Trailer monkey
Well-Known Member
Pensions are only a relic because corporations realized they could steal billions from workers by implementing 401k's
Central States going broke---
- Thread starter rod
- Start date
thats true and it must be noted that those pt people covered by ups and not the teamsters are in a much better position and will be unaffected when the teamster pensions fail......to see a union with their head on straight take a look at the I.A.M. union ...Professional
I agree....if I had a choice I would have taken all that money and invested it myself instead of getting stuck with a mediocre defined teamster and ups pension.......if 401ks were around when I first started out.....
DELACROIX
In the Spirit of Honore' Daumier
MyTripisCut
Never bought my own handtruck
You would have to save $3 million dollars to pay yourself $3500 a week from age 55 on. Highly unlikely many people would or could do this.
People talk big about what they would do if they got all the money that goes into the pension but the fact is most of them would just spend it. With how much we get paid everyone could already be a millionaire at 20-25 years but how many are? Very few. A pension is the only way most of these guys will be able to retire, take that away and they'll all be working til they die like that quad decade guy.
How much would somebody like @Future need to save up to retire? He only needs about three to four hundred dollars a week
Well-Known Member
Back From Break
Better do your math again.
If you had $3 million dollars, at a modest 3% return, you can withdraw $7399 per month indefinitely, without even touching the $3 million dollars. You can withdraw $10,000 per month for almost 46 years.
If you had $1 million dollars at a modest 3% return, that will last you over 41 years at $3500 per month.
So, you're off by over $2 million dollars, and that's using a modest 3% return. Run the numbers using a typical 6% return, and it will blow your mind.
I have been lurking
Tired hubrat
45 rubles
542thruNthru
Well-Known Member
MyTripisCut
Never bought my own handtruck
Wasn’t gonna withdraw off the principle. Thanks for the tips. If I saved 3 mil I’d definitely be leaving it to my kids. You can spend yours if you want to.
Hi Dad.
MyTripisCut
Never bought my own handtruck
Dont be a coal thief
rod
Retired 22 years
No you wouldn't have. If statistics are correct the average Joe left on his own won't save a dime when younger.
Well-Known Member
Back From Break
Wait a minute.
You were comparing a pension to what you would have to save to match that pension. If you die, your kids get no part of your pension.
You need less than $1 million dollars to match that pension, not the $3 million you want to leave to your kids.
MyTripisCut
Never bought my own handtruck
542thruNthru
Well-Known Member
Yeah you dumb ass!!
Well-Known Member
Back From Break
Its not about "getting" you. It's about correcting an incorrect number you threw out there.
Saving $1 million seems feasible, while $3 million is most likely unreachable.
PT Car Washer
Well-Known Member
To save a million Dollars for retirement would mean living a very frugal lifestyle. No $60k pickups or new boats or a trophy house. Or trophy wife. No exotic vacations or paying for kids college.
