How a company thinks

[clipslinger]

When I hired in to my company, I took a three dollar an hour pay cut. I did this because they offered me benefits such as a retirement, which my old job only had 401k. I know that the 401k system will never be a stable system, im no gambler. I also dont like to think of wall street handling my future. My new company has a thing called pay progression. It says that I start at x amount and it takes me four years to top out. Bear in mind now that Im doing the same jobs as the other workers just at a lower rate of pay. Im still hanging in there because Im also getting vested in a retirement fund while I wait. I top out finally , after four years, and Ive put in another six. At fifteen I would have been fully vested in my pension . Last year the company announced that they were cutting pensions by 60% for those not fully vested. Even though the pension fund is into the trillions of dollars congress past a bill that said they could take it so they did. I tell myself that something is better than nothing, I got a good job. My union sues the company over the pension but we dont expect any real results. I also realistically cant leave. While working here i found out im borderline diabetic so a 40 year old diabetic is not sought after as much as thirty year old healthy man was. So I keep on working and making money for the company and so doing make money for myself. I m going to brag a little here i have recieved awards yearly for my work so im not lazy or spoiled, I do my job. We got the new letter last week. They are taking whats left of my pension and placing it in a damned 401k. I have no choice about it, the wall street gets my future to play with. Thats how companies think and everyone says the government is turning socialist. So the only benefit we have left that separates us from a sweat shop, third world type job is our salary which isnt as much as most folks think, and the freaking american people are wanting to take that away, for what? The poor companies cant make out because of the evil union, dont you beleive it!

[mousegunner]

Sorry about your hard times. Others are getting laid off, etc. We all have to take care of ourselves by developing investments that the government can't take away. That's not easy to do. One way to do it is to keep on buying guns and ammo. The prices will continue to rise, so you have an inflation proof investment. You can start selling them off when you need retirement or emergency money.

[Guest jackdog]

I think your problem stated when the government got involved and let your company gut the pension plan. I can't help believe that as the economy gets worse we will move to a civil war or a revolution. What has happened to you has happened to millions of other Americans. At some point we the people we the majority have to take this country back, and time is running out for all of us

[Guest grimel]

When I hired in to my company, I took a three dollar an hour pay cut. I did this because they offered me benefits such as a retirement, which my old job only had 401k. I know that the 401k system will never be a stable system, im no gambler. I also dont like to think of wall street handling my future.

Only a 401k and $3 an hour more? Unless you have a totally crap 401k setup it will only be as "unstable" as you want it to be (put it in the stable bond fund and lose to inflation) and Wall Street isn't handling your future YOU would be handling your future.

My new company has a thing called pay progression. It says that I start at x amount and it takes me four years to top out. Bear in mind now that Im doing the same jobs as the other workers just at a lower rate of pay. Im still hanging in there because Im also getting vested in a retirement fund while I wait. I top out finally , after four years, and Ive put in another six. At fifteen I would have been fully vested in my pension . Last year the company announced that they were cutting pensions by 60% for those not fully vested. Even though the pension fund is into the trillions of dollars congress past a bill that said they could take it so they did. I tell myself that something is better than nothing, I got a good job. My union sues the company over the pension but we dont expect any real results. I also realistically cant leave. While working here i found out im borderline diabetic so a 40 year old diabetic is not sought after as much as thirty year old healthy man was. So I keep on working and making money for the company and so doing make money for myself. I m going to brag a little here i have recieved awards yearly for my work so im not lazy or spoiled, I do my job. We got the new letter last week. They are taking whats left of my pension and placing it in a damned 401k. I have no choice about it, the wall street gets my future to play with. Thats how companies think and everyone says the government is turning socialist. So the only benefit we have left that separates us from a sweat shop, third world type job is our salary which isnt as much as most folks think, and the freaking american people are wanting to take that away, for what? The poor companies cant make out because of the evil union, dont you beleive it!

Well, the government is turning MORE socialist at every turn.

Do you realize if you had stayed with your previous company and put the $3 difference ($6240 without any company matching) in a 4% stable fund you'd have over $400,000 in your account producing a $16,000 minimum annual income without touching the principle.

Of course you could take your $400k, buy rentals and hire a property manager and have a $50-80k income.

Never depend on the government and only marginally depend on a company to fund YOUR retirement.

[Guest nraforlife]

Y'all. Graveyards are full of people who are indispensable to their company. As soon as you realize that all you are is a number and that the company really could give a rats ass if you live or die, long term vision, you gain a little insight on how a company thinks.

[DaveTN]

I know that the 401k system will never be a stable system, im no gambler.

A pension can be gone with the stroke of a pen; a 401K can’t.

Edited January 3, 2009 by DaveTN
I can't spell

[Magiccarpetrides]

I know its not what you wanted, but a 401k is a better option. Just go the low risk bond route if your less risk oriented. In the end the results are better for you since it cant be taken away.

[Guest nraforlife]

NO WORRIES. The government is going to take of all of us...

[-boatman-]

NO WORRIES. The government is going to take of all of us...

Thats what I am afraid of.

[Smith]

Not to sound unsympathetic.... well I guess I'm not, but you made that choice. Take your 401k and roll it into a 403b and do what you want with the funds if you want control. Pensions are about the most unstable thing out there. Company goes away ... well, you get the point. Besides pensions, wellfare, Social Security, etc are all government approved Ponsi schemes. Some one is going to get royally screwed at some point. I am and will be self employed and it really iritates me when I hear all this whining about company pensions, retirement, insurance, etc. It is not a right it is an incentive to join a company and like any incentive the company can change or take it away anytime they want. Don't like it? Go work some where else, but don't blame the company for the choice you made. You make the choice in your best interest and the company will do the same.

Would you feel sorry for a the company if you left without notice and they were left with a production hole to fill costing them money and resources? Doubt it. I can tell you no one except my family feels sorry for em when I have to work 80+ hours a week to make up for when an employee doesn't show up or quits. And I can guarantee you I don't get paid extra.

Life is somewhat of a gamble my firend. It is just a matter of getting the most info you can and then making the best choice you can. If you are prudent it will usually work out for you and sometimes it won't.

[Rightwinger]

Yup!

When 401Ks are worthless, the whole nation is screwed. Note I didn't say declining like they are now, but worthless. I actually just upped the amount being deducted to mine as I like buying low!