Thursday, November 20, 2008

Hold on to your wallets

Now companies want to underfund their pensions and you know what that will lead to... more companies defaulting on their obligations to their retirees. You heard it here first. So when you go to cash that retirement check at the beginning of the month and it bounces you'll know why.

What's left to rob?

5 comments:

MRMacrum said...

I guess not lookin forward to any pension now is not a bad thing. I never had the chance to tie into one. Been on my own for too long. I will say after looking at my Sep/IRA for the first time since the madness began, my own personal efforts seem to now have become, "Why did I bother?"

What makes matters worse is my bike business is directly tied to the downturn. It has been doing poorly for a long time. I need to inject money I do not have into it in order to save it. I will not float another loan. Thus the reason I looked at my retirement funds. Thought I might draw the account down some. Fugettaboutit. There is not enough there to make it even an option now. Looks like I am about to join the ranks of the unemployed.

Demeur said...

You should look at the IRA about two or three times per year. I moved all of my funds to safer ground about six months ago. At least I'll have a pot to pee in when it's all said and done.
I'd love to say I had a solution for you but I've been out 11 months now and hope to make it until spring. If things don't pick up by then then I'd say we're all in big trouble. Just filed for the 13 week extention.

Wayne John said...

I have no hope of anything coming back to me that I'm putting in. Talk about f*kd....

Demeur said...

Hey Wayne just stick it in the mattress. At least you'll be able to look at it from time to time.
It was reported that if you just put the money in a mattress instead of investing in the market that you would have more money with the current losses.

BBC said...

I don't get a pension from any company's so that is a non issue to me.

If I lose my SS money I will have to figure something out, but I'll get by, I always have.

I can get by on about three hundred a month if I have to, I'll just have to stop smoking and drinking.

Just looked under my mattress, yup, I'm still doing okay. Not great, but okay.

MrMacrum, I have no idea what kind of bike shop you have, but bike shops tend to sell expensive bikes, I'll suggest that you put in some cheap bikes that the common people can afford.

Don't knock them, my cheap 3 speed has been with me for over 20 years.