My father-n-Law worked his whole career with United Airlines! He worked hard his whole life. Did his time in the military (4 years Navy) raised his children in a responsible way. An honest model citizen! He was just informed that he is losing his pension. (I don't know all the in-outs) What do you think about this???
Had this discussion just yesterday.
First of all, when people break their word it is always bad. It is especially bad when it is a pension agreement, for obvious reasons.
Having said that, my personal opinion on this is quite clear to me. We should never assume that another is going to take care of us. It is wrong to place our financial or other future in the hands of a third party, especially the government.
We should take responsiblity for our own welfare and that of our families. To abdicate this to the government or to an employer is NOT responsible and only invites this sort of thing.
Private pensions, where you keep your own money are another matter entirely. I am really sorry to hear about your father-in-law, David.
There are times when I envy people who work for the government, or a big company. My neighbor is going to be able to retire with a full salary in a few years. We are the same age. He'll be better off than I am, and I'll have to work for another 20 years at least. That is, he'll be better off if everything goes right with his company.
I have no guarantees at all. I must pay for my own future, and no one will help me, or match funds. Sometimes I get a little jealous, but on the other hand, if his company crashes, my savings will still be there.
Enron folks had a nasty surprise, as did PanAm and now United. There are other's as well.
Don't count on Social Security, of company pensions. Try to build your own real wealth if at all possible.
Brent
