swift kick in the butt from you company, then great. But don't put your (retirement) life on it.

I understand it is too late for some people to make other plans and it is traggic. As for the 15 million in stock, remember if they tank the company it is worth nothing. Assuming they don't pull a Martha Stewert and can't get rid of it.

Also, maybe it is from living in a right-to-work state all my life but, if a company doesn't need as many people for a given reason, how can you expect them to keep them? I understand the premise of loyalty and keeping a good employee through lean times so you still have them when you need them. But if it is a matter of replacing twenty people with one machine for the price of half a year of their wages, you can't keep afford to keep them.

Randy