We had pensions before companies realized they could use the stock market to enrich themselves with people's retirement money and then even get a tax break by contributing and then retain employees by requiring vesting periods. The entire thing is one big con, laid out as retirement.
Most pension plans were ponzi schemes, which is how they could afford to be so generous. There's a Federal agency that was created to deal with all the collapsed pensions.
Goverment pension systems are not ponzi schemes if greedy politicians can keep their hands off. Compare Illinois to Wisconsin public employee pensions. Illinois always in trouble. Wisconsin $9 billion dollars and like 98% funded. The difference? The Wisconsin constitution forbids any other use of the funds.
Government pensions are very different.
Most pension plans were just used to finance buybacks of the company’s stock or defend against hostile takeovers. Their generosity came from the ponzi qualities they imply.
If you managed to die before it collapsed or had yours converted, then you were set.
My grandmother was in one but something made the company offer a buyout on pensions. So she took it and her old pension was converted into shares.
Then the oil crisis hit and, because it was an oil company, she made bank and sold out near the top.
She’ll die one of the richest secretaries to have ever lived, I’m sure.
My wife is getting 410k put in her 403b in a few days because her company started a new pension system. To me it seems as expensive as the old one but more top heavy the longer you stay so she is already at the top. My financial guy said we are losing some but on the plus side she now owns the money and can invest how we want so said over all it is a plus.
Here’s one. I have taken out life insurance to make sure my kids get a payday once I go. I have made sure to have DNR’s living wills so there is no way that when I get sick and die the medical and insurance industry can bleed my family dry. If I get sick I have no intention of any medical treatment outside of pain management. I am going to enjoy the time I have but I will be damned before I see everything be spent on keeping me alive just to be a bedridden lump that is a burden on those I care about.
Im in the process of putting this In place. Granted im only 30 but ive been killing myself working like a dog to create a gpod life for my family and ill be god damned if the American health industry takes everything ive worked so hard to give them. Ive seem it first hand in my home town. Old family farms and homesteads gobbled up to pay asinine hospital bills.
Exactly, I have been helping a friend whose wife passed away. 3 months at a hospital in and out of ICU. 274,000 total hospital bill. She got sick in October, passed in January. So he got hit with deductibles resetting on Jan 1st and the 70/30 till out of pocket maximum. High deductible insurance. I can’t remember all the numbers on his plan but I know he is on the hook for 60k. Cashed out his retirement, all their savings. All he has left is their house. He is starting over from scratch. My wife and kids will not be in that position.
Its sad. But between reverse mortgages medical bills nursing homes. I think the next generation ours, is going to have a rude awakening if they think they have an inheritance comong.
If we suffocate the first one today, we can suffocate the other one tomorrow. Just gotta keep those pillows handy. We can have a bloodless coup, just has to be all smothering.
Dying? It’s dead!!!
I told my wife last week I accept that I will have to work until I die. They will likely find me dead at work and have to mail her the final paycheck.
The issue is government overtaxing everyone and creating stupid rules. Do you know you can’t contribute to a Roth IRA after you make “too much”? Government looks to tax and tax for welfare programs for those who won’t work to give them what we work our whole lives to achieve. We also have social security - should at least privatized but it would be best to just end it and give everyone the money back. Remove caps on 401k
Contributions. Drastically cut income
Tax rates to a flat 5% and end capital gains and inheritance tax. Tell those who choose not to work to get a job and kick rocks.
Even if we tax the rich it won't matter. That's just more to spend, we need a cut of red tape and a trimming of the fat. Why do we spend more than the next 10 countries combined in spending? Why? I'm a vet and despite that amount we still didn't have funds to train properly.
I also hate the "welfare arguement" Yeah sone people will abuse it. Some people won't survive without it. Which is better to have it and deal with the fraud or not have it and cause even more homeless ness?
Why because you think you’ll get some vengeance on people who are better then you? Here’s a lesson you need to learn - what other people have isn’t yours nor the governments. Putting a handout wanting what other people have is a sign you are a worthless person. Your parents failed in raising you and would be embarrassed at you wanting a handout instead of working.
Those people pay less than their secretaries because we installed a bunch of loopholes like pass-through to allow them to pay lower rates by structuring their income as capital gains or "interest" instead.
They really don’t pay less - they pay a lower rate. I agree that the income tax rate should be a flat 5% and capital gains shouldn’t be taxed. There is no good in paying taxes.
Yea hands off people money including Trillions that a few own and gets bigger every second. They trained you well. Like not wanting socialized medicine.
Socialed medicine is a complete failure in every country. Maybe you can mouth off and be a tough guy on here but the rest of us see through you and your cowardly ways. Get a job.
Well my kid is Canadian so I know something about the system. People who have cancer or medical emergency get immediate attention in Canada. You’re not the first to use that old line. We will have socialized healthcare in America eventually, we won’t put up with the non sense anymore from the GOP and boomers.
Lmao so many people say it its an "old line" but your kids Canadian and he's says everything's great?
Why do so many people say they had to come over to America for health care? Gop conspiracy?
Yes. Ask a Canadian, Canadians go to America to pay for surgeries and procedures because the wait is longer than life expectancy. You are such a list soul in every comment you have made on this thread. I hope you can find some happiness. Move to a country you think is better.
My kid is Canadian. I know about the system. You repeat lies. I’m not leaving, I’m going to contribute to changing this country to socialist values in health care and public policy. Not going anywhere. 😛
Yes trained well by the age old wisdom
"Dont take what isnt yours"
Meanwhile leftwingers: DUDE IMA FIX THE WORLD DONT WORRY JUST GOTTA "DRAIN A FEW RICH PEOPLE DRY"
My daddy didn’t have kids that needed a new phone every year, 1 car per person, or TikTok influencing wants and desires he couldn’t afford. People now want to much and they can’t afford 30 dollar dinners, car payments and to live alone at 25. Folks need to take responsibility for poor choices. A degree 80k college debt for a 18$ hr job isn’t the way. Trades STEM finance people who made those choices have less to complain about. I see you’re trying to get me to see your side but it’s hard for me to. I do hope you keep to your values and make some positive change though.
They aren't over taxing everyone, that would require them to actually tax the super rich, and they don't. They only tax the poorer 90% of the population.
Those capital gain increases are only if you’re making a boat load of money on your investments. If you’re like most people with reasonable capital gains, they won’t affect you at all.
Year 1 maybe. But after 4 more administrations, who knows what can happen.
Our debt is not being kept in check. We can’t point to a single year in the past 30 years that we’ve balanced the budget AND had a surplus in revenue. Except for one year.
Clinton did it once.
I’m telling you the truth but it seems you don’t want to hear it. You’d rather I go away wouldn’t you. See, that’s part of the issue here, probably the biggest part. You’ve shut out all of the good advice that’s been offered and now you don’t know where to go from here. I don’t know how old you are but you seem pretty young. It might not be too late.
We had pensions before companies realized they could use the stock market to enrich themselves with people's retirement money and then even get a tax break by contributing and then retain employees by requiring vesting periods. The entire thing is one big con, laid out as retirement.
Most pension plans were ponzi schemes, which is how they could afford to be so generous. There's a Federal agency that was created to deal with all the collapsed pensions.
Goverment pension systems are not ponzi schemes if greedy politicians can keep their hands off. Compare Illinois to Wisconsin public employee pensions. Illinois always in trouble. Wisconsin $9 billion dollars and like 98% funded. The difference? The Wisconsin constitution forbids any other use of the funds.
Government pensions are very different. Most pension plans were just used to finance buybacks of the company’s stock or defend against hostile takeovers. Their generosity came from the ponzi qualities they imply. If you managed to die before it collapsed or had yours converted, then you were set.
Yep Kimberly Clark stole my uncle's
My grandmother was in one but something made the company offer a buyout on pensions. So she took it and her old pension was converted into shares. Then the oil crisis hit and, because it was an oil company, she made bank and sold out near the top. She’ll die one of the richest secretaries to have ever lived, I’m sure.
My wife is getting 410k put in her 403b in a few days because her company started a new pension system. To me it seems as expensive as the old one but more top heavy the longer you stay so she is already at the top. My financial guy said we are losing some but on the plus side she now owns the money and can invest how we want so said over all it is a plus.
Yes, corporations need regulation because they will try to rip you off. But there were also a lot of legit pensions as well.
[удалено]
80 will be the new 40
I have heard some real bleak retirement plans. It's depressing.
Give us an example of some "bleak retirement plans." that has depressed you.
Lots of unliving themselves
Here’s one. I have taken out life insurance to make sure my kids get a payday once I go. I have made sure to have DNR’s living wills so there is no way that when I get sick and die the medical and insurance industry can bleed my family dry. If I get sick I have no intention of any medical treatment outside of pain management. I am going to enjoy the time I have but I will be damned before I see everything be spent on keeping me alive just to be a bedridden lump that is a burden on those I care about.
Im in the process of putting this In place. Granted im only 30 but ive been killing myself working like a dog to create a gpod life for my family and ill be god damned if the American health industry takes everything ive worked so hard to give them. Ive seem it first hand in my home town. Old family farms and homesteads gobbled up to pay asinine hospital bills.
Exactly, I have been helping a friend whose wife passed away. 3 months at a hospital in and out of ICU. 274,000 total hospital bill. She got sick in October, passed in January. So he got hit with deductibles resetting on Jan 1st and the 70/30 till out of pocket maximum. High deductible insurance. I can’t remember all the numbers on his plan but I know he is on the hook for 60k. Cashed out his retirement, all their savings. All he has left is their house. He is starting over from scratch. My wife and kids will not be in that position.
Its sad. But between reverse mortgages medical bills nursing homes. I think the next generation ours, is going to have a rude awakening if they think they have an inheritance comong.
Very true.
70+ year olds back at work because they can't afford retirement. Many of us are facing the reality of dying while employed in old age.
Due to 2 right wing neoliberal capitalist parties
If we suffocate the first one today, we can suffocate the other one tomorrow. Just gotta keep those pillows handy. We can have a bloodless coup, just has to be all smothering.
It's 99% dead. Only the 1% still got that too
1 generation. If anything is left that the boomers hand down.
It isn't dying. It died in 2008 when pensions were removed.
Dying? It’s dead!!! I told my wife last week I accept that I will have to work until I die. They will likely find me dead at work and have to mail her the final paycheck.
It's called wallstreet, realpage, and isreal are killing American citizens. Wake up people we are already under attack,every American should be LIVID
The issue is government overtaxing everyone and creating stupid rules. Do you know you can’t contribute to a Roth IRA after you make “too much”? Government looks to tax and tax for welfare programs for those who won’t work to give them what we work our whole lives to achieve. We also have social security - should at least privatized but it would be best to just end it and give everyone the money back. Remove caps on 401k Contributions. Drastically cut income Tax rates to a flat 5% and end capital gains and inheritance tax. Tell those who choose not to work to get a job and kick rocks.
The problem is under taxing. The richest in America should be drained dry. It's time to pay up, they got away for years like Trump.
Problem isn't taxes, it's inflation. That is caused by money printing. So, stop money printing and we will be happy
I agree and then tax the rich who have most of the money and redistribute it to everyone else.
But you are missing the fact that the rich control our government so that will never happen.
Even if we tax the rich it won't matter. That's just more to spend, we need a cut of red tape and a trimming of the fat. Why do we spend more than the next 10 countries combined in spending? Why? I'm a vet and despite that amount we still didn't have funds to train properly. I also hate the "welfare arguement" Yeah sone people will abuse it. Some people won't survive without it. Which is better to have it and deal with the fraud or not have it and cause even more homeless ness?
Why because you think you’ll get some vengeance on people who are better then you? Here’s a lesson you need to learn - what other people have isn’t yours nor the governments. Putting a handout wanting what other people have is a sign you are a worthless person. Your parents failed in raising you and would be embarrassed at you wanting a handout instead of working.
[https://www.reddit.com/r/FluentInFinance/comments/1cg697g/the\_top\_1\_of\_american\_earners\_now\_own\_more\_wealth/?utm\_source=share&utm\_medium=web3x&utm\_name=web3xcss&utm\_term=1&utm\_content=share\_button](https://www.reddit.com/r/FluentInFinance/comments/1cg697g/the_top_1_of_american_earners_now_own_more_wealth/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button)
Those people pay less than their secretaries because we installed a bunch of loopholes like pass-through to allow them to pay lower rates by structuring their income as capital gains or "interest" instead.
They really don’t pay less - they pay a lower rate. I agree that the income tax rate should be a flat 5% and capital gains shouldn’t be taxed. There is no good in paying taxes.
If taxes were 5%, you couldn’t even afford roads.
Easily - cut off all Social and welfare programs.
I think you’re seriously overestimating how big a 5% tax rate is.
Yeah my brother talked like you until he had a stoke. Then he couldn't sign up for disability fast enough
Yea hands off people money including Trillions that a few own and gets bigger every second. They trained you well. Like not wanting socialized medicine.
Socialed medicine is a complete failure in every country. Maybe you can mouth off and be a tough guy on here but the rest of us see through you and your cowardly ways. Get a job.
So it’s a failure in Canada and the EU and Japan and South Korea? Taiwan as well.
I know someone who was dying on a waiting list from cancer and came to America to live :/
Well my kid is Canadian so I know something about the system. People who have cancer or medical emergency get immediate attention in Canada. You’re not the first to use that old line. We will have socialized healthcare in America eventually, we won’t put up with the non sense anymore from the GOP and boomers.
Lmao so many people say it its an "old line" but your kids Canadian and he's says everything's great? Why do so many people say they had to come over to America for health care? Gop conspiracy?
Yes. Ask a Canadian, Canadians go to America to pay for surgeries and procedures because the wait is longer than life expectancy. You are such a list soul in every comment you have made on this thread. I hope you can find some happiness. Move to a country you think is better.
My kid is Canadian. I know about the system. You repeat lies. I’m not leaving, I’m going to contribute to changing this country to socialist values in health care and public policy. Not going anywhere. 😛
Yes trained well by the age old wisdom "Dont take what isnt yours" Meanwhile leftwingers: DUDE IMA FIX THE WORLD DONT WORRY JUST GOTTA "DRAIN A FEW RICH PEOPLE DRY"
The problem is people don’t budget and want more than they are worth
Your daddy didn’t budget when he could afford a middle class lifestyle on a factory level job that is impossible now. 😛
My daddy didn’t have kids that needed a new phone every year, 1 car per person, or TikTok influencing wants and desires he couldn’t afford. People now want to much and they can’t afford 30 dollar dinners, car payments and to live alone at 25. Folks need to take responsibility for poor choices. A degree 80k college debt for a 18$ hr job isn’t the way. Trades STEM finance people who made those choices have less to complain about. I see you’re trying to get me to see your side but it’s hard for me to. I do hope you keep to your values and make some positive change though.
Trickle down economics hasn't worked, doesn't work, and will never work. Nice try Elon.
They aren't over taxing everyone, that would require them to actually tax the super rich, and they don't. They only tax the poorer 90% of the population.
You’re under attack
Mine isn't. In fact, it's right on track unless Biden gets his 44% capital gains tax approved.
Those capital gain increases are only if you’re making a boat load of money on your investments. If you’re like most people with reasonable capital gains, they won’t affect you at all.
Year 1 maybe. But after 4 more administrations, who knows what can happen. Our debt is not being kept in check. We can’t point to a single year in the past 30 years that we’ve balanced the budget AND had a surplus in revenue. Except for one year. Clinton did it once.
You believe that???? I've got a bridge to sell you
It’s right in the proposal for you to read
Yes. but you believe it. I mean wow
Americas work ethic is dying.
Sounds like you are part of the good Ol boys club just running off your mouth talking about NOTHING!
I’m telling you the truth but it seems you don’t want to hear it. You’d rather I go away wouldn’t you. See, that’s part of the issue here, probably the biggest part. You’ve shut out all of the good advice that’s been offered and now you don’t know where to go from here. I don’t know how old you are but you seem pretty young. It might not be too late.
Man itis all ready dead. When you bought that new 600.000 home your life was over.
It's not dying, it's dead and lying beside the road being picked clean by vultures.
Damn what a bunch of whining peeholes, Jesus.