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I lost my retirement benefits
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Retirement Planning
I lost my retirement benefits
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and believe me this makes life very difficult,had to use my savings,but thank God for social security! anyone else in this situation?
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Cat:7a9899c6-bb01-48a5-bd56-e73d9d7e3998Forum:f30f5dc6-f3c4-4828-8510-fbe290ff0053
Cat:7a9899c6-bb01-48a5-bd56-e73d9d7e3998Forum:f30f5dc6-f3c4-4828-8510-fbe290ff0053Discussion:f3a7beda-db54-4feb-bf1d-e650ed4796c4
Forums » Work & Retirement » Retirement Planning » I lost my retirement benefits
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Re: I lost my retirement benefits
posted at September 10, 2012 11:36 AM EDT
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Posts: 12532
First: February 29, 2008 Last: May 17, 2013 |
In Response to I lost my retirement benefits: and believe me this makes life very difficult,had to use my savings,but thank God for social security! anyone else in this situation? Posted by bobby712 First I'm sorry you got the shaft from your company and yes I also need S S very very much and so will my children. I worked for one of the BIGGEST insurers in the country in one of their branches. When I retired in 2003 on a program they initiated for early-retirees ... I was promised a certain salary for life, $50 a month for life to cover a portion of Part B medicare, a $15,000 life insurance policy. and an opportunity to have their auto insurance for retirees like me. It wasn't but two years later.... every promise was taken away except for the pension y and every year I expect a letter to say THAT'S ALL FOLKS !!! You cannot TRUST what companies say they will give you for retirement ( unless you work for our GOVT.) And young folks who think they can invest on their own instead of using the SS TRUST fund may well be in lot's of trouble because life is very unpredicable. |
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Re: I lost my retirement benefits
posted at December 21, 2012 10:22 AM EST
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Posts: 342
First: October 13, 2012 Last: May 20, 2013 |
I watched $82,000.00 of $120,000.00 401K evaporate the week after 911. Gambling your retirement on the stock market, as far as I'm concerned, is stupid. There are no guarantees in the stock market. I finally pulled the remainder and put it in a Roth IRA, but the lost money is just that..... lost money. There was no bail out for people like me. I'm 55 years old, and I don't see where social security will be my big saving grace. I seem to take home less money every year as taxes & health insurance continue to rise faster than my salary increases. And now, as I watch the Republicans and Democrats figure out a way to take another 800 Billion from the people, ( whether it comes from the wealthy or from the working class, it is going to happen), I just laugh, change the channel and get through another day. I will probably work till the day I die. |
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Re: I lost my retirement benefits
posted at December 21, 2012 1:42 PM EST
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Posts: 585
First: May 28, 2012 Last: May 15, 2013 |
Bobby, My prayers are with you, but thank God for FDR. That is why we must keep pressure on our representatives in Congress to not make cuts to Social Security, but strengthen it with cost of living adjustments that keep up with real inflation factors. Good luck, my friend. Response to I lost my retirement benefits: and believe me this makes life very difficult,had to use my savings,but thank God for social security! anyone else in this situation? Posted by bobby712 |
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Re: I lost my retirement benefits
posted at December 21, 2012 1:50 PM EST
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Posts: 585
First: May 28, 2012 Last: May 15, 2013 |
Jan, the sad and sickening thing about our government is that with all the unnecessary spending overseas in Wars and helping other countries, we have to live in fear of losing the Social Security that we paid into and counted on being there our whole lives. President Franklin D. Roosevelt gave us Social Security so we could survive with dignity, not fear. We cant sit still and do nothing. We must keep contacting our representatives in Congress, because there is one side of the aisle that wants to cut our benefits by $1 Trillion dollars.Response to Re: I lost my retirement benefits: In Response to I lost my retirement benefits : First I'm sorry you got the shaft from your company and yes I also need S S very very much and so will my children. I worked for one of the BIGGEST insurers in the country in one of their branches. When I retired in 2003 on a program they initiated for early-retirees ... I was promised a certain salary for life, $50 a month for life to cover a portion of Part B medicare, a $15,000 life insurance policy. and an opportunity to have their auto insurance for retirees like me. It wasn't but two years later.... every promise was taken away except for the pension y and every year I expect a letter to say THAT'S ALL FOLKS !!! You cannot TRUST what companies say they will give you for retirement ( unless you work for our GOVT.) And young folks who think they can invest on their own instead of using the SS TRUST fund may well be in lot's of trouble because life is very unpredicable.
Posted by JANMB |
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Re: I lost my retirement benefits
posted at December 21, 2012 2:03 PM EST
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Posts: 585
First: May 28, 2012 Last: May 15, 2013 |
Hey magic, You are 55 and have paid into S.S. for probably 40 years now, you have to contact your reps in Congress to strengthen Social Security, not make cuts to it. If S.S. stays strong you will have a decent benefit to help you survive in 10 yrs. If we stick together and fight for S.S., regardless of our political party, we have a fighting chance to preserve S.S.. Response to Re: I lost my retirement benefits: I watched $82,000.00 of $120,000.00 401K evaporate the week after 911. Gambling your retirement on the stock market, as far as I'm concerned, is stupid. There are no guarantees in the stock market. I finally pulled the remainder and put it in a Roth IRA, but the lost money is just that..... lost money. There was no bail out for people like me. I'm 55 years old, and I don't see where social security will be my big saving grace. I seem to take home less money every year as taxes & health insurance continue to rise faster than my salary increases. And now, as I watch the Republicans and Democrats figure out a way to take another 800 Billion from the people, ( whether it comes from the wealthy or from the working class, it is going to happen), I just laugh, change the channel and get through another day. I will probably work till the day I die. Posted by wisemagic |
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Re: I lost my retirement benefits
posted at December 21, 2012 4:44 PM EST
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Posts: 342
First: October 13, 2012 Last: May 20, 2013 |
In Response to Re: I lost my retirement benefits: Hey magic, You are 55 and have paid into S.S. for probably 40 years now, you have to contact your reps in Congress to strengthen Social Security, not make cuts to it. If S.S. stays strong you will have a decent benefit to help you survive in 10 yrs. If we stick together and fight for S.S., regardless of our political party, we have a fighting chance to preserve S.S.. Response to Re: I lost my retirement benefits : Posted by mandm84 Oh yes, I have, but government seems to do what government wants more often than what the people want. And in the next 10 to 12 years who knows how much they will screw up social security. I like my work, so I'm not overly concerned. May just go into semi-retirement when the day comes. 
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Re: I lost my retirement benefits
posted at December 21, 2012 9:05 PM EST
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Posts: 585
First: May 28, 2012 Last: May 15, 2013 |
Magic, If Social Security does go through major changes, I would hope those changes wouldn't effect those of us over 55. We have paid into the system for 40 plus years, but of course, I could be wrong. My kids are already planning for Social Security not being there for them. Good luck, my friend. Response to Re: I lost my retirement benefits: In Response to Re: I lost my retirement benefits : Oh yes, I have, but government seems to do what government wants more often than what the people want. And in the next 10 to 12 years who knows how much they will screw up social security. I like my work, so I'm not overly concerned. May just go into semi-retirement when the day comes. Posted by wisemagic |
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Re: I lost my retirement benefits
posted at December 22, 2012 7:23 PM EST
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Posts: 1923
First: November 27, 2011 Last: May 18, 2013 |
In Response to I lost my retirement benefits: and believe me this makes life very difficult,had to use my savings,but thank God for social security! anyone else in this situation? Posted by bobby712 Sorry - What retirement benefits did you lose? Guess something can be said for providing for oneself without relying on something that is just a promise. |
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Re: I lost my retirement benefits
posted at December 22, 2012 11:35 PM EST
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Posts: 3043
First: March 2, 2008 Last: May 25, 2013 |
In Response to Re: I lost my retirement benefits: In Response to I lost my retirement benefits : Sorry - What retirement benefits did you lose? Guess something can be said for providing for oneself without relying on something that is just a promise. Posted by GailL1 My brother is age 63, but lost almost $50,000 in his investments during the 8 years of Bush. It hit him hard when the market crashed in 2008. He's single, has a good job but it's very demanding at his age, but depended on SS and his investments for retirement. How many people were stiffed by the market collapse when they did everything right and responsible to save? Who can trust Wall Street as even Bush said that "Wall Street got drunk" when they were de-regulated.
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Forums » Work & Retirement » Retirement Planning » I lost my retirement benefits
