OT - Grumpy Old Man Thread

[Cincydawg]

Pensions seem to be a thing of the past outside government jobs, probably for a reason.  We didn't have one, we had a different kind of plan which is pretty rare.

I think "we" tend to think "things were better back when" once we hit a certain age.  Like 25...

I'd agree after the war there was a sharp rise in most standards of living in the US, and then the rise slowed down a lot, and today many feel like it's going backwards.  Our lifestyle is still quite a bit more ... "rich" than is typical in Europe.

Keep an eye on real median incomes per household.  If that ebbs or plateaus, folks get antsy and elect the other party.  Again.

[bayareabadger]

You're a disgusting hoarder. 

I mean, a stopped clock is right twice a day. This man was hoarding children.

[bayareabadger]

My wife worked for a large health care company for 38 years and has a very nice pension.

They stopped pensions about 5 years after she started so she is one of the lucky ones, I guess.

I do wonder how much the mythology of the pension, in the sense of how it expands beyond the reality, feeds into mismatched expectations and perceptions.  

[847badgerfan]

I do wonder how much the mythology of the pension, in the sense of how it expands beyond the reality, feeds into mismatched expectations and perceptions. 

Don't get me wrong - it's a great pension. However, had they paid her more I think I could have done better with the investments than did the pension fund managers.

Speaking of pensions, ALL of the future ones need to go away. It's time.

[MaximumSam]

Don't get me wrong - it's a great pension. However, had they paid her more I think I could have done better with the investments than did the pension fund managers.

Speaking of pensions, ALL of the future ones need to go away. It's time.

Lol keep your hands to yourself

[MrNubbz]

Yup, how about taking away all the cheecky preferential writeoffs enjoyed by those making well north of the average income.And then a flat tax or sumsuch and while we're at it get rid of the overlords disguised as Lobbyists. You may shoot them if you wish but get them out the HELL outta there - that would make me happy. Specially the shooting part  you can wing them if you like

[FearlessF]

Don't get me wrong - it's a great pension. However, had they paid her more I think I could have done better with the investments than did the pension fund managers.

Speaking of pensions, ALL of the future ones need to go away. It's time.

did the Illinois pensions get resolved?  at all, or just lost

[bayareabadger]

Don't get me wrong - it's a great pension. However, had they paid her more I think I could have done better with the investments than did the pension fund managers.

Speaking of pensions, ALL of the future ones need to go away. It's time.

This is probably true, but it still might feed into some of these generational misconceptions.

Like, I was raised to believe lots of jobs back in the day had them. And unfortunately there's a sort of implicit sense that a job offering a pension wants someone who works hard and is loyal, and will reward them with stability and long-term security. And obviously that's not real now and probably hasn't been for a long time (and was probably overstated in the telling). 

But if you raise someone on the myth, they're more likely to think things were better in some ways in that mythological time. 

(And that doesn't even get into the fact that kind of setup in many ways reward not taking more risk, which is interesting in its own way)

[Cincydawg]

I don't think it possible to eliminate lobbyists.  I had some minor interactions with one back in the day.  I thought he had a "real job" that didn't seem at all nefarious.

There aren't really many writeoffs now in the tax code for individuals.  You can of course write off losses and charitable donations if you itemize, but most folks now take the standard.  I recall keeping track of sales tax back in the day so I could write that off, it was a pain.

Anyone with $100 million and up doesn't need to pay any income tax ever, I'm not sure how that could be changed without an actual wealth tax.

[MrNubbz]

This is probably true, but it still might feed into some of these generational misconceptions.

Like, I was raised to believe lots of jobs back in the day had them. And unfortunately there's a sort of implicit sense that a job offering a pension wants someone who works hard and is loyal, and will reward them with stability and long-term security. And obviously that's not real now and probably hasn't been for a long time (and was probably overstated in the telling).

You get a Yuengling

[Honestbuckeye]

Number of Private Sector Jobs with Pensions
In the United States, only about 14–15% of private-sector workers have access to a traditional defined-benefit (DB) pension — the type of pension that guarantees a fixed monthly retirement income based on a formula [color=rgba(0, 0, 0, 0.75)]wealthvieu.com+2[/url].
Key statistics[/size][/color][/font][/size][/color]

• Bureau of Labor Statistics (March 2023): 15% of private industry workers had access to a defined-benefit plan [color=rgba(0, 0, 0, 0.75)]U.S. Bureau of Labor Statistics[/url].[/color][/size][/color][/font][/size][/color]
• Bureau of Labor Statistics (March 2025): 14% of private sector workers had access to a defined-benefit plan, with 70% having access to defined-contribution (401(k)-type) plans [color=rgba(0, 0, 0, 0.75)]National Association of Plan Advisors[/url].[/color][/size][/color][/font][/size][/color]
• Industry variation: Access is much higher in certain sectors. For example, financial activities had 33% of workers with DB access, while leisure and hospitality had 0% [color=rgba(0, 0, 0, 0.75)]U.S. Bureau of Labor Statistics[/url].[/color][/size][/color][/font][/size][/color]
• Employer size: Access to DB plans is higher in larger organizations — 6% in firms with <100 employees, 13% in 100–499 employees, and 36% in 500+ employees [color=rgba(0, 0, 0, 0.75)]National Association of Plan Advisors[/url].[/size][/color][/font][/size][/color]

Why so few?
Over the past 30 years, most private-sector employers have shifted from DB pensions to 401(k)-style defined-contribution plans because they are cheaper to fund and shift investment risk to employees [color=rgba(0, 0, 0, 0.75)]wealthvieu.com[/url]. This has left only a small share of private-sector jobs with the guaranteed lifetime income of a traditional pension.
In summary: Roughly one in seven private-sector jobs still offers a traditional pension, but the share varies widely by industry and employer size, and most private-sector workers rely on 401(k) or other defined-contribution plans for retirement security.[/size][/color]
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Pensions really disappeared in the mid 80s for the Private Sector (non government jobs)       Only the oldest of the boomer generation had them.     

[utee94]

Yeah pensions certainly aren't much of a thing in Tech.  It's almost entirely 401K.  I think IBM might still do pensions?  Not sure.

Every Tech job I've had, has had at least an 8% company match on 401K contrubutions, so it's nothing to sneeze at.

However, never having had a pension, I have no idea how that compares.

[bayareabadger]

I’m frankly stunned the percentage is that high.

[bayareabadger]

Yeah pensions certainly aren't much of a thing in Tech.  It's almost entirely 401K.  I think IBM might still do pensions?  Not sure.

Every Tech job I've had, has had at least an 8% company match on 401K contrubutions, so it's nothing to sneeze at.

However, never having had a pension, I have no idea how that compares.

8%? Dang, that’s some fine work.