Social Insecurity

[Cdub100 3,824]

16 hours ago, Tebok said:

Story time:

This is a real couple I know, two hardworking Americans who paid their dues.

Roger and Samantha, now both in their 70s.

Roger spent his life working on the line as an auto mechanic. Made great money. Samantha worked in an elementary-school cafeteria.

Neither had any kind of pension or employee-sponsored retirement plan. 

Raised three sons whom the couple was able to put through college through hard work and sacrifice. Decent, hard-working, loving Christian people. They never had all they wanted but had all that they needed. Went to church, never drank, did what they could for their kids on Christmas and have led a godly life.

They didn't get their desperately needed Social Security checks this month. They've called and haven't managed to get through. Their local Social Security office has closed. They're worried about this month's bills.

Trump's American.

I've put their names in my church's daily prayer group.

Pray for Roger and Samantha.

It's always someone else's fault, isn't? I bet they took those vacations and bought those new cars. They chose to waste their money.

Roger and Samantha lived through some of the best investment times ever.

If Roger and Samantha each invested $100/month from age 21 to 73 in the S&P 500 and earned an average of 10% annually, each would have about $1.6 million — or $3.2 million total as a couple.

ETA - I never feel bad for boomers.

[peenie 1,896]

6 minutes ago, Cdub100 said:

If Roger and Samantha each invested $100/month from age 21 to 73 in the S&P 500 and earned an average of 10% annually, each would have about $1.6 million — or $3.2 million total as a couple.

ETA - I never feel bad for boomers.

In the 70's only about 20% of Americans were investing compared to 60% today. The internet and the ability to invest without a broker didn't exist. 

[jbycho 579]

9 minutes ago, peenie said:

In the 70's only about 20% of Americans were investing compared to 60% today. The internet and the ability to invest without a broker didn't exist. 

So what? 

[TBayXXXVII 2,480]

42 minutes ago, peenie said:

In the 70's only about 20% of Americans were investing compared to 60% today. The internet and the ability to invest without a broker didn't exist. 

E-Trade was founded in 1982 and began online trading in 1992 on AOL.  Someone who is 75 right now, was 42 when that happened.

[Cdub100 3,824]

59 minutes ago, peenie said:

In the 70's only about 20% of Americans were investing compared to 60% today. The internet and the ability to invest without a broker didn't exist. 

If always someone else's fault was a person.

[Hardcore troubadour 14,905]

So many parasites on SS disability among with the few that deserve it. 

[Baker Boy 1,687]

On 4/12/2025 at 7:31 PM, Hardcore troubadour said:

What do you mean? Boomers are the ones that hav overseen the insolvency. They are the generation that has benefited the most from it. What you left out of your statement above is that also in 1983 the contribution rate was doubled. Boomers paid half of what the rest of us have paid for a good chunk of their work history.   

That doesn’t add up. Boomers were born between 1946 and 1964. That would make the youngest boomers 19 in 1983.

[Hardcore troubadour 14,905]

Just now, Baker Boy said:

That doesn’t add up. Boomers were born between 1946 and 1964. That would make the youngest boomers 19 in 1983.

Yeah some. The boom was right after the war. 

[jbycho 579]

I feel great about how things are happening. 

[Mike Hunt 261]

On 4/12/2025 at 10:14 PM, squistion said:

That was guaranteed by the government to those who paid in - that was the promise.

Have you been getting yours on time?

[Baker Boy 1,687]

20 minutes ago, Hardcore troubadour said:

Yeah some. The boom was right after the war. 

The boomers were not running the government in 1983, the oldest boomer would’ve been 37. I think Ronald Reagan was president and he saved Social Security for the boomers.

[Hardcore troubadour 14,905]

10 minutes ago, Baker Boy said:

The boomers were not running the government in 1983, the oldest boomer would’ve been 37. I think Ronald Reagan was president and he saved Social Security for the boomers.

Yeah, he saved it by doubling the contribution rate. BFD

[Baker Boy 1,687]

1 minute ago, Hardcore troubadour said:

Yeah, he saved it by doubling the contribution rate. BFD

Where are you getting this doubling figure from? Do you have a link? Did you know the original Social Security tax was 1 percent?
 

Speeded up payroll tax increases for 116 million workers this decade. The payroll tax, now 6.7 percent each for employers and employees, rises to 7 percent in 1984, 7.05 percent in 1985, 7.15 percent in 1986, 7.51 percent in 1988 and 7.65 percent in 1990. The 1984, 1988 and 1989 hikes are additional but only employers pay the 1984 increase; workers get an automatic tax credit.

https://www.upi.com/Archives/1983/04/20/The-165-billion-Social-Security-rescue-plan-signed-by/8708419662800/#google_vignette

 

 

 

[Hardcore troubadour 14,905]

14 minutes ago, Baker Boy said:

Where are you getting this doubling figure from? Do you have a link? Did you know the original Social Security tax was 1 percent?
 

Speeded up payroll tax increases for 116 million workers this decade. The payroll tax, now 6.7 percent each for employers and employees, rises to 7 percent in 1984, 7.05 percent in 1985, 7.15 percent in 1986, 7.51 percent in 1988 and 7.65 percent in 1990. The 1984, 1988 and 1989 hikes are additional but only employers pay the 1984 increase; workers get an automatic tax credit.

https://www.upi.com/Archives/1983/04/20/The-165-billion-Social-Security-rescue-plan-signed-by/8708419662800/#google_vignette

 

 

 

Ok, it wasn’t doubled by him. But he “saved “ it by additional contributions. I’m not impressed.   I don’t think that’s going to fly now.  

[easilyscan 855]

7 hours ago, peenie said:

In the 70's only about 20% of Americans were investing compared to 60% today. The internet and the ability to invest without a broker didn't exist. 

Related: In the 1970s, approximately 45% of private sector workers were covered by pension plans. In 2023, it was only 15%

 

[Mark Davis 338]

10 minutes ago, easilyscan said:

Related: In the 1970s, approximately 45% of private sector workers were covered by pension plans. In 2023, it was only 15%

 

Pension plans are a nightmare from the corporate accounting side.  I worked for a Fortune 500 company who was phasing theirs out while I was there.  They started offering buy outs to those who were left.  Pension plans are like the toxic waste of accounting, the liabilities last forever.

[Strike 5,182]

6 minutes ago, Mark Davis said:

Pension plans are a nightmare from the corporate accounting side.  I worked for a Fortune 500 company who was phasing theirs out while I was there.  They started offering buy outs to those who were left.  Pension plans are like the toxic waste of accounting, the liabilities last forever.

I have a former employer that keeps trying to buy me out.   I keep saying no just to piss them off.  I'm hoping at some point they up the offer to an amount I can't refuse just to get me off their books.

[Mark Davis 338]

9 minutes ago, Strike said:

I have a former employer that keeps trying to buy me out.   I keep saying no just to piss them off.  I'm hoping at some point they up the offer to an amount I can't refuse just to get me off their books.

Believe me, they want you gone.  I took my buyout just to take control over it since I had already left there when they offered.

[easilyscan 855]

6 minutes ago, Mark Davis said:

Pension plans are a nightmare from the corporate accounting side.  I worked for a Fortune 500 company who was phasing theirs out while I was there.  They started offering buy outs to those who were left.  Pension plans are like the toxic waste of accounting, the liabilities last forever.

It can be done.

The company I retired from (Crown Cork & Seal) acquired Mundet Cork in 1963. Back then, bottle caps actually contained cork, & that's the only part of the business they wanted. Mundet also made insulation. Crown sold off that part of the business less than 90 days later. Because any other companies that came into contact with that insulation business after that, all ended up filing chapter 11, Crown is the last man standing so to speak, & has to pay millions into an asbestos fund every year. 

Even though Crown Cork & Seal didn't use asbestos in its own products, it is still responsible for the liabilities associated with the asbestos exposure from Mundet Cork. 
Crown Cork & Seal has paid out 100's of millions of dollars to asbestos victims through settlements & lawsuits. In 2022, the company estimated its current and future asbestos liabilities to be approximately $220 million. 

 

If that wasn't bad enough, in 1995, the CEO decided we were going to be the biggest container/packaging company in the world at any cost.

In 1995,  Crown Cork & Seal acquired the French packaging company, CarnaudMetalbox, creating the world's largest packaging manufacturer. The acquisition was made for $3.9 billion in cash. This merger, announced by Crown, resulted in a combined entity with significant global reach in the beverage can, food, and industrial packaging sectors. 

It was a disaster. Between that & having to pay into the asbestos fund annually, the company was almost brought to its knees in 2001.

Thankfully, Crown decided against taking the easy way out (chapter 11) & stayed in business. There was definitely some downsizing, & some excesses from the past were removed.

Up until 1996, anyone with 30 years service, not only received a defined benefit pension (regardless of their age) but also received healthcare insurance until age 65.

There was no match, but they also offered a 401(k) plan to employees starting in the early 90s. Mind you, they've made some adjustments to the pension over the years, but today, they are still a fortune 500 company doing well & in spite of having high labor costs, as far as I know, none of the board members, or CEO have had to start a go fund me page.

In addition to that, they offered an employee stock purchase program. After tax money was withheld from your check, & every 3 months you would buy shares at a 15% discount. The only stipulation was that you had to hold them for at least 2 years.

Not claiming every company could offer a defined benefit pension, but it can be done.

 

I'm a capitalist pig, but that doesn't mean I'm blind to the fact that the compensation for those at the top in far too many companies, has gotten completely out of control. And don't even get me started on some of the golden parachutes they receive, even when they fail miserably.

May 12, 2020 at 10:58am EDT

AT&T CEO Randall Stephenson announced at the end of April that he’s stepping down. 

Stephenson is leaving with a golden parachute retirement package. His pension is valued at $64 million with an additional $27.6 million in deferred earnings, according to the New York Times. This massive sum of money, according to MarketWatch, would provide 60-year-old Stephenson with “a guaranteed income of $274,000 a month for the rest of his days.” This is on top of his total last three years of an average $30 million compensation.

 

 

 

[Mark Davis 338]

2 minutes ago, easilyscan said:

It can be done.

The company I retired from (Crown Cork & Seal) acquired Mundet Cork in 1963. Back then, bottle caps actually contained cork, & that's the only part of the business they wanted. Mundet also made insulation. Crown sold off that part of the business less than 90 days later. Because any other companies that came into contact with that insulation business after that, all ended up filing chapter 11, Crown is the last man standing so to speak, & has to pay millions into an asbestos fund every year. 

Even though Crown Cork & Seal didn't use asbestos in its own products, it is still responsible for the liabilities associated with the asbestos exposure from Mundet Cork. 
Crown Cork & Seal has paid out 100's of millions of dollars to asbestos victims through settlements & lawsuits. In 2022, the company estimated its current and future asbestos liabilities to be approximately $220 million. 

 

If that wasn't bad enough, in 1995, the CEO decided we were going to be the biggest container/packaging company in the world at any cost.

In 1995,  Crown Cork & Seal acquired the French packaging company, CarnaudMetalbox, creating the world's largest packaging manufacturer. The acquisition was made for $3.9 billion in cash. This merger, announced by Crown, resulted in a combined entity with significant global reach in the beverage can, food, and industrial packaging sectors. 

It was a disaster. Between that & having to pay into the asbestos fund annually, the company was almost brought to its knees in 2001.

Thankfully, Crown decided against taking the easy way out (chapter 11) & stayed in business. There was definitely some downsizing, & some excesses from the past were removed.

Up until 1996, anyone with 30 years service, not only received a defined benefit pension (regardless of their age) but also received healthcare insurance until age 65.

There was no match, but they also offered a 401(k) plan to employees starting in the early 90s. Mind you, they've made some adjustments to the pension over the years, but today, they are still a fortune 500 company doing well & in spite of having high labor costs, as far as I know, none of the board members, or CEO have had to start a go fund me page.

In addition to that, they offered an employee stock purchase program. After tax money was withheld from your check, & every 3 months you would buy shares at a 15% discount. The only stipulation was that you had to hold them for at least 2 years.

Not claiming every company could offer a defined benefit pension, but it can be done.

 

I'm a capitalist pig, but that doesn't mean I'm blind to the fact that the compensation for those at the top in far too many companies, has gotten completely out of control. And don't even get me started on some of the golden parachutes they receive, even when they fail miserably.

May 12, 2020 at 10:58am EDT

AT&T CEO Randall Stephenson announced at the end of April that he’s stepping down. 

Stephenson is leaving with a golden parachute retirement package. His pension is valued at $64 million with an additional $27.6 million in deferred earnings, according to the New York Times. This massive sum of money, according to MarketWatch, would provide 60-year-old Stephenson with “a guaranteed income of $274,000 a month for the rest of his days.” This is on top of his total last three years of an average $30 million compensation.

 

 

 

No doubt.  The old style pension plan was a selling point when they were recruiting me.  

[Tebok 283]

Yet another Social Insecurity story.

Lauren's husband dropped dead of a heart attack on Christmas Day last year. She had worked only as an adjunct professor at a local college, making around $12,000 a year.

They were dependent on his Social Security to pay the bills, and because they had been married for 10 years, she was eligible to collect on his Social Security, which she began to do earlier this year.

But she has yet to receive this month's check. Bills are due. She needs money for gas and groceries.

She has a disabled daughter. She is afraid.

Pray for Lauren.

Americans are suffering.

Trump's America.

 

[easilyscan 855]

9 hours ago, Cdub100 said:

It's always someone else's fault, isn't? I bet they took those vacations and bought those new cars. They chose to waste their money.

Roger and Samantha lived through some of the best investment times ever.

If Roger and Samantha each invested $100/month from age 21 to 73 in the S&P 500 and earned an average of 10% annually, each would have about $1.6 million — or $3.2 million total as a couple.

ETA - I never feel bad for boomers.

I feel the same way, but there are instances where people end up in less than ideal financial shape through no fault of their own.

Nursing homes for their parents is one example. My parents started purchasing nursing home insurance back in 1998. Neither one of them ended up spending any time in one, but if they had, it would've been paid for. The average monthly cost for a semi-private room is $10,000 & a private room is around $13,000

 

 

[jbycho 579]

8 minutes ago, Tebok said:

Yet another Social Insecurity story.

Lauren's husband dropped dead of a heart attack on Christmas Day last year. She had worked only as an adjunct professor at a local college, making around $12,000 a year.

They were dependent on his Social Security to pay the bills, and because they had been married for 10 years, she was eligible to collect on his Social Security, which she began to do earlier this year.

But she has yet to receive this month's check. Bills are due. She needs money for gas and groceries.

She has a disabled daughter. She is afraid.

Pray for Lauren.

Americans are suffering.

Trump's America.

 

Wow. This has been really rough on you, huh? 

I've been doing great if that helps you feel any better. 

[Tebok 283]

Quote

You've chosen to ignore content by jbycho.

Love this. Don't know what was said. Don't care what was said.

[jbycho 579]

5 minutes ago, Tebok said:

Love this. Don't know what was said. Don't care what was said.

You work hard to say you don't care. 

This is classic Rusty. 

[Hardcore troubadour 14,905]

Another insecurity story. Rusty had a job at a newspaper but he got cut because he was non essential. His wife left him so he got another one, his third, and his uncle got him a job selling insurance and he lives with a herd of cats and his third wife. He’s insecure so he posts here under different names. 

[Tebok 283]

The opposite of love isn't hate. The opposite of love is apathy. 

The ones I've put on ignore can suck on my apathy.

I do not care what you have to say and have blocked you accordingly.

So refreshing!

[Tebok 283]

1 minute ago, Hardcore troubadour said:

Another insecurity story. Rusty had a job at a newspaper but he got cut because he was non essential. His wife left him so he got another one, his third, and his uncle got him a job selling insurance and he lives with a herd of cats and his third wife. He’s insecure so he posts her under different names. 

All of this macho exhibitionism from your armchair bully pulpit just underscores your pathetic retirement spent here padding your post count to make your life have meaning while your wife is out playing pickleball and whatever escapes she has in place to counterbalance your sad existence. 

[jbycho 579]

8 minutes ago, Tebok said:

The opposite of love isn't hate. The opposite of love is apathy. 

The ones I've put on ignore can suck on my apathy.

I do not care what you have to say and have blocked you accordingly.

So refreshing!

Yet Rusty, you keep responding. You liberal idiot. 

[Tebok 283]

Quote

You've chosen to ignore content by jbycho.

Don't know. Don't care.

[Hardcore troubadour 14,905]

9 minutes ago, jbycho said:

Yet Rusty, you keep responding. You liberal idiot. 

Rusty ran a marathon. Is there anything more “look at me” than that? He has issues. 

[jbycho 579]

Just now, Hardcore troubadour said:

Rusty ran a marathon. Isn’t her anything more “look at me” than that? He has issues. 

Hurting bad. And I'm good with it.  

[weepaws 3,149]

28 minutes ago, jbycho said:

Hurting bad. And I'm good with it.  

You sound conservative. Sad, conservative should be supporting people, not wanting them hurt, you probably support the assignation attempts of trump.  Shame 

[Tebok 283]

46 minutes ago, Hardcore troubadour said:

Rusty ran a marathon. Is there anything more “look at me” than that? He has issues. 

You mock a signficant human accomplishment because you get winded after getting up to get another Natural Light and return here to spend your sad day.

[Alias Detective 1,388]

7 hours ago, Tebok said:

Yet another Social Insecurity story.

Lauren's husband dropped dead of a heart attack on Christmas Day last year. She had worked only as an adjunct professor at a local college, making around $12,000 a year.

They were dependent on his Social Security to pay the bills, and because they had been married for 10 years, she was eligible to collect on his Social Security, which she began to do earlier this year.

But she has yet to receive this month's check. Bills are due. She needs money for gas and groceries.

She has a disabled daughter. She is afraid.

Pray for Lauren.

Americans are suffering.

Trump's America.

 

No life insurance for the bread winner.  Another personal responsibility fail.  

[seafoam1 2,797]

8 hours ago, Tebok said:

You mock a signficant human accomplishment because you get winded after getting up to get another Natural Light and return here to spend your sad day.

 

"Significant" 

And your friends made great money throughout their lives and now are broke in retirement because they spent it all. 

This right here is why this place is great. Liberal dopes littering this place up by showing off how stupid they are. 

[Tebok 283]

MAGAs think instability, chaos, undelivered checks and an inability to visit a local Social Security office or even get through on the phone is better than an agency that ran great for 90 years.

Trump's America.

[seafoam1 2,797]

31 minutes ago, Tebok said:

MAGAs think instability, chaos, undelivered checks and an inability to visit a local Social Security office or even get through on the phone is better than an agency that ran great for 90 years.

Trump's America.

 Idiotic workers not managing their money or lives and simply being focking stupid for 70 years makes pimpledoosh want a senile old useless creepy joe turd in office. So he can keep wars going in Europe. 

This is awesome.  

[Tebok 283]

Grace, who spent her life as a homemaker, lost her husband of 56 years about a week ago. He was a farmer, and together they raised five children. 

He had focused on soybeans, but the Trump tariff on China during his first term put a major hurt on his operation. China is the world's biggest soybean importer. 

Things improved under Biden. Edgar had fought heart issues in recent years, but then soybean futures tanked thanks to Trump's new tariffs, and that put an inexorable stress on his ticker, and he dropped dead of a heart attack last week. 

Social Security played a key role in their survival. Grace has called, been to the Social Security offices, struggle with the Social Security website and is at a lost to get anywhere. Now she's trying to figure out how to save a farm and generate some income. Another hard-working American, another hard-working American farmer, who has become another tragedy Trump story.

Trump's America. 

[seafoam1 2,797]

42 minutes ago, Tebok said:

Grace, who spent her life as a homemaker, lost her husband of 56 years about a week ago.

Hope she planned for real life. Like we all do.