3 Things That Could Go Wrong With Your Pension

I have known since MCI and ENRON both defaulted on their pension plans that there is a higher probability that My pension will not be there for me when I retire either.

I was fully vested in the pension plan when I was laid off last year at age 49. I am not counting on the pension being there when I do retire. AS the company has been losing money since the EXECUTIVES got caught in bribery scandals.

I had nothing to do with the bribery issues at all, but I am paying for those same mistakes already with the loss of my job. Our customers no longer want to do business with us anymore beause our executive level staff CANNOT BE TRUSTED!

LAURIE of TX 2:58PM March 12, 2009

Companies no longer take care of their retirees. One must take care of themselves. And that means saving at least 10% of your pre tax income from the first day you start working. Invest money every month, rebalance your investments once per year, and become more conservative in your investments as you approach retirement.

This is not easy to do, but is necessary unless you want to work into your mid seventies. Remember that the economy is cyclical. I didn't panic when the DOW dropped from 2300 to 1800 in one day in 1987, nor did I panic when I owned a townhouse with a mortgage that was twice the value of the home. Eventually both those investments recovered.

Recently retired and having suffered losses in my retirement savings (much less than the stock market due to conservative investments), I still have sufficient income to maintain my lifestyle. And the market will recover.

The key to a stable retirement is to save, and start saving as soon as you start working. Plan today for a better retirement.

Bob of TX 2:23PM November 14, 2008