My mistake, Maam. Perhaps a Shakespearean tragedy is too romanticized. That is what I was touching on with our most senior drivers. They are vested in the traditional pension, paid off all debt, and contributed over 10% to there 401k for years and years. They speak of the new Portable Pension Account as a lump sum severance instead of what the pay out would be a month, as it is a joke. Moving out of the country is an option, as is a state that doesn't tax income/pension money.
The economic conditions you speak of will never be replicated again. And it isn't a Democrat thing or Republican thing, it's a Government thing. And now for one last example of misery. A courier who I work with and know well. He has been with the company since Fall of 2006. May 31, 2008 is when the new Portable Pension Account took place officially. Now take in mind he is a full time employee and makes only around 18 dollars and change an hour. Fedex contributes a certain % to your new pension plan based on time worked, gross wages, and years of service. His pension statement after 8 years was $7,700 dollars. And that's before tax.
He, started at 40 years old. He has a second job like me and hopes to work at fedex until 62. So after 22 years of full time service he estimates there will be around 25k in the lousy pension fund, after tax about 19,000 for 22 years of work. Add in his 6% contribution and 3% match for 22 years, estimation is 90K in the 401k. And assuming social security does not dry up by the year 2034 like it's predicted to. Around another 1,400 dollars a month. But he intends to withdraw early so he will be penalized and it will only be about $975 a month. His second job entirely and strictly pays his mortgage and taxes. He knows his prospects are grim, that is why he is planning to move out of the country where his dollar power is greater. His short list of countries are: Ecuador, Ireland, Thailand, and Ukraine. I used to think he was nuts. But for the numbers he's throwing at me for what it would cost annually to live, I'm starting to think he's a genius.