Seniors Should Not Need Employment

Discussion in 'Senior Employment' started by Hal Pollner, Sep 2, 2019.

  1. Cody Fousnaugh

    Cody Fousnaugh Supreme Member
    Registered

    Joined:
    Aug 12, 2015
    Messages:
    12,750
    Likes Received:
    8,743
    Then, there is what happened to a friend of mine back in the early 90's. After 10 years of service, she could retire from her job with the county of Orange (So. California) and get a very nice pension. Right after she retired, the county went bankrupt! She didn't get a penny of pension.
     
    #61
    Don Alaska likes this.
  2. John Brunner

    John Brunner Senior Staff
    Staff Member Senior Staff Greeter Task Force Registered

    Joined:
    May 29, 2020
    Messages:
    22,675
    Likes Received:
    32,152
    Well, that sucks for your friend, but no one should be able to retire after 10 (or even 20) years on the job. That's ridiculous. I worked for 45 years. Most of us do.

    Reminds me of a server at my local IHOP. I go in one day and she is visibly angry. I ask her what the problem is, and she tells me she just had her 30th birthday and called the Social Security Administration to sign up for retirement benefits!!! Yeh, she had those expectations dashed.
     
    #62
    Don Alaska likes this.
  3. Nancy Hart

    Nancy Hart Veteran Member
    Registered

    Joined:
    Jun 3, 2018
    Messages:
    10,667
    Likes Received:
    20,006
    About "retiring" after 10 years. Some places consider you to be vested in the retirement system after working there for 10 years. Employees may hang on for exactly 10 years just for that reason. Then they move on to another job, usually a better one. If you leave you still get a pension from the first place when you reach retirement age. I knew several people who drew pensions from 3 places. Small ones, but they mount up.
     
    #63
    John Brunner likes this.
  4. Cody Fousnaugh

    Cody Fousnaugh Supreme Member
    Registered

    Joined:
    Aug 12, 2015
    Messages:
    12,750
    Likes Received:
    8,743
    Sort of weird, but wife and I know a guy that was getting a full pension, SS and unemployment...........all at the same time and it was all legal.
     
    #64
  5. John Brunner

    John Brunner Senior Staff
    Staff Member Senior Staff Greeter Task Force Registered

    Joined:
    May 29, 2020
    Messages:
    22,675
    Likes Received:
    32,152
    That's a good point.
    Probably just a misuse of terms in Cody's example.
     
    #65
  6. Cody Fousnaugh

    Cody Fousnaugh Supreme Member
    Registered

    Joined:
    Aug 12, 2015
    Messages:
    12,750
    Likes Received:
    8,743
    So, just what does a person do if the business you are getting a pension from closes and/or files bankruptcy? Pension gone, like what happened to my friend?
     
    #66
    Don Alaska likes this.
  7. John Brunner

    John Brunner Senior Staff
    Staff Member Senior Staff Greeter Task Force Registered

    Joined:
    May 29, 2020
    Messages:
    22,675
    Likes Received:
    32,152
    First, you gotta define what you mean by "pension." There is a Federal agency that guarantees some of that stuff (PBGC, I believe.) Other than that, I guess see a lawyer.

    If it's an IRAs or 401(k) plan, then your dollars are in the hands of a trustee and not the employer.
     
    #67
    Bobby Cole likes this.
  8. Cody Fousnaugh

    Cody Fousnaugh Supreme Member
    Registered

    Joined:
    Aug 12, 2015
    Messages:
    12,750
    Likes Received:
    8,743
    Just a regular County pension. That's all I know. At the time, she was pretty upset about it.
     
    #68
  9. Logan Bellgamin

    Logan Bellgamin Well-Known Member
    Registered

    Joined:
    Apr 9, 2021
    Messages:
    44
    Likes Received:
    77
    What happened to your friend has been in the news for other county & state governments. It's wise to check pension administration set-ups before signing on with local governmental organizations. If pension funds are under the local government's control, they are free to "borrow" from the pension's trust funds in order to finance unfunded but popular projects.
     
    #69
    Don Alaska likes this.
  10. Bobby Cole

    Bobby Cole Supreme Member
    Task Force Registered

    Joined:
    Jan 21, 2015
    Messages:
    13,053
    Likes Received:
    24,624
    After a certain point, I believe around 69 or so, a person can work and not be penalized on the Social Security. If by chance a person of that age was released from work then he or she could conceivably draw unemployment so yes, drawing unemployment, a pension (or military retirement) and receiving a Social Security check might even be fairly common place among working seniors.
     
    #70
    Don Alaska likes this.
  11. Don Alaska

    Don Alaska Supreme Member
    Task Force Registered

    Joined:
    Mar 6, 2018
    Messages:
    11,062
    Likes Received:
    20,451
    Full Retirement Age varies based on the year in which you were born. For me it was 66 1/2 years, but I continued to work beyond that for a number of reasons. Boeing is nearing bankruptcy, and , while I don't know know if Hal draws a pension from them or has money in a managed account, if the company goes belly up, pensions are among the first things to go along with company health benefits if they were allowed to continue after retirement. As Logan said above, local governments can and do go bankrupt, such as Detroit and several smaller cities, and that was one of the things the Dems included in the Covid bill, as they have to pay off their union supporters since they no longer look out for the worker. Their emphasis has shifted to the Illegal Immigrant, and they always assume that black Americans will continue to vote for them no matter what they do.
     
    #71
  12. Marci Miller

    Marci Miller Very Well-Known Member
    Registered

    Joined:
    Mar 30, 2020
    Messages:
    368
    Likes Received:
    590
    Those 401K plans are vicious. If the markets drop enough you don't get squat. They're not something that's reliable like a pension.
     
    #72
    Yvonne Smith likes this.
  13. Lon Tanner

    Lon Tanner Supreme Member
    Registered

    Joined:
    Apr 14, 2016
    Messages:
    5,596
    Likes Received:
    5,314
    The 401 K funds will only drop big time if they are poorly invested. Choosing the investment is most important.
     
    #73
    Frank Sanoica likes this.
  14. Bill Boggs

    Bill Boggs Supreme Member
    Registered

    Joined:
    May 13, 2015
    Messages:
    5,747
    Likes Received:
    7,721
    Everybody is not so, so-so. Some like me didn't think about it until it was thrust upon them.
    You may not be an exception to the rule (if there is one) but there are less like you and
    more like me who both travel and live by the seat of their pants.
     
    #74
  15. Hoot Crawford

    Hoot Crawford Veteran Member
    Registered

    Joined:
    Aug 14, 2017
    Messages:
    970
    Likes Received:
    1,545
    The key is to plan ahead, and to not outlive your money. I'm good until a week from next Monday.
     
    #75

Share This Page