General Discussion

MichMan

(17,222 posts)

173. People don't work for one company for 40 years anymore

Fri Jul 7, 2017, 08:56 PM

Jul 2017

Look, the traditional pension was fine when people got a job after HS and stayed there their entire working lives. Unfortunately that also meant that you pretty much had to stay there even if you hated it or found a better paying job somewhere else. Why? Couldn't afford to give up on the pension. Very few people now stay with one company for too many years.

I have had a 401k my entire working life and it has been good for me considering the employer match and the portability. I worked at one job for 18 years until I was downsized in 2009, but also worked a several before and after for 3-4 years each. If there were pensions, I wouldn't have worked at any of those others long enough to get anything. With a 401k I was still able to accumulate money towards retirement and take it with me to the next job.

Sure my balance dropped a lot of value in 2008-2010, but I just left it alone and it all came back and then some.

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Where did baby boomers go wrong? This generation isn't financially prepared for retirement [View all] Zorro Jul 2017 OP

We'll do fine. greymattermom Jul 2017 #1

I won't drop my standards. It's a mobile home or Hortensis Jul 2017 #74

Inflation, cost of healthcare, eroded wages leftstreet Jul 2017 #2

Pensions also vanished starting in the 1980s DBoon Jul 2017 #127

You do get that many baby boomers lost their pensions right? Demsrule86 Jul 2017 #3

That is what happened to me. leftyladyfrommo Jul 2017 #6

You own those poor decisions. It's your fault. tazkcmo Jul 2017 #33

Yea. That job choice in my 20's set the stage for failure. leftyladyfrommo Jul 2017 #49

And most of them get away scot-free and take their money with them. Same for CEOs that rape RKP5637 Jul 2017 #77

lost our house DiverDave Jul 2017 #155

We almost lost our house too...we did lose a pension but fought for a lesser buyout...lost our kids Demsrule86 Jul 2017 #183

And life doesn't go according to plan GP6971 Jul 2017 #36

I did everything right. leftyladyfrommo Jul 2017 #85

"My ambitions have come to nothing... DBoon Jul 2017 #128

+1,000 !! CountAllVotes Jul 2017 #139

Exactly Zoonart Jul 2017 #9

Sad CountAllVotes Jul 2017 #140

Add the devaluation of several currencies malaise Jul 2017 #13

"lost" maybe..."stolen"..oh, yes! dixiegrrrrl Jul 2017 #41

Well said!!! n/t RKP5637 Jul 2017 #79

Many of us never had pensions. greatauntoftriplets Jul 2017 #107

That is true also...first generation to be offered 401K's instead of pensions...the 2008 Demsrule86 Jul 2017 #110

When you look at how incomes have failed to keep up ... surrealAmerican Jul 2017 #4

Don't worry, they will just steal it from their children and grandchildren! AngryAmish Jul 2017 #5

Once their children and grandchildren move out of their houses. Nt NCTraveler Jul 2017 #7

Bingo Hekate Jul 2017 #14

They'd move out sooner if they had decent jobs. white_wolf Jul 2017 #22

I find even faint criticism of Boomers BannonsLiver Jul 2017 #35

and less student loan debt... sfwriter Jul 2017 #38

My response was lighthearted at the other poster. NCTraveler Jul 2017 #63

My apologies. white_wolf Jul 2017 #114

Traditionally, old people lived with their children treestar Jul 2017 #68

And you know how well that worked out Warpy Jul 2017 #141

In the old days, people had to work till they dropped. Kaleva Jul 2017 #8

My parents had a pension from my father's employment. Hamlette Jul 2017 #40

My parents, grandparents, great-grandparents never had a pension. Kaleva Jul 2017 #61

Mine either. Skidmore Jul 2017 #148

My dad worked for the same company for 40 years. Had a full pension and full health coverage. RKP5637 Jul 2017 #81

You say that... tonedevil Jul 2017 #54

Has any generation adequately saved for retirement? Kaleva Jul 2017 #62

I Am A Young Boomer RobinA Jul 2017 #80

What was your industry/job? Kilgore Jul 2017 #103

Industries/Jobs RobinA Jul 2017 #118

This message was self-deleted by its author shanti Jul 2017 #159

My parents, grandparents and greatparents lived on Social Security Kaleva Jul 2017 #113

Liberals went out of power in 1969, which is when many older Boomers Warpy Jul 2017 #10

Since Reagan, the federal tax code, laws and legislation have favored the wealthy Bluepinky Jul 2017 #34

word. nt TheFrenchRazor Jul 2017 #51

I fit in this bucket! n/t RKP5637 Jul 2017 #84

Ah, the personal finance industry - HughBeaumont Jul 2017 #104

"We were robbed. And so are you." Wait a minute. Boomers have held significant political power RadiationTherapy Jul 2017 #111

A statistical norm is not disproven by a few outliers Warpy Jul 2017 #120

Obviously, Boomers were "consulted" about "the running of the country" every local and RadiationTherapy Jul 2017 #163

You mean like YOU ARE? Warpy Jul 2017 #165

I have to have a "big fix" just to point out that passive, defeatist language RadiationTherapy Jul 2017 #166

Ah, Grasshopper, you refer to the 1%, do you not? Hekate Jul 2017 #124

"Grasshopper"?? Like I'm a student and you're a master? RadiationTherapy Jul 2017 #162

Oh Wise One, the 1% has been fucking us all over for some time now. Hekate Jul 2017 #164

I'm not really into titles. RadiationTherapy Jul 2017 #167

Remember when Bethlehem Steel went bankrupt and zeroed out the pension fund? No? Hekate Jul 2017 #11

That started with ST. Ronnie. Prior to RR pension plans were considered a liability. doc03 Jul 2017 #30

I am a GenXer but I remember Bethlehem Steel and many others screwing workers out of their anneboleyn Jul 2017 #44

We "effing" elected Ray-gun maxrandb Jul 2017 #12

"Reagan Democrats" came from my father's---the "Greatest"---generation. WinkyDink Jul 2017 #16

Baby boomers would not have done that alone treestar Jul 2017 #69

Here's my standard reply to those who think we had, and have, it made. TIME, May 1971, my class: WinkyDink Jul 2017 #15

I Graduated RobinA Jul 2017 #83

My first, and career-long, teaching job (finally acquired in a mid-year!) paid $6,700/annum. $6,700. WinkyDink Jul 2017 #88

my first job as a lawyer paid $16,500 per year. inflation counts for much of that. n/t Hamlette Jul 2017 #125

We were, then my husband got sick. Now were not. Luz Jul 2017 #17

Well, first, I had to take care of my aging father. hamsterjill Jul 2017 #18

I just retired last Friday calguy Jul 2017 #19

I think so too, though its mostly due to frugality and good fortune bhikkhu Jul 2017 #25

america's corporations and wall street looted and stole the retirement $$ in 2007 - 2008 nt msongs Jul 2017 #20

Being laid off in 2009 wiped me out nini Jul 2017 #21

The only reason we will be okay is that we were lucky enough to have phylny Jul 2017 #23

I will be paying off my student loan until the day I die. smirkymonkey Jul 2017 #24

If you are on an income based repayment plan, you should be eligible for loan forgiveness mythology Jul 2017 #32

It's grad school loans. smirkymonkey Jul 2017 #46

In short what happened was wages used to rise with Productivity... bagelsforbreakfast Jul 2017 #26

I wish I could rec every post here catrose Jul 2017 #27

No more unions in the private sector and lost power in public ghostsinthemachine Jul 2017 #28

We lost over half of our 401K samplegirl Jul 2017 #29

Yes. The "normal" annual stock market rate of return was 7-8%. While Bush was in office, it averaged spooky3 Jul 2017 #37

You have that right CountAllVotes Jul 2017 #133

Huh?!1 Us Boomers are *over* & living our lives. What's with this?!1 I'd think the next gens UTUSN Jul 2017 #31

We made advertising self aware. Initech Jul 2017 #39

That and hey, you get to do all of this . . . HughBeaumont Jul 2017 #99

Yup - rack up the debt and then you're fired! Initech Jul 2017 #108

Modern advertising uses methods perfected by the Nazis Rollo Jul 2017 #146

These are the most annoying advertisements right now: Initech Jul 2017 #152

Haven't heard that one yet... Rollo Jul 2017 #160

we got lucky RussBLib Jul 2017 #42

So has my IRA but that's the problem............ Bengus81 Jul 2017 #71

I'm Going To Disagree A Bit With That ProfessorGAC Jul 2017 #75

The end of guaranteed pensions. Most boomers AJT Jul 2017 #43

Yes, And I Believe RobinA Jul 2017 #86

This is precisely the deal PA Dem. Gov. Wolf has struck, re: Public School pensions. Into 401Ks. WinkyDink Jul 2017 #89

People don't work for one company for 40 years anymore MichMan Jul 2017 #173

In Australia your pension follows you from job AJT Jul 2017 #174

"We recommend saving $1,025,478 at retirement." BeyondGeography Jul 2017 #45

Everybody has a story. The_jackalope Jul 2017 #47

Boomer bashing is fun, isn't it? SammyWinstonJack Jul 2017 #98

Right. And unlike so-called hippie bashing, around here it's occasionally quite real. Hekate Jul 2017 #122

But like hippie bashing, it discredits the accomplishments of boomer DBoon Jul 2017 #130

Republicans. L. Coyote Jul 2017 #48

Hey, Zorro, did you read Jackalope's post? Hekate Jul 2017 #50

I posted an article about the unpreparedness of many boomers for retirement Zorro Jul 2017 #90

Insert long and thoughtful reply here, unfortunately eaten by my iPad before I could post... Hekate Jul 2017 #121

And it wouldn't hurt you to limit your comments to the topic at hand Zorro Jul 2017 #143

the rules changed, with no real education Skittles Jul 2017 #52

Because of a disconcerted effort to get rid of pensions and push 401k. AgadorSparticus Jul 2017 #53

Don't lump all baby boomers together radical noodle Jul 2017 #55

Agreed. We are in the same boat. Hamlette Jul 2017 #126

I'm a millennial public school teacher. Music Man Jul 2017 #56

PA just made that switch. A Democratic Governor has betrayed us. WinkyDink Jul 2017 #92

50% of Americans have NO retirement savings whatsoever. stopbush Jul 2017 #57

They trusted somebody over thirty? Tactical Peek Jul 2017 #58

I still don't. (I'm 67.) WinkyDink Jul 2017 #91

Less than a year away from full retirement age here... Rollo Jul 2017 #59

My husband was always driven to save. We will reap the benefits of his discipline. n/t phylny Jul 2017 #137

A lot of us saw working off the grid as a good idea. tirebiter Jul 2017 #60

I live in an east coast city. Employment is not a problem, though it is difficult for older people Squinch Jul 2017 #64

Where did boomers go wrong? Where did all the money go? Sancho Jul 2017 #65

They didn't. The generation treestar Jul 2017 #66

We lost big chunks of retirement in 1987, Ilsa Jul 2017 #67

Wages have been stagnant for decades and the cost of living has gone up significantly. Vinca Jul 2017 #70

Good grief. Skidmore Jul 2017 #72

Gee...Reagan,Union BUSTING,pensions gone POOF for starters.... Bengus81 Jul 2017 #73

I blame the Millennials Orrex Jul 2017 #76

this. Joe941 Jul 2017 #87

"Wrong"? kentuck Jul 2017 #78

There was that liitle thing called "Vietnam," with oh, about 55,000 dead Baby Boomers. WinkyDink Jul 2017 #94

As compared to those little things called WWI and WWII? kentuck Jul 2017 #95

Those generations aren't doing the griping now, though, are they? No; it's the scot-free AFTER- WinkyDink Jul 2017 #100

The generational jackpot winners were too young for Korea and too old for Vietnam BeyondGeography Jul 2017 #102

Well, I'm prepared. cwydro Jul 2017 #82

Here's my two cents. Baitball Blogger Jul 2017 #93

The disappearance of pensions is a big reason TexasBushwhacker Jul 2017 #96

And those poor people who bought when the market leftyladyfrommo Jul 2017 #151

And with interest rates going up, it will heat up again TexasBushwhacker Jul 2017 #158

Why do these economist asshole insist on blaming individuals for systemic market failures? killbotfactory Jul 2017 #97

Because that's the Big Lie promulgated by well-off and smug Republicans. WinkyDink Jul 2017 #101

The ole blame the victim. Solves all the problems. Canoe52 Jul 2017 #109

Thank you. nt raccoon Jul 2017 #123

Loss of pensions, benefits, job security, steep increase in the cost of living, medical care... (nt) ehrnst Jul 2017 #105

we were lucky enough to start saving early so we are very well set... samnsara Jul 2017 #106

Lack of education about money Johnny2X2X Jul 2017 #112

I First Ran Into RobinA Jul 2017 #116

I saved nini Jul 2017 #117

Life happens, we need more support Johnny2X2X Jul 2017 #119

I agree that people should plan for that rainy day more than do nini Jul 2017 #149

It is kind of difficult to save CountAllVotes Jul 2017 #138

I keep saying this! Financial planning is KEY to a secure life. Honeycombe8 Jul 2017 #142

Sorry but it's not rare. inanna Jul 2017 #168

Simply not true anymore Johnny2X2X Jul 2017 #169

Deadhead stickers on cadillacs loyalsister Jul 2017 #115

Don't forget "Beverly Hillbillies" and "Gilligan's Island" JustABozoOnThisBus Jul 2017 #129

Two Deadheads that have or had Cadillacs CountAllVotes Jul 2017 #135

Lack of pension bhcodem Jul 2017 #131

The IRA CountAllVotes Jul 2017 #132

You're so young, though. Your income will grow with the years... Honeycombe8 Jul 2017 #144

It is too late already CountAllVotes Jul 2017 #154

Oh. I'm sorry to hear that. There is always Social Security as a safety net, & Medicare. Honeycombe8 Jul 2017 #156

I am on SSDI CountAllVotes Jul 2017 #157

+1. I see. Honeycombe8 Jul 2017 #170

The boomers I know are caught between thucythucy Jul 2017 #134

+1,000 !! CountAllVotes Jul 2017 #136

"Here's how a janitor amassed an $8M fortune" Honeycombe8 Jul 2017 #145

The key to a happy retirement... Rollo Jul 2017 #147

Now why, do you suppose, would Marketwatch publish such an article? janx Jul 2017 #150

5 words - Ronald Reagan, Trickle Down Economics walkingman Jul 2017 #153

Plan D: Reverse mortgage Rollo Jul 2017 #161

Unfettered capitalism betrayed them, and all of us. alarimer Jul 2017 #171

I wonder what the average income would have to be to achieve those results? Dyedinthewoolliberal Jul 2017 #172

Here are some possibilities why Wolf Frankula Jul 2017 #175

Stagflation...I'm swooning catrose Jul 2017 #178

The rules changed on us. Eom pirateshipdude Jul 2017 #176

Not our fault. no_hypocrisy Jul 2017 #177

Reagan left office nearly 30 years ago MichMan Jul 2017 #179

I respectfully disagree. no_hypocrisy Jul 2017 #180

How was Reagan able to pass everything? MichMan Jul 2017 #181

Even though the House and Senate were democratic, no_hypocrisy Jul 2017 #182

That's what you get with incompetent leadership NobodyHere Jul 2017 #184