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UPS Union Issues
Bye Bye Pension and Hello to matching 401k coming in 2023?
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<blockquote data-quote="Dracula" data-source="post: 3729579" data-attributes="member: 42691"><p>I've done pretty good in my 401k, but I've spent a lot of time educating myself. I just wonder how many Teamsters do the same, knowing they have a potential pension waiting on them.</p><p></p><p>BTW, I noticed someone earlier talking about how they made all of their money back, that they lost from 2007-08, going by the current stock market numbers. But I had a financial guy tell me, in order to gain back all you lost from the collapse, you would have to double your earnings from that period in order to get back what you lost. So just because the stock market numbers now are higher than they were pre-2007-08 numbers, we would have to double our gains (not total numbers, but GAINS) from pre-2007-08 highs to the lows afterwards, just to break EVEN.</p><p></p><p>Like I said, I've done pretty good, but I haven't come close to doubling my losses, in gains.</p><p></p><p>I'm not crapping on 401k's, I'm just stating the obvious: they are not some golden rescue for us. They are just another financial product that we are told will save us from a bad pension, when they, clearly, are not.</p><p></p><p><a href="https://www.entrepreneur.com/slideshow/299912" target="_blank">13 Reasons Why Your 401(k) Is Your Riskiest Investment</a></p></blockquote><p></p>
[QUOTE="Dracula, post: 3729579, member: 42691"] I've done pretty good in my 401k, but I've spent a lot of time educating myself. I just wonder how many Teamsters do the same, knowing they have a potential pension waiting on them. BTW, I noticed someone earlier talking about how they made all of their money back, that they lost from 2007-08, going by the current stock market numbers. But I had a financial guy tell me, in order to gain back all you lost from the collapse, you would have to double your earnings from that period in order to get back what you lost. So just because the stock market numbers now are higher than they were pre-2007-08 numbers, we would have to double our gains (not total numbers, but GAINS) from pre-2007-08 highs to the lows afterwards, just to break EVEN. Like I said, I've done pretty good, but I haven't come close to doubling my losses, in gains. I'm not crapping on 401k's, I'm just stating the obvious: they are not some golden rescue for us. They are just another financial product that we are told will save us from a bad pension, when they, clearly, are not. [URL='https://www.entrepreneur.com/slideshow/299912']13 Reasons Why Your 401(k) Is Your Riskiest Investment[/URL] [/QUOTE]
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Bye Bye Pension and Hello to matching 401k coming in 2023?
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