The long and short of it is that American corporations shorted the American worker yet again. Our fathers pension has gone by the way of the dodo. The need for many to live at a higher standard of living not underscored by the inflation reduced real dollars earned has further contributed to the morass.
Personally, I saw this coming in the 1980's while corporations that I invested in were sending those pensionable career jobs overseas.
As everyone touted 401k's, I began my employment with the City of NY. Though I invested heavily in my 457, 401k, IRA, and Roth IRA's others were living the high life on borrowed cash.
Now my only concern is reaching 70 1/2 when I'll have to start taking my required minimum distributions.
For now I'm perfectly content sitting back and reinvesting those retirement savings proceeds and collecting 2 pensions. One from the City of NY, the other from the I.B.E.W. along with social security since retiring at 56 years old in 2010.
Later on if I live so long, I'll take my annuity from IBEW Local Union #3, and Trans America. As well as my retirement savings accounts and from the sales proceeds of my house.
Only rub, a catastrophic health issue depleting my reserves and income. As others have said and to quote: "no one expects the Spanish inquisition" … the best laid plans and all...
It would be nice for all of us capitalists to have a safety net for this health concern. I'm certain this does or will concern us all at some point.
I shudder to think of the average person with $58,000 in retirement savings. I pity the fool.
AI
