Reply to Why do people think Boomers had it so good?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I don't know, my greatest generation grandfather worked for less than years of his life and retired on a full pension in his 40s. My father worked from 22 to 62 and retired on a full pension. Both played golf and lived very well. Same with his side of the family--his father retired at 50 and lived a full comfortable 40 years collecting his pension. My spouse and I have worked since we were 22 and won't ever retire even though we are better educated than both. There is no pension but the money we tried to save since we were 22. [/quote]

Pensions disappeared because of corporate greed.  [b]Top executives are allowed to shelter unlimited amounts of compensation from taxes.  [/b]Employees have limits of how much they can contribute annually to their 401k

Walmarts CEO Doug McMillon kept about $169m in his deferred compensation account.   When he retires he will be able to generate a monthly retirement check of more than $1 million dollars.

Only about half of employees of the shameful Walmart stores save any money at all in their 401k.  Their salaries are just too low to set aside anything.

This has nothing to do with people born in the 50s or people born in the 70s.  This is pure greed amongst the powerful and voters not voting for their best interests.  
[/quote]

How? Please explain this.

I’d much prefer the mobility of a 401k over a pension. I don’t want to be stuck working the same place forever for a retirement benefit.  The idea of a pension seems archaic and also mathematically doesn’t make a lot of sense unless the next generation of workers is larger in number.  [/quote]

The executives ability to have his company hold an unlimited amount of his money,  deferred compensation, he doesn’t pay taxes and he will receive it upon retirement. Corporations themselves set them up and only a choice few are allowed to join in. Look up Top Hat Plan, I can’t explain it very well.

401k on the other hand is limited in the amount you may put into the account every year. Pensions work better for lower income workers who can’t contribute as much to the 401k as needed to retire in comfort.

My father died after about 23 years at a white collar job for a large corporation.    Along with a paid for home, life insurance and their savings my mother received a pension.  The company arranged a pension and life time 100% paid for health insurance premiums.  About 45 years later my elderly mother still receives the pension check every month and supplemental health care and Part D drug plan paid for.  That pension worked out better than a 401k would have. [/quote]

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