Well...I worked most of my career with another carrier....so, Thank you, Rollin, thank you very much, I am going to do a few with ABF before I get to retire....however, I know some guys, 3, in fact I could name, that didn't sign their wife up so they could draw the full pension, and died in 3 yrs or less, one died in less than a month, and their wives are scraping by on Social Security. You have to have your wife go in person to the hall to sign off on this! I would never do that to my wife! But, life is short, and tomorrow is promised to no one. I hope that they're able to get this pension stabilized, and give younger employees options for building a nest egg. I'm probably going to be OK either way. I live a pretty conservative lifestyle, and have put my trust in the Lord, so I don't let this stuff bother me too much. If it does, I just start counting my blessings of which most are not material anyway. Hopefully, I live long enough to enjoy my golden years with a decent income, but only the Lord knows for sure, so I will enjoy today and try to live it the best I can and try to lighten a brothers burden if I can! Have a great day!Your right.... but right now my contributions are going to somebody that probably never worked for my employer. Makes a hell of a lot of sense
The S&P is up 28% since Trump was sworn in, if you invested your entire 401k in the S&P over the past few decades you'd be much better off than any pension.. and you control the money........
Some teamster plans have 2 members drawing benefits for every 1 putting $$$ in.. For others it is far worse... It is not sustainable...
But you seem like a smart guy........
But that guy had contributions paid on his behalf and the government allowed it....heck encouraged it... to be pissed away through zero oversight by the folks who were supposed to be looking out for it.Your right.... but right now my contributions are going to somebody that probably never worked for my employer. Makes a hell of a lot of sense
They already have. It's called deregulation!Never say never, when the gubberment gets involved strange things happen
Your right.... but right now my contributions are going to somebody that probably never worked for my employer. Makes a hell of a lot of sense
Deregulation in trucking was the first major industry to try that experiment......It worked so well,......that deregulation in the airline industry,...mining,....and others including banking started soon after.
Of course,.....all this benefitted the American worker,......Don't you feel....."benefitted"?
I'm still waiting on my benifits as a consumer!Deregulation in trucking was the first major industry to try that experiment......It worked so well,......that deregulation in the airline industry,...mining,....and others including banking started soon after.
Of course,.....all this benefitted the American worker,......Don't you feel....."benefitted"?
https://en.wikipedia.org/wiki/Airline_Deregulation_Act
Airlines deregulated in 1978, two years ahead of trucking; both courtesy of Democratically controlled congress and President Carter, who was also a Democrat. They're pro labor! Yeah, Right!
ST
https://teamster.org/sites/teamster.org/files/abf_update.pdf
Most of these tentatively agreed
upon articles simply remain unchanged from the
current contract but according to Soehl, it made
sense to initially “pick the low hanging fruit” and get
non-controversial items out of the way.
Well,....the idea there,.....my Esteemed Brother Rollin62,.......was originally a Multi-Employer Defined-Benefit fund would protect the average worker's pension in the event of the occasional company bankruptcy. You were still in a Multi-Employer plan,....and you would probably get hired at another Multi-Employer participant company,....thereby continuing your pension longevity and benefits.
No one foresaw the massive debilitating effects of deregulation,....that came about in 1980,........and the rise of employers using an obscure provision in the ERISA Act of 1974, enabling them to set up "investment" plans.......(..that were originally designed to back up traditional defined-benefit plans,......not REPLACE them....)........May of 1998 saw the first time that defined-contribution plans...(401(K)'s and such..) exceeded defined-benefit plans as employer's choice of vehicle for employee retirement.
Most Teamster Defined-Benefit Pension plans were started in the 60's........and they were designed for the LONG-TERM.........It's not real easy to disentangle a Union from those Funds at a moment's notice,......like many companies want to do,.....without harming most of the participants in some way.
I'll grant you that there have been many changes in the trucking, banking, and regulatory climate. And,......there should be an open conversation as to the viability of Multi-Employer Funds vs. individual private 401(k)'s.......But keep an open mind, and don't let some employer walk you down the garden path,...as it were.
We're just now starting to see guys realize that,....even after 20 years of..."investing"...in a 401(k),......they have nowhere near the amount of money needed to attain a living annuity........And,......the realization that even with ANOTHER 20 years,....they STILL might not achieve the $800,000 to $900,000 currently needed.......especially if Wall Street keeps pushing the annuity rate lower and lower,.....( with no Government oversight,...I might add...).....
Well....what I read between the lines was, they had a few drinks and cigars this time, but never got drunk enough to start fighting....they didn't mention striking and gate locking....yet..and the company didn't show them the full Panther freight re-route plan...https://teamster.org/sites/teamster.org/files/abf_update.pdf
Most of these tentatively agreed
upon articles simply remain unchanged from the
current contract but according to Soehl, it made
sense to initially “pick the low hanging fruit” and get
non-controversial items out of the way.
Drank a little too much whiskey and smoked too many cigars to do any tree climbing. Picking fruit up off the ground before it rots is a start. Now sober up and get us a good deal!https://teamster.org/sites/teamster.org/files/abf_update.pdf
Most of these tentatively agreed
upon articles simply remain unchanged from the
current contract but according to Soehl, it made
sense to initially “pick the low hanging fruit” and get
non-controversial items out of the way.
Investing 15% of a 100k annual income with a conservative 6% ROI provides a nest egg of about 1.25M.
This amount invested in a double tax free municipal bond fund yields an annual income in retirement of over 40K, Tax Free. In combination with present rates of Social Security benefits and enrolling in Medicare @ 65, this should provide a comfortable living wage.
All figures can be adjusted, of course, but understanding the importance of starting as early as possible is imperative.
We must also be aware that we must work longer because we live longer.
http://www.moneychimp.com/calculator/compound_interest_calculator.htm
https://www.cnbc.com/2017/06/13/her...have-nothing-at-all-saved-for-retirement.html
According to this article, 50% of Americans have nothing saved for retirement. Sounds like the "work til you die" plan to me. In the next decade or so things are going to get really ugly for a whole lot of people... Just as medical expenses skyrocket, incomes will head toward zero.
I think most people are already putting away close to 15%. If I remember correctly, Social Security taxes are about 7% and the employer puts in another 7%, I think. The only problem is the government gets their grubby hands on it and sooner rather than later no one will see anything from it. I could be mistaken on that but I'm pretty sure I'm correct.It's real easy to tell a working person he must be saving 15% of his wages for retirement......
But when I was a young person starting out...... getting laid off every couple of months,........carriers closing,.......jumping from job to job,.........and then the children started coming........my response to being told to save 15% would be " yeah, ....right....."
Contribute to 401 (k)?..........or groceries for kids? I think a lot of young families have this choice for the first 10-15 years......
But,....your average bank or investment manager has no concept of living like that....
Real life puts saving for retirement way, way down on the list.