Im 25. Ive busted my a$$ since I was 11. I am an immigrant to this country. My parents, thank god, have also become very successful. However, Im tired of idiot people telling me how great their union jobs are with their pensions, etc etc.

Are these people blind? Do they not see that in 40 years, your pension money might not mean sh!t? Do they not understand that IT'S THEIR OWN MONEY THEY ARE GETTING BACK?

Seems to me, the only jobs that offer pensions (more often than not) are jobs where people are bad with money management. They are basically, saving the money for you, because you are incapable of doing it yourself.

Then I get people telling me they are going to retire on social security. WTF...are they kidding me? They will be lucky if they can pay half the rent at Scot's real estate, while eating ramen noodles. No blue teeth for them.

What happened to ambition? What happened to people wanting to be successful? Listen, I know the reality is that not everyone is going to become a millionaire. However, if someone is 18-35, and say, "I will never make a lot of money," they damn sure wont. Everyone has the potential.

I just wish people would stop relying on government handouts. You are too old to work, so that means the rest of the country has to support you, since you didnt have enough brains to save up for retirement!? Good old US of A.

*rant over*

 

My job matches 100% of the first 5% I put into my retirement plan and then 50% thereafter.. that's all free money, why would I NOT do it?

 

I agree with both of you. Both my wife and I are dumpin' the gov't allowable max of our salaries into our 401(k)s. Our company also matches us, that's an immediate return. Plus, we are some of the lucky few that have portable pension plans. We want to be comfortable when we retire. I also have some friends who don't put a dime into their 401(k), they don't save at all. They are, basically, rejecting free money.

I just turned 26, I figure any money we get from social security will just be a bonus. I also have some friends who don't put a dime into their 401(k), they don't save at all.

One thing I do (minorly) disagree with is that you are equating success with money. Some people make tons of money and are considered "successful" but piss it all away and have nothing left for retirement. Others make little money and invest it wisely. Not everybody considers money success.

 

Why do you say pension money is just a person getting their own money back? If I make $50k at a job that offers a pension plan, isn't that better than a $50k job that does not?

You're right though that the money in a pension fund could very well go away during a bankruptcy restructuring. 401(k) and personal investments like IRAs are still important. Maybe I'm lucky that my job offers both pension and 401(k).

 

Matched 401K is NOT a bad idea, nor is it a retirement plan. Retirement is at what 59-65? You plan on living past 80? You think 400K is enough money?

 

My union job is great and it has a great pension!

Really!

7% is taken out and 100% of it is matched.

I also have a 403(b) and whatever investments and savings I will have in the future.

I don't even think about Social Security.

Would I like to invest that 7% on my own, yes, but I'm not crying over it.


Like a poster above I measure success differently than most. I don't want to make a lot of money, I just want to live comfortably, do something I don't hate, and provide for my family. Its just 10x harder here than other places. This means I'll have to work harder for it. Do I want to? No.

I'd be happy with a 3bedroom, 2 bath house, 1000-1500sq ft. This costs $500k in the ghetto to $700k+ in the "middle-class" areas. New houses aren't being built that small anymore and I won't be able to afford one on my salary for about 10 years in my area.

I realize that this may sound like whining, but when I see people my age (24) buy their first house back east for considerbly less than here, with less of an education and a lower paying job, I get a bit miffed.

It's your guy's damn work ethic that keeps liberals like me on my toes...unfortunately I try to stay off them as much as I can.

 

I agree. But you cannot call those people the norm. They are just plain stupid. Making money and pissing it all away is definetely NOT the proper way to go, but it is NOT an arguement regarding making money....or lots of it. Money sure isnt everything, but its a very large part.

 

[QUOTE=NFRs2000NYC,Oct 22 2006, 09:27 PM] Matched 401K is NOT a bad idea, nor is it a retirement plan.

 

It is amazing to me how many people live to work the system. They have ZERO goals in life other than **** and get drunk. Their poor kids have no hope of ever being anything.

I had a friend who came here from Vietnam...his parents had 4 kids with them...they worked hard, lived right and saved..... they eventually opened their own restaurant and built a nice big house.....plus they still speak horrible english......

I have no idea how people can just flounder with no goals other than to live on welfare, try to sucker someone into think they are disabled (mentally), etc......

As far as retirement plans - I always think that is funny that people think that their Social Security is all they have. Unfort we have lots of factory workers here who have very little saved in their 401k accounts and they are counting on SS.

 

hey, im glad that its not just australia that suffers from people like this.

i think that most westernised countries with social security have this problem. they r too comfortable with being paid by the govt for doing nothing. these people r just plain lazy. they often look for the easy way out.

just dont worry about them and concentrate on doing ur own thing