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Sure the $10 you put in is yours, but you end up drawing out far more than any tangible, real money you saved, and you will almost certainly end up drawing more than any rate of return your money realized too.
originally posted by: wantsome
Pensions don't work huh?
My grandmother had $400k in her 401k. Prior to 2008 her 401k was making $100 a day. The market imploded and she lost it all. It's a good thing she has my grandfathers pension to fall back on. He worked for Crystler. So why is Crystler still offering pensions? Because the unions make them open their books to the workers. If auto makers couldn't afford pensions they wouldn't be offering it to their employees.
originally posted by: tinner07
a reply to: Edumakated
They are poorly funded and the unions with the help of politicians award themselves retirement benefits that they'd never get under any other circumstances. In return, the politicians get the votes of the union members. All this is done at the expense of the tax payer.
Yes that is true... Who would a teachers union or city workers union sign a contract with? The city? You can't blame the unions... you cant blame the union worker... Joe America has been collecting trash or teaching school for 30 years, made a decent wage and gets his pension he was promised.... That in itself does not sound like anything anybody can argue against...
They way you say it is based on their salary at retirement sound f'd up.... I pay way more into mine than I will ever get out... maybe that is what keeps ours solvent idk