The times, they are a changin...

[fingfootball]

You can retire at age 38 if you join the military at 18 and do your 20. Something, in retrospect, I should have done. You can then get on board with a private company, do 20 and retire from them at age 58. Collecting 2 retirement checks before 60 years of age? I actually know a few guys that are on this path. Not too shabby.

 

I think that from time to time. Then I think about the 10 or 15 years of sea time.

[tazinib1]

I think that from time to time. Then I think about the 10 or 15 years of sea time.

 

Yeah I did 8 years and after my shore duty, was told I was going to sea duty again and would more than likely do 3 tours. I said "later man".

[Ursa Majoris]

That part of the article is very interesting to me for a number of reasons: THey are assuming that the only money that is going to be placed in the new workers 401 is the 1,400 per year that Lockheed is going to give to the employee for a 401 contribution. The 750K of which they speak is what the current employees have in pension and includes employees contributions to said pension. The math don't work. Either way, yes the retirement benefits of the new hires will not be as good as the current employees receive, but, the new hires will also be allowed to draw SS, so they have that going for them.

That was exactly my thought on reading it too. The math is shot to pieces. It fails to take account of current employee pension contributions, fails to take account of gains made from the company 401k contribution and fails to count employee 401k contributions too, plus the gains from those. All in all, not even a semblance of a comparison.

[Ursa Majoris]

I kinda like the retirement age to be somewhere around 65 to 68. Instead of putting number of years worked on it, why not put an age on it that has been generally accpeted by the Fed Gov to be the appropriate age at which one can start drawing retirement benefits without a penalty.

You can start drawing from a 401k at 59.5 years without penalty, so there's your answer to that one.

 

The neat thing about your question with regard to age and tenure can be easily handled. Full retirement benefits don't kick in until, say, age 65. If you choose to retire prior to 65, regardless of tenure, your benefits will be prorated.

This is how social security works. The earlier you retire, the less you get, assuming you live to 78+

[SEC=UGA]

You can start drawing from a 401k at 59.5 years without penalty, so there's your answer to that one.

 

Two totally different animals. A 401K is not dependent upon a pool of other employees' money to float your account and there is no guaranteed payout number on a 401K. Plus, with a 401K, when the money is gone, it is gone, you don't have the opportunity to continue to collect after you have exhausted that lump sum that your 401K has matured to.

 

Also, there is a difference between 59.5 years old and 55 years old.

 

While the 40iK does defer taxes on the money in the account, the 401K system is not going to fund itself directly through negotiating on how much money the tax payer is going to contribute to your retirement.

[Ursa Majoris]

Two totally different animals. A 401K is not dependent upon a pool of other employees' money to float your account and there is no guaranteed payout number on a 401K. Plus, with a 401K, when the money is gone, it is gone, you don't have the opportunity to continue to collect after you have exhausted that lump sum that your 401K has matured to.

 

Also, there is a difference between 59.5 years old and 55 years old.

 

While the 40iK does defer taxes on the money in the account, the 401K system is not going to fund itself directly through negotiating on how much money the tax payer is going to contribute to your retirement.

Oh. OK. I thought you asked "why not put an age on it that has been generally accpeted by the Fed Gov to be the appropriate age at which one can start drawing retirement benefits without a penalty".

 

Silly me.

[SEC=UGA]

Oh. OK. I thought you asked "why not put an age on it that has been generally accpeted by the Fed Gov to be the appropriate age at which one can start drawing retirement benefits without a penalty".

 

Silly me.

 

So you're okay with increasing the age that the public employees retire to 59.5?

 

You wanna address the other differences I pointed out, bear fatty?

[Ursa Majoris]

So you're okay with increasing the age that the public employees retire to 59.5?

 

You wanna address the other differences I pointed out, bear fatty?

I think it's obvious that pension retirement ages will have to increase, same as SS retirement will have to.

 

And, no, I'm not interested in regurgitating the same discussion we've had in two other threads in the past week.

[MikesVikes]

I'm so glad that I have only had defined contribution plans. What's mine is mine.

[SEC=UGA]

I think it's obvious that pension retirement ages will have to increase, same as SS retirement will have to.

 

And, no, I'm not interested in regurgitating the same discussion we've had in two other threads in the past week.

 

I really can't believe I didn't get a outta the "bear fatty" comment... You disappoint me.