Thanks for this article of pension information. It is really scary for all of us Seniors.
We have lived through the hard times of the Depression, been drafted to go to war, been injured or worse, etc.
Others who did not go to war worked in the factories and made good money. Immigrants come here and receive more benefits than our citizens! It is hard to think of all of these things.
Does anyone care?
phyllis fullerof WI10:52PM June 21, 2009
You've got to be kidding.....right? Are we being punked?
First of all, it was the auto companies that 'guaranteed' the benefits, not the government. As with any company, a guarantee is only as good as the company behind it. So you took a risk thinking the auto companies would be around forever and almost won. Except that GM & Chrysler are now in bankruptcy. Wasn't there a clue that nothing is guaranteed when the gov't in 1979 had to bail out Chrysler? Remember Lee Iacocca?
You state: "I BELIEVE A PROMISE IS A PROMISE, DEAL IS A DEAL AND A GUARANTEE BY OUR WONDERFUL GOVERNMENT IS EXACTLY WHAT IT IS SUPPOSED TO BE, A GUARANTEE OF BENEFITS." The gov't never guaranteed benefits to any auto company employees. If you listened to union reps, well.....that was a mistake!
"WAY TOO MANY MISTAKES MADE BY OUR GOVERNMENT WITH REGARD TO THE AUTO INDUSTRY." - NO, way too many mistakes made BY the American auto industry!
"HE WORKED IN THAT DIRTY, FILTHY PLACE FOR NEARLY HIS ENTIRE LIFE. NOT BECAUSE HE LOVED HIS WORK, BUT BECAUSE HE WANTED TO PROVIDE FOR HIS FAMILY" - Did anyone prevent him from getting a job in a clean place? Was he told he HAD to stay there? Especially if he didn't 'love his work.'
Do I feel for this angry lady? Sure, but where's her family?
What happened to self-sufficiency in this country? Doesn't anyone take responsibility for themselves anymore? Is it always someone else's fault?
NEXT GENERATION
As I tell my 3 kids, don't assume that Social Security is going to be around for you. If it is, GREAT! But don't assume it.
Don't spend every dollar you make. Put a MINIMUM of 10% of your salary away even though you're in your early 20's. Live on the 90% and you'll never miss the 10%. And do it for the rest of your life and you can retire in your early 60's.
Don't rely on anyone else. Don't assume that someone else is going to provide for you. If they do, GREAT! But don't assume it.
Even with the current economy and stock market; is it lousy? Sure. But it won't stay that way. I've lost 57% of my portfolio and I'm in my mid-50's. No one ever guaranteed me anything. But I'll come out of this okay 'cause I've always lived within my budget, saved, invested and done what I've needed to.
If everyone did this, we'd have less whiners in this world; less people EXPECTING others to provide for them. Happier people.
PS: Everyone takes out a loan to buy a car. Did anyone ever think that instead of borrowing, delay the first new car you buy until you save enough to buy it for cash. Then from that point forward, you continue to save for the next car and don't buy one until you can again pay cash? You're not only never in debt to buy a car, but you don't have the interest cost associated with the loan so it actually costs you less! This is the way people should think....not always spend and borrow.
BJboxcarsof MN2:30PM June 09, 2009
IT REALLY UPSETS ME TO SEE WHAT OUR GOVERNMENT HAS ALLOWED TO HAPPEN TO THE AUTO INDUSTRY. MY HUSBAND WENT TO WORK IN THE CHRYSLER FACTORY WHEN HE WAS 18 YEARS OLD AND WORKED 35 YEARS BEFORE RETIRING. NASTY DIRTY FACTORY WORK, WITH SO CALLED GUARANTEED BENEFITS. WAY TOO MANY MISTAKES MADE BY OUR GOVERNMENT WITH REGARD TO THE AUTO INDUSTRY. MY HUSBAND DIED NEARLY 2 YEARS AGO. SMALL CELL LUNG CANCER. UPON CONTACT WITH AN ATTORNEY, I WAS TOLD THAT THERE WERE MORE THAN AN ACCEPTABLE AMOUNT OF PEOPLE DYING FROM EXPOSURE TO DANGEROUS CHEMICALS AND THEY ARE DYING OR ARE ALREADY DECEASED. I WENT INTO THE FACTORY MY HUSBAND WORKED AT ONE TIME, THAT WAS WHEN HE RETIRED. HIS JOB WAS TO CLEAN UP OIL AND CHEMICAL SPILLS. HE WAS EXPOSED TO EVERYTHING DARNED THING THERE WAS AND LOOKING FORWARD TO YEARS OF RETIREMENT, HE PASSED AWAY NOVEMBER, 2007. I AM HIS SURVIVING SPOUSE. HE WORKED IN THAT DIRTY, FILTHY PLACE FOR NEARLY HIS ENTIRE LIFE. NOT BECAUSE HE LOVED HIS WORK, BUT BECAUSE HE WANTED TO PROVIDE FOR HIS FAMILY WITH THE INCOME AT AN EARLIER POINT IN TIME. LATER, WHEN WE MARRIED, THE MAIN THING WAS THE BENEFITS AND THE PENSION GUARANTEE. GUARANTEE INDEED. WHAT A JOKE. I AM SO MAD ABOUT THIS WHOLE THING I COULD JUST PUKE. I DO NOT RECEIVE FULL BENEFITS AND I AM STILL CONSIDERED BY SOME TO BE SOMEWHAT YOUNG. HOWEVER, I HAVE INCURABLE DISEASE AND DO NOT HAVE ANY OTHER WAY TO TAKE CARE OF MYSELF EXCEPT FOR WHAT HE THOUGHT HE WAS LEAVING FOR ME DUE TO HIS YEARS IN THIS FACTORY. I RECEIVE APPROX 55% OF THE DOLLAR AMOUNT HE DID, AND I UNDERSTAND THAT. HOWEVER, WITHOUT HIS PORTION OF HIS RETIREMENT I HAVE LEARNED THAT WITH MY SURVIVING SPOUSE PORTION, I HAVE TO PAY OUT A LARGE SUM OF MONEY TO HAVE REGULAR MAINTENANCE DONE. THAT IS BECAUSE HE IS DECEASED AND I AM UNABLE TO DO THE WORK, SUCH AS MOWING THE YARD AND EVERYTHING ELSE HE DID WHILE HE WAS ALIVE. I BELIEVE A PROMISE IS A PROMISE, DEAL IS A DEAL AND A GUARANTEE BY OUR WONDERFUL GOVERNMENT IS EXACTLY WHAT IT IS SUPPOSED TO BE, A GUARANTEE OF BENEFITS. I HAVE ALREADY LOST SOME INSURANCE BENEFITS AND MOST CERTAINLY EXPECT TO LOSE MORE. I AM UNINSURABLE, BECAUSE OF MY HEALTH. I CAN NOT OBTAIN OTHER INSURANCE. I CAN NOT OBTAIN ADDITIONAL LIFE INSURANCE, AND DO NOT REALLY CARE TO. I HAVE A $5,000 LIFE POLICY WITH CHRYSLER. NOT MUCH, BUT ENUFF TO PUT ME AWAY. I LOSE THAT, WHO IS GOING TO PAY TO BURY ME? DO NOT SAY IT IS NOT THE PENSION GUARANTEE FUND. A GOVERNMENT GUARANTEE. I RECEIVE APPROX $900 A MONTH TO TAKE CARE OF MYSELF. PRESCRIPTION CO-PAYS HAVE BEEN DRASTICALLY INCREASED. EYE AND DENTAL INSURANCE WILL DISAPPEAR AT THE END OF JUNE, 2009. I AM TOLD MORE BENEFITS COULD AND PROBABLY WILL BE TAKEN AWAY JANUARY 2010. NASTY GOVERNMENT PEOPLE. LET FOREIGNERS COME INTO OUR COUNTRY AND PAY VERY LOW HOURLY WAGES WITHOUT ANY BENEFITS. AND ON TOP OF THAT, THE COMPANIES RECEIVE TAX CREDITS FROM OUR STUPID GOVERNMENT. ARE WE TO RETURN TO THE DAYS OF 1935 WHEN SLAVE LABOR WAS THE ONLY JOB AVAILABLE.
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arlettecor of AZ 4:47AM September 21, 2009
phyllis fuller of WI 10:52PM June 21, 2009
BJboxcars of MN 2:30PM June 09, 2009
UNIDENTIFIED of IN 5:06AM June 01, 2009