I'm not talking about the stock market after Friday's job numbers. I'm talking about the amount of money it will take to be able to take care of our elderly population. I am talking about me...and a lot of people that are in the same boat. It's going to be worse than the Titanic. We as taxpayers bailed out companies so the economy wouldn't fail, and when we are old, taxpayers will be paying to take care of us because it is almost impossible to save for a decent retirement.
I just had a conversation with my parents about retirement. Here's what will be different for me...and scary. Both my parents worked for a company that offered them a pension that includes health insurance. They receive 80 percent of their averaged last three years salary. Both get social security and they both got involved in the 401k plan when it started in the late 80's with a 5 percent company match. I don't want to make you sick, but my parents together with their social security and their pension make almost 200k/year, before tapping into their 401k. My mom is a high school graduate and my dad is a high school graduate with 20 years in the military and another 20 at the same company as my mom. They never had college loans and are considered blue collar. They worked for a company that manufactured everthing from microwaves to GPS devices. My mother was in quality control and my dad a supervisor.
I, on the other hand, went to college and continue to go to college. I have two master's degrees and am heading for a third. I still owe thousands of dollars on my NYU education. I make a little over 62k a year with my second job. According to the rules, I will receive a pension from the Massachusetts teacher's retirement system to the tune of 26k/per year at the age of 60 after 20 years of service. I will not receive health benefits or social security. I currently save $60/a week in my 403b with no match.
In other words, I will not have the retirement that my parents have. And neither will most other people. My retirement situation, according to most people, is supposed to be great. "You're a teacher...your bennies must be great!" Nooooooo, they are not, just like everyone else's, they suck. Why is our generation not outraged that we will not have the pension, social security, health benefit, and status of living that our parents have? Most of us will be at the poverty level. I am 46 years old and I never have had the ability to pay into my 403b more than the $60 per week I am putting in now. The only reason I am beginning to put more than that in my retirement is because I got a second job.
Why is it we as a society are slamming the worker that is 'hurting' our economy because of their 'overpriced' benefits? Why are we not demanding pensions? Why are we not demanding a livable wage? Why are we not demanding reasonable health benefits? Why are we not demanding a match in our retirement fund? Why are those that currently receive these benefits considered a drain on the system? Why are companies that are making billions of dollars in profits not required to provide these benefits? In the end, when we are 70, all of us will be on every entitlement program that is offered...because most of us will not be ready for retirement, and the taxpayer will be again footing the bill. But the companies will continue to make billions. Where is the outrage?
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