7 Reasons You Don't Have a Pension

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From my point of view, I may never be able to retire. I am a 34 year old male who works 60 hours a week. I do have disposable income but feel gloomy about the future. If I ever get to be 60 Social Security will be extinct and I will never see all the taxes and Social Security I paid. For example, last year I paid about $16,000 in taxes, social security and medicare! On top of that, it's taxation over taxation every time I go to the store. Why should I pay all this money to fund some one else's retirement, med care and even bills? Obama is giving my money away like there is no tomorrow. Is THIS what he meant about CHANGE after millions of people voted for him?

Pete of TX 10:45AM February 12, 2011

When I read the title of this article "7 Reasons You Don't Have a Pension" only one thing came to my mind - close to 6 years of total unemployment I have gone through in the past 10 years. Try being an architect in this recession. My profession is volitile in these times. I've lost EVERYTHING in this recession, and approaching middle age, I'm forced to have to start over in life. New career, life, everything. I pray everyday my 83 year old mother hangs on until I finish college (again) so I can hopefully find a new job and a place to live. I see myself working well into my 70's most likely (if I don't die from a stressed induced heart attack), IF i can even get a job in my 50's. This age seems to be the target age group getting the shaft by employeers.

I know there are tens of thousands of people in my shoes, and it is so difficult to stay mentally up beat. You work close to 30 years after initially 7 years of college and have NOTHING to show for tens of thousands of hours of hard work and dedication.

Pension? What pension? It's all gone!

I wish everyone else out there good luck and hang on.

Lexy-b of FL 9:33AM February 10, 2011

According to both the political and state labors unions....I feel that the intentions and evaluations that masses have placed for not only gradualism but also communism that dispenses credits and opportunity for families commited towards doing so.

Rewriting the afterthoughts of implemented studies, such as the Glenn Beck dossier, and Joel Stein articles recently published within TIME magazine, I have to continue onto my pursuit of happiness.

I have 150.00 dollars weekly to budget, and to consider an allowance. Now, even though it sometimes feels like its rewarding to opt to send out thank you letters and personalized gifts....there is the state of giving in which it becomes non-reciprocated. awful enough as it is configuring laundry and other essential purchases, mainly an appetizing meal within a restaraunts walls or even out on a patio deck, I haven't minimalized the sadness that exists, or even co-exists when doing these things.

Plenty of individuals have, and as Valentines Day approaches, and poems I have gathered concerning Freudian Frat boy behaviours while behaving solemnly and sporadically with anger; I have come to understand MEL GIBSONS plight.

Bachelorhood and a little-known progressive study that has lasted for four years has brought me and my mentality to discerning experimentally.....the lettuce that becomes saurkraut or even Kim-Chee, if you will within my stomach.

The combatative personalities breaching lines of communication and assigned as strict and motherly towards idiot orphans such as myself, just seemingly volunteering and willing to be this dirty Bohemian dude anywhere in the U.S.A.

Improper and innappropriate fascination as to similarities concerning romance, weight, age and avenues of improvement all the while doing jumping jacks and swimming laps while improvising on which movie to see, what perfume to get....like, I like BLEU.

But also, there are the nuclear issues...jokes, shrimps, clits..commies, and out dated good times.

I have to realize that the people I interact with, the ones that say they have gotten small inheritances, compared to having nothing after a long time, and the age in which they received it, around 50 to 55....experiences and longing, fellowship and concerns...these are the choices I face now with a little salary, and when making 9.00 dollars an hour and 20,000.00 a year....while noticing that I needed to make 26,000.00 a year to be a part of a gym, and to put 100.00 dollars away each pay period, while paying rent and car insurance....tattoos and strip clubs not being the best option, though lonely as a man, the macaroni and oreo cookie diet isn't the best one, so onto the kiefer and celery....as well as classes designed for my newer philosophy of not being so uninhibited.

Danton of OR 3:00PM February 09, 2011

When I started working full time, the standard vesting period was 10 years, not 5 years. So I did not vest any benefits from all but the last job I had before retiring. When that company closed its old plan, every plan member was given an annuity, which was enhanced because the plan was over funded and management felt generous. The 401K plan which replaced the pension plan was actually quite generous in its company funding and additional matching contributions. Employees who took full advantage of the full tax deductible limits could accumulate sizable nest eggs. I was actually able to retire early. Social Security has been icing on the cake.

Mike of CA 4:53PM February 08, 2011

That's the title of a book by Jacob Hacker--The Great Risk Shift--wherein he offers full coverage of the "You're on your own" attitude that underpins individual responsibility, one of the principles of Conservatism. The Right long has done much to weaken the voice of labor by undermining unionism's quest for better wages, conditions, and benefits; standing in the way of health care reform; and encouraging 401Ks as the replacement for employer and government-supplied pensions. The "shift" gained momentum in the 1990's and hasn't come close to ending.

What must be remembered is that were hard work rewarded well regardless of job, unions would be unnecessary and job related benefits would be a thing of the past. Wages would be adequate for living expenses, for covering all insurance costs and for regular deposits in retirement accounts. Social Security, Medicare, and most of Medicaid would be a thing of the past.

As we all know, whatever talk there has been about rising tides lifting all boats and benefits derived from trickle-down economics, wages since 1980 have not changed appreciably (8% or so when adjusted for inflation) and remain inadequate for the elimination of job-related benefits. Shifting risk to average wage earners has been a lot more successful than increasing wages appreciably.

Individual responsibility is nice on paper, but it seldom can be relied upon as one-size-fits-all. There are too many variables that are related to employment and how available opportunity and higher wages are or not. A social safety net still is very necessary, and anyone who tells you otherwise probably has more nostalgia for slavery than facts at his/her disposal. As long as cheap labor remains essential to our economy, those facts won't change.

Ron W. Smith of UT 11:57AM February 08, 2011

Fact is, the reason government and municipal workers get vested income at retirement is that it is the way politicians get votes.

It's the ONLY reason for the disparity between comercial and government pay and benefits.

Lobbyists finance politician's campaigns, and get favorable legislation AND/or "earmarks" as payback - with YOUR TAX money, not theirs.

We have the best "government" money can buy.

W. L. Head of NC 10:18AM February 08, 2011

This is it.. the most worthless article.

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Kristeen Smith of CA 12:30PM February 07, 2011

Ms Mitchell mentioned that "most" federal employees have a traditional pension. Actually that should be "nearly all"; recent hires have a smaller pension (supplimented with a 401(k)-styled savings plan, and social security) than the older employees' Civil Service Retirement plan, but nearly everyone is guaranteed retirement based based on salary and longevity.

Normfromga of GA 11:37AM February 07, 2011

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