Platinum Contributing Member Highmark Posted October 23, 2017 Platinum Contributing Member Share Posted October 23, 2017 1 minute ago, Arctic Cat Destroyer said: They took the company and the pension fund to court to seize assets of the company and owners. The federal court denied it. What are the bankruptcy laws? I'm guessing they set which creditors get reimbursed first....if any. Quote Link to comment Share on other sites More sharing options...
Anler Posted October 23, 2017 Share Posted October 23, 2017 4 minutes ago, Angry ginger said: my employer was great as i got into the workforce in pushing people to join and our match was good. 3 of my 4 jobs had great plans with matches and encouraged participation I was in a union for 15 years so I have a measly pension coming and a wee bitty 401k from some years after that. But the last 10 years I neglected it due to rolling everything I had into starting this company so I am behind where I should be. But I have a shitload of assets now. I am being pretty aggressive now and for the next 10+ years to get to where I need to be. However, my wife's 401k from her years working is slamming now. So as long as we dont get divorced I am good. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted October 23, 2017 Share Posted October 23, 2017 5 minutes ago, Angry ginger said: my employer was great as i got into the workforce in pushing people to join and our match was good. 3 of my 4 jobs had great plans with matches and encouraged participation Are you able to place the investments in a 401K anywhere you want or is it managed by your employer? I have always fought against a company pension plan in favour of my own RRSP (401K Canadian Equiv). We don't really need a company contribution match esp the more you make. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted October 23, 2017 Platinum Contributing Member Share Posted October 23, 2017 1 minute ago, hwytohell said: That is the pension time bomb waiting to go off for just about every state and local units of gubermint. The taxpayers will have to bail them out, there isn't enough week old bread or dented cans of food to go around. No doubt. Any guess as to which the 4 states in the worst shape are? New Jersey, Mass, Conn and Illinois. Quote Link to comment Share on other sites More sharing options...
Anler Posted October 23, 2017 Share Posted October 23, 2017 Just now, Highmark said: What are the bankruptcy laws? I'm guessing they set which creditors get reimbursed first....if any. I dont know all of the particulars, I just know him and the others got nothing. He is still working when he should be retired. This happens all the time BTW. Several big companies who had operations around here did that. Hostess was in the news several years ago. Couple smaller union pension funds crapped out too. Just saying, its easy to place blame on the individual but sometimes people thought their retirements were covered only to find out they got fucked out of it. I know a few, and i wouldnt consider them lazy or foolish. Quote Link to comment Share on other sites More sharing options...
hwytohell Posted October 23, 2017 Share Posted October 23, 2017 6 minutes ago, Highmark said: We've done the same thing and its frustrating how many won't match funds. We use to do 10% no match needed but wanted to see if we could get more to contribute so we went to a matching format where we still would contribute 10% of they matched 4%. Generally its the single workers who won't contribute any of their own which I find crazy as they should have the least bills. Yup, that's what my friend repeats, most plans that he covers have a dollar for dollar match up to 5 %, some older plans were higher. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted October 23, 2017 Platinum Contributing Member Share Posted October 23, 2017 (edited) 9 minutes ago, Arctic Cat Destroyer said: I dont know all of the particulars, I just know him and the others got nothing. He is still working when he should be retired. This happens all the time BTW. Several big companies who had operations around here did that. Hostess was in the news several years ago. Couple smaller union pension funds crapped out too. Just saying, its easy to place blame on the individual but sometimes people thought their retirements were covered only to find out they got fucked out of it. I know a few, and i wouldnt consider them lazy or foolish. Not just blaming the individual just don't think its always the govt's responsibility. Not saying always but generally when companies fail there are multiple reasons and an exorbitant pension fund and high Union compensation can often play a part. Without question its one of if not the largest financial challenges facing state and local govt's today. To me some of the blame goes to the negotiating unions and their members. Its all good, give me what I "deserve" until its time to pay the bills. Edited October 23, 2017 by Highmark Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted October 23, 2017 Share Posted October 23, 2017 6 minutes ago, Arctic Cat Destroyer said: I was in a union for 15 years so I have a measly pension coming and a wee bitty 401k from some years after that. But the last 10 years I neglected it due to rolling everything I had into starting this company so I am behind where I should be. But I have a shitload of assets now. I am being pretty aggressive now and for the next 10+ years to get to where I need to be. However, my wife's 401k from her years working is slamming now. So as long as we dont get divorced I am good. the good is you'll get half her 401k the bad is she'll get half your company 5 minutes ago, ArcticCrusher said: Are you able to place the investments in a 401K anywhere you want or is it managed by your employer? I have always fought against a company pension plan in favour of my own RRSP (401K Canadian Equiv). We don't really need a company contribution match esp the more you make. 401K plans have a choice of options available through the company that the employer uses to manage the program, i think theres 13 here to choose from but some companies might only have a couple. IRA's can be invested in anything so as I have changed employers i've rolled all my other 401k's into my IRA so I can invest as I wish. Match here is important as it is an additional 5-7k per year depending on which employer on top of the 18k you can put into one (plus another 6k if over 50. When I am 50 I'll be able to bank about 32k a year tax free between the reg, catch up and match) . Are you guys capped at what you can contribute, we can contribute anything up to the max 18k per year but really wish we allowed 10% with no $ limit as for about 12 years I would be capped out by March after my 4th quarter bonus got paid. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted October 23, 2017 Share Posted October 23, 2017 5 minutes ago, Angry ginger said: the good is you'll get half her 401k the bad is she'll get half your company 401K plans have a choice of options available through the company that the employer uses to manage the program, i think theres 13 here to choose from but some companies might only have a couple. IRA's can be invested in anything so as I have changed employers i've rolled all my other 401k's into my IRA so I can invest as I wish. Match here is important as it is an additional 5-7k per year depending on which employer on top of the 18k you can put into one (plus another 6k if over 50. When I am 50 I'll be able to bank about 32k a year tax free between the reg, catch up and match) . Are you guys capped at what you can contribute, we can contribute anything up to the max 18k per year but really wish we allowed 10% with no $ limit as for about 12 years I would be capped out by March after my 4th quarter bonus got paid. Ok, I see. We are capped at 18% of income up to a limit of about $26K. If your employer contributes to that is just gets subtracted from your limit. Quote Link to comment Share on other sites More sharing options...
Edmo Posted October 23, 2017 Share Posted October 23, 2017 1 minute ago, Angry ginger said: the good is you'll get half her 401k the bad is she'll get half your company 401K plans have a choice of options available through the company that the employer uses to manage the program, i think theres 13 here to choose from but some companies might only have a couple. IRA's can be invested in anything so as I have changed employers i've rolled all my other 401k's into my IRA so I can invest as I wish. Match here is important as it is an additional 5-7k per year depending on which employer on top of the 18k you can put into one (plus another 6k if over 50. When I am 50 I'll be able to bank about 32k a year tax free between the reg, catch up and match) . Are you guys capped at what you can contribute, we can contribute anything up to the max 18k per year but really wish we allowed 10% with no $ limit as for about 12 years I would be capped out by March after my 4th quarter bonus got paid. My wife’s company uses fidelity investments and they have a zillion choices to invest in. It’s kind of overwhelming even if you understand investments. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted October 23, 2017 Share Posted October 23, 2017 40 minutes ago, Edmo said: My wife’s company uses fidelity investments and they have a zillion choices to invest in. It’s kind of overwhelming even if you understand investments. my ira is at fidelity as one of my previous employers 401k was there. I think we used to have 20-30 choices there, they tried to keep it a bit simpler for people than opening it all up. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted October 23, 2017 Share Posted October 23, 2017 1 hour ago, Arctic Cat Destroyer said: I dont know all of the particulars, I just know him and the others got nothing. He is still working when he should be retired. This happens all the time BTW. Several big companies who had operations around here did that. Hostess was in the news several years ago. Couple smaller union pension funds crapped out too. Just saying, its easy to place blame on the individual but sometimes people thought their retirements were covered only to find out they got fucked out of it. I know a few, and i wouldnt consider them lazy or foolish. biggest issues with a lto of those retirement plans is they are invested in the companies stock, when i was with GM the company match was all in gm stock and there were people investing in it not understanding that if it went down the shareholders are the last to get anything. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted October 23, 2017 Share Posted October 23, 2017 3 minutes ago, Angry ginger said: my ira is at fidelity as one of my previous employers 401k was there. I think we used to have 20-30 choices there, they tried to keep it a bit simpler for people than opening it all up. That was always my issue with the limitations. While it might be fine for the majority who don't look at statements more than once a year, certainly not for a DIY. Quote Link to comment Share on other sites More sharing options...
Guest Posted October 23, 2017 Share Posted October 23, 2017 52 minutes ago, Angry ginger said: my ira is at fidelity as one of my previous employers 401k was there. I think we used to have 20-30 choices there, they tried to keep it a bit simpler for people than opening it all up. When I go to the Fidelity office, they call the Vice-president and he comes down from the executive offices to get me. Yeah, I'm big. Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted October 23, 2017 Share Posted October 23, 2017 2 hours ago, Angry ginger said: no doubt most don't have enough saved for retirement, hell we have people claiming they can retire at 40 or 50 with a million $ on these sites and not live like a pauper Yea, i remember people claiming that too. Its just not possible unless you dont plan to do anything or travel after you retire. I got laughed at by a lot of folks here when I mentioned the "two mill and no bills" rule that i grew up believing. That was my goal for over 30 years. That will give you about 8000/month for 22 years. More or less I sent 3 kids to college all out of state and all at my expense. I married off 2 daughters all at my expense. I went on 2 vacations every year for 30+ years. I spent every dime I earned having fun, flying, racing, winning, and living life to the fullest. We send money to my wifes parents every month. They can't survive without it. I spend about $300 a month on my parents to help them make ends meet. When I met my goals last year I pulled the plug. Now i work every now and then and only if it fits my needs. Quote Link to comment Share on other sites More sharing options...
NaturallyAspirated Posted October 23, 2017 Share Posted October 23, 2017 1 hour ago, Angry ginger said: my ira is at fidelity as one of my previous employers 401k was there. I think we used to have 20-30 choices there, they tried to keep it a bit simpler for people than opening it all up. That's similar numbers to what I have at Fidelity. I'm spread across 8 or so of the offerings. Neal Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted October 23, 2017 Platinum Contributing Member Share Posted October 23, 2017 (edited) 15 minutes ago, polaris550 said: When I go to the Fidelity office, they call the Vice-president and he comes down from the executive offices to get me. Yeah, I'm big. Sure thing Mr. Trump. Listen dude. No offense but if you were a cop thank you for your service number one but cops don't get extraordinarily wealthy on that salary which means... 1. Inheritance. 2. A Rich Wife 3. Illegal Activity. Edited October 23, 2017 by Highmark Quote Link to comment Share on other sites More sharing options...
Guest Posted October 23, 2017 Share Posted October 23, 2017 20 minutes ago, Highmark said: Sure thing Mr. Trump. Listen dude. No offense but if you were a cop thank you for your service number one but cops don't get extraordinarily wealthy on that salary which means... 1. Inheritance. 2. A Rich Wife 3. Illegal Activity. Lug height affects final drive ratio on a flat, hard plane. Just admit it. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted October 23, 2017 Platinum Contributing Member Share Posted October 23, 2017 Just now, polaris550 said: Lug height affects final drive ratio on a flat, hard plane. Just admit it. Only if the clutch shift ratio isn't held constant. Quote Link to comment Share on other sites More sharing options...
Guest Posted October 23, 2017 Share Posted October 23, 2017 1 minute ago, Highmark said: Only if the clutch shift ratio isn't held constant. NO, it was presented as ALL FACTORS BEING EQUAL and CONSTANT, does lug height affect FINAL DRIVE RATIO, on a flat, hard plane. Where's my five thou????? Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted October 23, 2017 Platinum Contributing Member Share Posted October 23, 2017 Just now, polaris550 said: NO, it was presented as ALL FACTORS BEING EQUAL and CONSTANT, does lug height affect FINAL DRIVE RATIO, on a flat, hard plane. Where's my five thou????? Still can't grasp it huh. Quote Link to comment Share on other sites More sharing options...
Anler Posted October 23, 2017 Share Posted October 23, 2017 2 hours ago, Angry ginger said: the good is you'll get half her 401k the bad is she'll get half your company My wife is not that stupid to think she can just walk away with "half". We have seen multiple cases of couples fighting it out over shit and in the end the lawyers take it all. And I am not stupid enough to think I could get out of it without having to give her what she is due. We have had this discussion before. I am in a position where I am taking care of 3 elderly parents for various reasons and i dont want to put that burden on my kids. I never considered my parents to be foolish about money and they both have worked hard their whole lives(and still do) but yet here we are. I am preparing to be in a place where I dont NEED to work by the time my kids get out of college. But staying healthy is a big part of that. As I said, one catastrophic illness or event and all the planning you did goes right out the window. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted October 23, 2017 Share Posted October 23, 2017 18 minutes ago, Arctic Cat Destroyer said: My wife is not that stupid to think she can just walk away with "half". We have seen multiple cases of couples fighting it out over shit and in the end the lawyers take it all. And I am not stupid enough to think I could get out of it without having to give her what she is due. We have had this discussion before. I am in a position where I am taking care of 3 elderly parents for various reasons and i dont want to put that burden on my kids. I never considered my parents to be foolish about money and they both have worked hard their whole lives(and still do) but yet here we are. I am preparing to be in a place where I dont NEED to work by the time my kids get out of college. But staying healthy is a big part of that. As I said, one catastrophic illness or event and all the planning you did goes right out the window. i carry significant disability insurance as well as life to protect the downside but your right all plans can disappear in an instant. have to just play the odds and hope your not on the short side. I'm fortunate to not have to care for parents my mom was good with money and the wifes mother is collecting a deceased husbands pension to pay her overhead. Quote Link to comment Share on other sites More sharing options...
Mileage Psycho Posted October 23, 2017 Share Posted October 23, 2017 7 hours ago, Edmo said: I bet most of those folks still working at 65-70 is because of poor planning and spending every penny they ever made. I saw a survey saying like over half of Americans in their 50’s only have 50 -100k saved for retirement. I'll work till 70-72, I like the action and the healthy benefits of using my mind and the socialization that goes along with what I do, plus my favorite hobby is to spend money on travel, toys, family, etc. Quote Link to comment Share on other sites More sharing options...
Mainecat Posted October 23, 2017 Share Posted October 23, 2017 5 hours ago, AKIQPilot said: I cant really speak to the validity of the details in the OP but i know that it takes some effort to retire at an early age. I funded my 401k at 15% of my gross every year for 34 years. I paid off my home early. I never bought a brand new truck or car or snowmobile or any vehicle in my life. On the other hand I spent every cent I made outside funding my 401k. Life has been incredible abd it just leeps getting better. THIS Quote Link to comment Share on other sites More sharing options...
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