Posted on 10/19/2015 4:10:51 PM PDT by afraidfortherepublic
No wonder Tom Minerath is angry.
Sixty-eight years old and retired since 2007, the Town of Merton man is about to have about $20,000 taken away from his annual pension — money he earned, money that was promised him, money guaranteed in contracts negotiated by one of the country's strongest labor unions.
"I'm going to make it through this, but it's just not right," he said. "It's just not right."
Which probably sums up the feelings of more than 270,000 people, including thousands in Wisconsin, who have been told by the financially troubled Central States Pension Fund that their pension payments must be cut, in some cases by 50% or more.
It's a breaking wave in a financial tsunami created in significant part by a change in government policy more than three decades ago that set in motion overwhelming economic forces.
But where the federal government stepped in to prop up giant investment banks after the 2008 crash — a financial debacle the banks helped cause — no bailout is in sight for Minerath and other retired Teamsters truckers. Barring a huge change in congressional sentiment, they'll have to do the bailing themselves.
"It's going to take our living wage, comfortable living wage, and make it non-livable," said retired driver Thomas Botic, 69, of Pewaukee, who recently got notice that his $2,800-a-month pension would be sliced to $1,400. "And at (almost) 70 years old, I don't feel like going out and finding a new job.
"It doesn't sit well with me, that's for sure."
Many of the deepest cuts are being dealt to retirees who worked 30 years and earned relatively large pensions — on the order of $35,000 annually or more — that have let them retire comfortably, but not lavishly.
(Excerpt) Read more at jsonline.com ...
I got news for them besides the deregulation the article blames the problem on.
1. Interest rates are crap, thank the economy, thank the dims.
2. You can’t have an EPA that regulates everything you do and drives up cost and remain competitive with the rest of the world who don’t have EPA.
3. You can’t regulate every move we make and try to protect every gullible fool and remain competitive.
4. You can’t fight every war in the world and nation build for lost causes. The money has to come from somewhere
5. You can’t take in every problem, homeless, politically persecuted, religious persecuted person in the world and give them benefits out of the treasury that are better than what working people get
6. You can’t allow a nation of feral children to grow and be taken care of no matter the actions others took and give them benefits out of the treasury that are better than what working people get
7. You can’t export good jobs to a place where they don’t do the stupid things we do and have a prosperous economy based on mowing lawns and fast food joints without transferring wealth to the other countries.
8. Half the people can’t work and support the others half and all the shit mentioned above and have anything left to retire on or for much of anything else.
WE ARE BROKE! Most of the money has been spent and it is gone. The money has been diluted and wasted.
>>.......must be a teacher......<<
IT. But I can do arithmetic.
My target calculations are based on my 401K, IRAs and a few other investments (none big-ticket and I never invest in individual stocks).
The need level was based on budget projections which anyone can and should do.
I just don’t see 35K as close to what ANY American couple can reasonably live on.
The 401 / IRA is next. They won’t have to come get it. It just won’t earn any return on investment and they will all be harvested before the owners die.
Actually, they did.
They earned and paid for both their pension and Social Security. So they should get both. Every penny.
If the money isn't there, where does it come from?
>>Well then, my fiance and I are sunk. I had head injury ten years ago. Started working again recently. both 47 and 48 respectively.<<
Getting married may or may not help your situation fiscally. Until recent events there would be a moral issue but since marriage is open for any number of people of any sex or gender it has lost its moral value.
>>200k in 401k. combined SS will be about 3500.<<
Pretty good, considering 50% of Americans don’t have a penny saved. You are young — keep contributing to your 401K and take advantage of the 50-YO “catch up” in a few years. Slow and steady gets it done.
>>dont own.<<
Own v. rent isn’t as easy a decision as it used to be. Run the numbers assuming you live to 90 or so. But do NOT put your 401K money into a house.
>>No kids because i was an idiot and wanted to wait will we were secure. stupid modern thinking.<<
No kids here either — a different kind of idiocy as I spent a decade between a bad marriage that thankfully produced no progeny and a good marriage too late to do so.
>>i dont want any assistance and it’s my bed. i’ll sleep in it.<<
Remember — you put into SS at the point of a gun. It is YOURS to recoup. I just question whether it will be there when we need it.
You have a great foundation already — run some spreadsheets, listen to Dave Ramsey (call him if you can). You are not screwed at all: you are quite blessed.
Do the math and I think you will see what you need, then project based on various investment alternatives.
BTW: I am only able to do what I can b/c I do without a LOT since I didn’t store away anything during my best earning years.
I was the true idiot in this conversation :)
The contractual agreement was between the Fund and the Pensioners.
I’m strong competition for the spot :)
Fiance moved in because I was too sick to take care of myself. for years.
wont get more personal than that on FR but trust me, hanky panky was NOT on my mind at the time. Using my left side and getting rid of horrific pain were :)
And a few other things i wont mention :)
on a serious note, 300k soldiers are going through worse head injuries that mine. WTH!!!
#... the jihadi “refugees” and put the money toward rapid advancements in brain injury treatment. For our soldiers.
Take welfare and snap towards it too since i saw in my cab most are used for sex and drugs.
snap cards are sold at a 50 percent discount to buy narcotics.
I’m strong competition for the spot :)
Fiance moved in because I was too sick to take care of myself. for years.
wont get more personal than that on FR but trust me, hanky panky was NOT on my mind at the time. Using my left side and getting rid of horrific pain were :)
And a few other things i wont mention :)
on a serious note, 300k soldiers are going through worse head injuries that mine. WTH!!!
#... the jihadi “refugees” and put the money toward rapid advancements in brain injury treatment. For our soldiers.
Take welfare and snap towards it too since i saw in my cab most are used for sex and drugs.
snap cards are sold at a 50 percent discount to buy narcotics.
I’m strong competition for the spot :)
Fiance moved in because I was too sick to take care of myself. for years.
wont get more personal than that on FR but trust me, hanky panky was NOT on my mind at the time. Using my left side and getting rid of horrific pain were :)
And a few other things i wont mention :)
on a serious note, 300k soldiers are going through worse head injuries that mine. WTH!!!
#... the jihadi “refugees” and put the money toward rapid advancements in brain injury treatment. For our soldiers.
Take welfare and snap towards it too since i saw in my cab most are used for sex and drugs.
snap cards are sold at a 50 percent discount to buy narcotics.
but that wasn't newsworthy....
SS is not an earned benefit. It is a political benefit. How else to explain why millions of people collect it despite never being taxed a dime. The benefit you get today is money taken from people working today. It has always been a socialist welfare scheme designed to enslave people to the Democratic Party.
welcome to Weimar, Pal...
There is an easy fix. Do not have employer or government provided pensions. Take cash instead spend it or invest it for later. Why anyone would work from promissory notes is beyond me.
Boy ain’t that the truth.
I agree, Pensions first then 401k’s and Ira’s next.
Where do the law makers hide their stash because eventually it will be hit too.
Never. They will bectaken care of.
Not all Cities and States, and not even all “Unions” completely opted out, as I understand, but a great many did. Since the financial SHTF corrupt debacle started, some “exempted” pensioners are mostly just shit out of luck, as they invested(trusted) in the wrong pension plan.
If it was just a one time error, I might feel more sympathy for them.
But they tried to duplicate the same corrupt trick when they passed Obamacare, and they will feel the same bite next year.
My give-a-damn is busted!
We all work from promissory notes without gold.
You have my utmost respect. I have supposedly saved enough to retire but I will not do it. Savings and wealth can be wiped out in an instant. Government almost always, sooner or later, default on their debts. Few corporations last forever. But so long as I am able I will work. If I fall on hard times I have family, church, friends, and my community. I will not enslave my fellow citizen to provide for me. If those people will not help then God rest my soul.
Touché. But the promisary notes we get are no mere IOUs. They are backed by the full faith and credit of the US Governemt (just like SS). If for any reason those IOUs (dollars) become imparted you can demand repayment in Treasury Notes! We actually get paid in promises that promise to pay more promises.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.