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I started to work part time in 1944 on my 14th birthday, and never had a pension or a 401K since leaving the Navy in 1954. Fortunate for us, I was always a high paid commission salesman, earning on an average 4 times then current median income, which for comparison purposes is $66,000 today so we sit with a luxury 3,700 sq ft house, on 5 acres owned FREE and CLEAR, and enough in the bank to be comfortable the rest of our lives and leave the home and a bunch of cash to our surviving 3 kids.
I started to work part time in 1944 on my 14th birthday, and never had a pension or a 401K since leaving the Navy in 1954. Fortunate for us, I was always a high paid commission salesman, earning on an average 4 times then current median income, which for comparison purposes is $66,000 today so we sit with a luxury 3,700 sq ft house, on 5 acres owned FREE and CLEAR, and enough in the bank to be comfortable the rest of our lives and leave the home and a bunch of cash to our surviving 3 kids.
Basically the company could not offer employees meager pensions because they were too busy paying you the equivalent of 260K a year and to fund your 3,700 sq ft luxury house...
How can any company expect loyalty or long term employment with them if they offer no pension? Every job has a 401k match yet they all act like they are doing you some kind of favor. Benefits are ok at most large companies so the only deciding factor could be pay but it’s pretty much abysmal across the board. Most companies don’t provide 100% employer sponsored health insurance anymore either. I often wonder how the American worker has let them get away with it and I think it’s due to that awful attitude of you should just be grateful to have a job. If you have been with a job long term with no pension what would be the reason?
1. Since the '90s, companies have adopted the Microsoft stance: work the crap out of them and drive them out after 5 years, or when they are no longer worth their pay.
2. Companies are not competing for you, they are competing against each other. If another company provides a benefit that seems to attract employees, they all will.
3. When price is the lowest common denominator, they all go for the lowest.
4. The worker takes the least worst option, because there are no other options.
You are looking for the company that existed before the 80s, when greed became good, and it became an employers' market.
In the 80s, the only chance was to job jump, but then the employers started filtering out "job jumpers."
In the 90s, the competition was between workers, based on creditentials.
After Y2K, it became a battle for "how low a wage will you go."
The Chinese fought the MNC (MultiNational Corp), by demanding wage bottoms before they would allow their workers to take work. (Government controlled wages. The Americans actually paid the communities and the communities paid the workers.) Since the majority of the MNCs are American, they have the full tilt boogie and the workers can go f*** themselves.
A 401k is a lot better than a pension, IMO, IF the company matches, or even contributes even if the employee doesn't. That's because the pension is in the hands of someone who can do pretty much what he wants (there are fiduciary laws & such). I'm not sure how it works, but pensions can be robbed (illegally and legally). Did you see the movie The Irishman? Jimmy Hoffa was in control of the labor union pension worth almost $8M. He did take pains to remember that the working stiffs were relying on it, but otherwise, he used it at a power tool and personal bank. So did the mobsters (even more so), when they got their hands on it.
Can you imagine what an Enron pension would have looked like after those crooks got through with it? They would have stolen the whole thing, just like they quietly sold their stock before the employees could find out the company was bankrupt. At least one employee committed suicide; his retirement plan consisted of a lot of Enron stock, which was worthless. The other employees' retirement accounts, to the extent they had Enron stock, were wiped out. Apparently Enron encouraged employees to buy Enron stock in their retirement plans.
401Ks are strictly regulated as to investments and fees. They have high fees, but you see your investments, and they are normal investments (like mutual funds).
A pension is fine if it's in addition to a 401k and benefits, and doesn't take away from salary. But most company no longer offer pensions these days.
I worked for a company that contributed to the 401k, whether the employee did or not. I'd look for that.
The only issue with a 401K match is that employers require a minimum number of years service before the match is 100% vested. My wife just left a company and only received 80% of the match because she was there for 4 years instead of 5. She lost over $10K, but it does not matter since her new job is at double the salary with a $30K signing bonus.
...I often wonder how the American worker has let them get away with it and I think it’s due to that awful attitude of you should just be grateful to have a job.
Nobody owes you or anybody else a damn thing. You SHOULD be grateful to have a job. What the hell has gone wrong where we now have an entire generation (or two!) that expect everything to be handed to them?
Very few jobs out there that you can't leave if you choose to. If you don't like it where you are, MOVE and make your own future! SMDH...
The only issue with a 401K match is that employers require a minimum number of years service before the match is 100% vested. My wife just left a company and only received 80% of the match because she was there for 4 years instead of 5. She lost over $10K, but it does not matter since her new job is at double the salary with a $30K signing bonus.
This is the same with a pension...
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