General Discussion

Johnny2X2X

(23,707 posts)

18. Pensions, Social Security, and 401K

Mon Sep 11, 2023, 11:14 AM

Sep 2023

It was intended to be a 3 legged stool. They got rid of pensions and then delayed and lessened social security.

Way too many people are in very bad shape with retirement savings. It's going to be a crisis. Social Security is not enough to live on. What it will look like is families moving in toether in old age. Parents moving in with children. Brothers and sisters moving in together, etc. And some people without familes will become homeless.

And for the op, get a good fiancial advisor, if you're in your 60s, your 401K should not be heavily tied to the stock market anymore.

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Retirement delayed and broke anyway [View all] LittleGirl Sep 2023 OP

Kick dalton99a Sep 2023 #1

I got hired at three different jobs PoindexterOglethorpe Sep 2023 #2

I worked steadily from '76 to 2006 LittleGirl Sep 2023 #5

Have you checked the Pension Benefit Guaranty Corporation (PBGC) site to see if it might have taken ARPad95 Sep 2023 #58

Oh, yes. The PBGC automatically contacts everyone getting the pension. PoindexterOglethorpe Sep 2023 #72

I'm not opposed to 401Ks, but I have to quibble with one thing you said. ShazzieB Sep 2023 #84

I'm going to guess that your money did not go to zero. PoindexterOglethorpe Sep 2023 #90

I didn't say it went to zero. ShazzieB Sep 2023 #99

I'm part of that 90 percent group. progressoid Sep 2023 #3

It does suck! LittleGirl Sep 2023 #4

Same. sybylla Sep 2023 #13

Speaking from experience, PoindexterOglethorpe Sep 2023 #74

Well, covid has other plans for me at the moment. sybylla Sep 2023 #78

So much free work that women are expected to do. PoindexterOglethorpe Sep 2023 #80

Yeah, I'm old enough that getting in 35 years isn't possible. sybylla Sep 2023 #98

I totally get it. shrike3 Sep 2023 #6

I graduated in 81. Went to public Grad School in 83-84 during the recession... brooklynite Sep 2023 #7

Glad for you. shrike3 Sep 2023 #8

I have to ask, what is the purpose of this response? I may be reading it wrong, but it sounds KPN Sep 2023 #11

I believe you are correct. nt sheshe2 Sep 2023 #60

I agree as well. ShazzieB Sep 2023 #86

What's Public Grad School???? Farmer-Rick Sep 2023 #25

Hunter College - City University of New York brooklynite Sep 2023 #28

Few in the 80s had that opportunity Warpy Sep 2023 #38

Your last sentence! 🎯 eom LittleGirl Sep 2023 #46

Oh my, yes. n/t shrike3 Sep 2023 #62

In the same boat jmbar2 Sep 2023 #9

Excellent post! LittleGirl Sep 2023 #40

So true. I hate generational animosity and think it's misdirected. LisaM Sep 2023 #82

It is misdirected, for sure LittleGirl Sep 2023 #85

I studied the return on investment to education when i went back to school jmbar2 Sep 2023 #88

Amen to this! ShazzieB Sep 2023 #89

Thank you for sharing your story jmbar2 Sep 2023 #97

Balanced females are commonly better traders than men AllBlue Sep 2023 #91

Thank you for introducing yourself! jmbar2 Sep 2023 #96

Just remember AllBlue Sep 2023 #102

The tech world is brutal Fiendish Thingy Sep 2023 #10

Yep, Chi67 Sep 2023 #17

Yeah, the half life of tech knowledge is getting shorter and shorter getagrip_already Sep 2023 #19

Exactly Chi67 Sep 2023 #23

Cuz every year, skuls are churning out grads with all the latest buzzword skillz... getagrip_already Sep 2023 #27

Same Chi67 Sep 2023 #29

Retirement delayed maliaSmith Sep 2023 #12

I'm glad that you were able to have that happen Quanto Magnus Sep 2023 #35

Staying in single job maliaSmith Sep 2023 #56

Balancing benefits, especially retirement, PoindexterOglethorpe Sep 2023 #73

I took the postal exam in 1979. LittleGirl Sep 2023 #47

nice story! I love happy endings Evolve Dammit Sep 2023 #70

Sorry This Happened RobinA Sep 2023 #14

I started college classes in LittleGirl Sep 2023 #48

The pandemic, followed by a family medical crisis, broke my retirement plan. LudwigPastorius Sep 2023 #15

I'm so sorry about your mother LittleGirl Sep 2023 #49

Thanks for your kind words. LudwigPastorius Sep 2023 #51

5,000 miles is a long way when LittleGirl Sep 2023 #52

Being one of the fortunate ones, I feel for those who are caught in this rut DFW Sep 2023 #16

The only thing I can say is that I cannot PoindexterOglethorpe Sep 2023 #75

And, I, for my part, cannot imagine retiring at 71. Different strokes for different folks. DFW Sep 2023 #94

I forgot one thing DFW Sep 2023 #103

Pensions, Social Security, and 401K Johnny2X2X Sep 2023 #18

My hubby is my advisor LittleGirl Sep 2023 #50

Those special accounts Johnny2X2X Sep 2023 #53

Excellent post for your 8000th! pandr32 Sep 2023 #20

Thank you! nt LittleGirl Sep 2023 #54

This post hits home with me. Kath2 Sep 2023 #21

Post removed Post removed Sep 2023 #34

I was laid off one week before my 50th birthday The Mouth Sep 2023 #22

County agency job maliaSmith Sep 2023 #36

My case exactly The Mouth Sep 2023 #37

One huge thing about government jobs The Mouth Sep 2023 #100

You're a tail-end boomer like myself. lambchopp59 Sep 2023 #24

I agree, tail-end boomers have far more in common with Gen X. eom shrike3 Sep 2023 #64

Boomers got sold a world of goods... haele Sep 2023 #26

+1 leftstreet Sep 2023 #30

Excellent points ! You've obviously seen it. Nt LittleGirl Sep 2023 #55

Nixon and Reagan were "Silent Generation", as were all their staff and cohorts. haele Sep 2023 #69

During the late 60s and early 70s LittleGirl Sep 2023 #83

This message was self-deleted by its author elocs Sep 2023 #61

I never bought the goods SouthernDem4ever Sep 2023 #66

I'm the same age as you and can affirm everything you posted. yardwork Sep 2023 #31

I am stunned by how many boomers were laid off LittleGirl Sep 2023 #41

And back then women were screwed regarding Social Security LiberalFighter Sep 2023 #32

Exactly. Spot on. eom LittleGirl Sep 2023 #42

Just want to make one correction ... aggiesal Sep 2023 #33

Thank you. I loathe the rightwing propaganda Voltaire2 Sep 2023 #93

Correct. roamer65 Sep 2023 #101

Do you think you would have been better off staying in Germany? SYFROYH Sep 2023 #39

As an American LittleGirl Sep 2023 #44

Pretty much my wife's experience Old Crank Sep 2023 #43

Even that doesn't guarantee anything LittleGirl Sep 2023 #45

Pretty much all IT Old Crank Sep 2023 #77

What a great thread - thanks for putting this out there LittleGirl! erronis Sep 2023 #57

Thank you LittleGirl Sep 2023 #95

Be a Teacher masmdu Sep 2023 #59

Women are the most likely to take time away from their careers TexasBushwhacker Sep 2023 #63

my story Grasswire2 Sep 2023 #65

This message was self-deleted by its author elocs Sep 2023 #67

Kick and kick and kick... Backseat Driver Sep 2023 #68

So true. Very little empathy for women who have to reinvent themselves after 50 flamingdem Sep 2023 #71

Oh, Dear God, THIS!!! calimary Sep 2023 #76

I understand your pain. I didn't have it because I was financially astute when my company Wonder Why Sep 2023 #79

You/ve made a lot of wonderful points. PoindexterOglethorpe Sep 2023 #81

The US Bureau of Labor Statistics shows older workers have the fastest rate of growth in Ziggysmom Sep 2023 #87

Started working right outta college in 1975 just as a few enlightened men started considering women calimary Sep 2023 #92