Trump Supports Cutting Social Security From A ‘Moral Standpoint:’ Report

[SheilaT]

10. Oh, don't I know it. My pension, from a job I worked at from 1969 through 1979, has been cut

by two thirds. I'm lucky in that I always assumed that pension would be quite trivial. But not so long ago I took a look at mailings from the pension plan administrators, before my benefit was cut, and I was astonished at how much it should have been. Which would still be noticeably less than that one third of the three legged stool. At least I did not ever expect that the pension from that company. would be significant income in my retirement. But others with that company, those who worked there for thirty or forty years, who'd come to expect their pension would be one of those third legs of retirement, boy were they disabused. This was a major airline which got to declare bankruptcy (more than once I think) and so bail out from the pension plan. It seems that over the years they somehow didn't bother to put in the moneys they should have. Thank whatever you might believe in for the Pension Benefit Guarantee Corporation, or I and my former co-workers wouldn't even be getting that one third.

I recall reading back in the 1970's that various local governments weren't properly funding their pension plans. And wouldn't you know, there's a lot of noise these days about various local, municipal, or state government pensions. Seems those employees are expecting entirely too much, and we need to cut those pensions drastically. The fact that they weren't funded properly in the first place somehow never comes up.

Perhaps more to the point, to get back to my specific situation: I worked at one company for just over ten years. Then I got married and stayed home for twenty five years raising two children. Since then (and during a tiny bit in those child-raising years) I've worked at several different jobs. None of which offered anything in the way of a pension. After a divorce and a relocation to another part of the country, I wound up working for the local hospital and participating in the 403b (the non-profit version of a 401k) for several years.

My essential point is this: People change jobs. People leave the work force. The ideal of working 30 or more years for the same company and retiring with a lovely pension has NEVER applied to more than a relatively small percentage of people. I recall, back in the 60s and 70s reading genuine horror stories of men who were with a union, who worked faithfully for many years, and then six months or so before retirement, being switched to a different local, which essentially cancelled their union pension.

Don't get me wrong. I think strong unions are the bedrock of the working class, and should be encouraged. I'm also aware of some of the terrible flaws in them.

A secure retirement has almost always been ephemeral. I know that Social Security really did keep many older folks from starvation. My own grandparents are a good example. They were all born in the latter part of the 19th century, and all immigrated to this country from Ireland. I'll spare you all the details, but just say that in old age they all wound up living with their own grown children towards. I also know that Social Security provided a very small amount of money, but it was very helpful to them.

I'm fortunate enough to have other financial resources so that I, at age 67, can live without paid employment, and live reasonably well. Everyone should be at my standard, if not above this.