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Pension plans debate
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<blockquote data-quote="brett636" data-source="post: 792161" data-attributes="member: 249"><p>I would also like to add that these defined benefit plans were made with the intention of sustaining someone who is in the last few years of their life. When Social Security was enacted the average American rarely lived past their late 60s so 65 was set as the retirement age. Now its not uncommon for someone to live well into their 80s and 90s forcing the system to pay out more than was taken in by that individual. Our pension funds in most areas allow someone to retire and remain so for longer than they worked for the company if they retire early enough in their life. It has created a perilous situation for those of us who are still decades away from retirement as the finish line for it will most likely be pushed further ahead because the benefit payments have drained the funds of the money contributed for us. Honestly some sort of individual pension plan system seems like a better idea with an income replacement insurance plan as a backstop if those individual pension funds get depleted. Being in my late 20s I have already accepted that I will not have the same early retirement opportunities that my current older coworkers enjoy simply because I know the money won't be there for me. Therefore its imperative that I do what is necessary to insure that I won't have to work into my 70s just to draw a meager pension and still have to work part time elsewhere. Personal responsibility is truly the key to a comfortable retirement.</p></blockquote><p></p>
[QUOTE="brett636, post: 792161, member: 249"] I would also like to add that these defined benefit plans were made with the intention of sustaining someone who is in the last few years of their life. When Social Security was enacted the average American rarely lived past their late 60s so 65 was set as the retirement age. Now its not uncommon for someone to live well into their 80s and 90s forcing the system to pay out more than was taken in by that individual. Our pension funds in most areas allow someone to retire and remain so for longer than they worked for the company if they retire early enough in their life. It has created a perilous situation for those of us who are still decades away from retirement as the finish line for it will most likely be pushed further ahead because the benefit payments have drained the funds of the money contributed for us. Honestly some sort of individual pension plan system seems like a better idea with an income replacement insurance plan as a backstop if those individual pension funds get depleted. Being in my late 20s I have already accepted that I will not have the same early retirement opportunities that my current older coworkers enjoy simply because I know the money won't be there for me. Therefore its imperative that I do what is necessary to insure that I won't have to work into my 70s just to draw a meager pension and still have to work part time elsewhere. Personal responsibility is truly the key to a comfortable retirement. [/QUOTE]
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