Here is an interesting story---man works 34 years for LTV hoping and planning for a decent retirement, yet they go bankrupt---he has limited health coverage.

http://blogs.chicagotribune.com/news...ment.html#more

It isn't like he worked fliippin' burgers or took jobs knowing that he wouldn't have benefits. He "paid his dues," so to speak. What should be done---if at all? Do we say , "tough luck" to these people who were careful to get work where a retirement plan was in place? Or is there something that should be done.

I am a member of the Ohio STRS---one of the strongest retirement systems in the US---but not all of us are so lucky. Any comments on this man's and his family's plight? Is it---heaven help us---time for the government to step in?

How strong is your retirement system? Will it be there for you when you need it?

Tim C.

 

That friggin SUX ! ! ! !


...sounds like my luck.

 

Well ref, you got a better feel for the demographic around here yet?

While it's true there are over 120,000 members, only 12 of us are over 50.

 

Yep---the youngin's don't quite git it, yet,

 

Let this be a couple of lessons kids.
1. Don't put all of your eggs in one basket (diversify your investments)
2. Don't rely on someone else to take care of you.

So why can't they draw disability?

Why cant they get medicaid?

 

I guess you may be right about diversifying, etc...but when a huge corporation---one that you have been counting on---goes belly-up, what is supposed to be done. It happened to the steel mills, it can happen to other unions/retirement systems, as well.

I have a great retirement account, and my retirement systme is rated very highly. Stil, when I retire ( I could now, but my retirement will go up 22.5% if I stay another 5 years) health converage for my wife will cost a bundle. Thankfully, though, for us---she is with the Cleveland Clinic Health Care Systme so that should help.

Like I said, it is not like these guys worked at jos w/o benefits---but with Ford and GM downsizing (And Chrysler too) what may happen to others?

Tim C.

 

DUUUUUUUUUUUDEEEEEEEEEEE.....I never really thought about retirement when I was single...but after seeing my parents and what they are doing Im like "WTF" and have actually looked at my 401k and saw I was only putting stuff into my employer...which is good, since we are the #1 telephone co..lol. btw..shameless plug, if anyone needs stuff from att like DSL, or voicemail or anything...email me at dinty4@yahoo.com...lol.I started diversifying(sp?) and have noticed more growth thus far

 

Speaking of diverisfying, my father was also a school teacher with STRS---but he was also very careful to make sure that he worked jobs and earned enough quarters with SS to get those benefits, as well---well,Ol' ROnnie---which may say was a great prez, came in and said, "well, since you belong to one retirment system, you will not get full benefits from SS, as well." Sorta screwed my dad right then and there.

He was careful; he saved wisely, but even the US Gov't can wallop some people, as well.

Tim C.

 

It could happen to any company in any industry tomarrow..... There could be one of any of the companies in Fortune 500 right now, that for all we know may be preparing to announce that they are filing chapter 11 as we speak.

There are ussually signs that it's getting ready to happen, but if you are not on the inside to see the signs you wont know, and they will do thier best to hide the signs from the outside world to keep investors from pulling out and causing it to happen sooner. Unless you go to every board meeting, sift through all reports, then by the time you see the signs... it's proabbly to late.

A company can be reporting thier profits and showing growth, but what they dont show you is thier debts.

Take advantage of the 401K, make sure, like Dinty, it's not all in your company or all in any single company.
Try to have some extra and if nothign else a roth or other IRA.

Non of it is "guranteed" you could loose it all. Play the odds and diverify.