Posted on 09/28/2022 10:53:42 AM PDT by quikstrike98
Well, we just had our weekly team meeting. I work for a very large corporation. We were just told that they will be recalculating retirement lump sum payments due to inflation, and depending how things are calculated, if we retire after Jan 1 of next year, we could lose up to 30% of our savings. You read that right, 30%.
Thanks Commierats!
If it’s any consolation, there’s millions, tens of millions, like us.
BUT BUT BUT... The student loan forgiveness will cure inflation. Or something.
Well, Biden has already cost me 30% of my retirement money.
I’m not surprised even conservative investments such as my own have seen these type of losses since Biden took over
so now, I am being crushed.....
so I say, cry me a river.....
Welcome to the party pal.
Agreed.
Just wondering if the destruction of wealth, etc. is akin to that when the real estate housing bubble bust, big bank bailouts, etc. or worse?
Yes, if you're lucky.
November can't get here fast enough.
You are not alone.
I’m in the same handbasket.......................
November won’t make a difference. By the time 2024 comes around, there won’t be a country left to save.
“We were just told that they will be recalculating retirement lump sum payments due to inflation”
Due to inflation, or due to the investment markets??
Lump sum retirement payments usally do not come from currrent company revenue or net earnings, but instead from the reserves set aside for retirment plans. A single change in a one year addition to those reserves would not result in a 20% reduction in the reserves value at your retirement, while current investment market condtions could well do that if the benefits are market value based.
That doesn’t sound right.
I would expect that you would have lost over 20% of your stock value based upon the market drop.
But if it is a pension, inflation would not decrease it. It depends upon the type of pension. If it is a defined benefit I would expect no reduction. If it is a profit sharing, it depends upon the investments.
There is more to this...
Sounds like they are hinting that you should retire this year. Is this a pension?
Pretty much anybody with a lot of investment in stocks is getting hosed. F. Joe Biden is truly wrecking the economy.
Yes, let’s be happy we are all still alive to even retire. We have a rogue administration actively seeking to destroy the nation and cause a World War.
Welcome to the party pal.
~~~
Yep.
My 401k is down 27% since this time last year. That doesn’t even count the effects that inflation would have on it. For those of us who aren’t retiring any time soon, there is some hope about the value of investments perhaps keeping up with inflation to some degree, but it appears that the entire purpose of the whole agenda is to devalue everything. One might even call it a reset. I don’t think it’s an accident.
I don’t know how this stuff works. But there’s an official mail from the company warning us about this. “Up to 30% loss”
I have a 401k and a pension which is given out in a lump sum at retirement. I presume this applies to the lump sum pension.
I already lost 30% this year - plus next year the Corporate contribution to our 401K will be cut in half.
Thank You Branden
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