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The Great Wealth Transfer

Yeah pensions are an unknown cost to a company so they don't like them. My wife and I both have pensions but I think the company just bought an annuity that pays a certain amount until we die so in a way it was a fixed cost to them.
One of my college roommates works at Lilly, I was shocked when he said he had a pension. I wonder if the janitors get a pension?
 
william h macy take notes GIF by Showtime
Just set up my first appointment up here. Hoping it doesn’t hurt.

Can’t wait to ask the doc or nurse: so how long until I have a younger girlfriend?
 
One of my college roommates works at Lilly, I was shocked when he said he had a pension. I wonder if the janitors get a pension?
Yep, they used to but they don't have janitors now (or I would guess they don't). All jobs like that are outsourced to a private company.

You have to work a lot longer now to get the full pension benefit. It used to be age plus years of service and 90 points was full retirement but you could retire at 80 points with reduced retirement amount.
 
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Just set up my first appointment up here. Hoping it doesn’t hurt.

Can’t wait to ask the doc or nurse: so how long until I have a younger girlfriend?
you just worry about getting one of those class actions to pop. then you won't have to worry. you can have skin like edward james olmos and still get a hot gf
 
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It all depends on what the previous owners did in it. 🤣
New car smell cannot be replicated or restored once it’s gone…
Plus you’ve got to worry about the uninformed scoundrels pumping regular unleaded into a premium engine. Used cars = no bueno.😉
 
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one thing i will say is people are in better shape today and take care of themselves and can presumably work much longer. look at these pics below. my god wilfred brimley was 49 in cocoon. rob lowe is 60. fillers, microneedling, hair meds. weights. diet. no reason to be or look old. you feel good you can keep doing new projects. keep it going. after rob lowe's pic i linked vanished aesthetics. you and unclemark shoudl skip a football game or the next d&D convention and treat yourself to youth. apparently their spa is on walnut. get your skin going and THEN look into some fillers. i wouldn't be surprised if it followed with a promotion at work. and who knows... a girlfriend??

DUYaXAcXcAEfyBo.jpg



cacoon-tfeat-uproxx.jpg

rob-lowe-e1579383764467.jpg


Wouldn't it be a lot cheaper just to buy this?

 
Hard to argue with any of this.

I think a person could argue with a lot there.
 
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If one thinks about it, the New Deal and Great Society were before Boomers gained power, as was the Vietnam War. All cost a lot of money.

I just don't get why it is socially acceptable to lump all of an age together, but not genders or races. Especially by those who don't seem to love "identity politics". I think sometimes we Boomers do that, and I routinely defend younger kids from the "back in my day" crowd. There is nothing wrong with kids today, they are different than us, not better nor worse.
I agree with you. You can't lump everyone together in just about any category. Years ago in Illinois there was a couple who had 2 daughters. They were both drunks and were in and out of the hospital because of it. Yet their daughters were non drinkers,good students, and hard workers. I can see somebody lumping the daughters in with the parents and it would not have been fair.
 
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Yep, they used to but they don't have janitors now (or I would guess they don't). All jobs like that are outsourced to a private company.

You have to work a lot longer now to get the full pension benefit. It used to be age plus years of service and 90 points was full retirement but you could retire at 80 points with reduced retirement amount.
I forgot that corporations stopped actually, you know, hiring people. A lot more decent jobs killed.
 
A lot of Boomers not much older than me saw manufacturing as the way to a good life, then in about 1977 that suffered a horrible demise. A lot of jobs went away, and those that stayed were not nearly as high up the middle-class ladder as they used to be. My hometown, Columbus, had a mall standing almost completely empty. In 1984 in Centralia IL working for Hart I saw a town in even worse shape. It all can be summed up by the song Allentown.

In addition Vietnam left a lot of people scarred mentally and physically.

No generation has it easy. Today's youth deal with the high cost of college, the loss of interpersonal relationships due to technology, and a huge drug epidemic. I'm not arguing Boomers had it worse. there are reasons Xers are having trouble saving just as there were reasons Boomers did (and certainly Greatest and Silent).

Sadly, pensions mostly went away. I know several that still have pensions, their retirement looks amazingly golden.
Vietnam Veterans as a group,
earned more, were jailed or imprisoned less, have lower suicide rates, lower divorce rates and were generally more secure in life's metrics than their age peer group who did not go to VN.
 
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The Boomers were fortunate to have lived, worked and invested during a period when our country dominated the global marketplace. In 1966 the Dow Jones average reached what was considered a remarkable achievement at 1,000. Today it is over 38,000.

Sadly, not all boomers benefitted from their hard work and investing prowess as almost half will reach retirement with no retirement savings and will depend on Social Security. These folks, however, worked and purchased goods and services which helped make the more fortunate comparatively rich. Some of them may have owned their own businesses and failed Afterall, failure occurs in our competitive free market economy. Others may have become disabled or faced addictions along with other health problems.
This Boomer paid my youngest sister's down payment on her house, our youngest daughter's down payment on her house, put a new roof on the house, paid for a 4,400 square foot drive and pad for the other daughter, paid 4 years of IU Kelly bills, 3 semesters of Marian U. tuition, and other things.
51 years with one company, retired 5 months before I turned 68, and didn't take SS until I turned 70.

The intergenerational greed and disrespect from the alphabets is part of the well-deserved disdain for them by many Boomers.
 
One of my college roommates works at Lilly, I was shocked when he said he had a pension. I wonder if the janitors get a pension?
I think they do, if they're not contractors. I don't think Lilly's has a Union.

You're from Columbus - doesn't Cummins still have a pension?

You work for IU, right? Don't you get a pension?
 
I think they do, if they're not contractors. I don't think Lilly's has a Union.

You're from Columbus - doesn't Cummins still have a pension?

You work for IU, right? Don't you get a pension?

Nope, no pension here in IU land.

They had something similar for some important faculty and administrator. It was called 18/20. I think it was 20 years at IU, 18 in the program, and leave with full pay. It cost IU a ton, and people in it called it the "golden handcuffs". It went away. I was never close to being that important.

It looks like Cummins still has a pension plan.
 
Nope, no pension here in IU land.

They had something similar for some important faculty and administrator. It was called 18/20. I think it was 20 years at IU, 18 in the program, and leave with full pay. It cost IU a ton, and people in it called it the "golden handcuffs". It went away. I was never close to being that important.

It looks like Cummins still has a pension plan.
Well that sucks you don't have a pension. I thought that was one of the perks of working for a university. Cheap bastards.

I've heard Lilly being referred to as having 'golden handcuffs', but mostly because of their insane profit sharing plan, where they rolled over bonuses into salaries after a few years. Again, this was a while ago.

My first corporate job was with Cummins and they had a great pension plan. I just couldn't see working in one place for 30 years.
 
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Thank you Boomers. Your generations theft led to the invention of Bitcoin. The best money ever that will end the last legalized form of slavery, inflation, and finally separate the state from money. @UncleMark live it up and keep voting for the thieving leftist. Bitcoin is counting on you doing it.

Federal Reserve Bitcoin Meme GIF
 
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Well that sucks you don't have a pension. I thought that was one of the perks of working for a university. Cheap bastards.

I've heard Lilly being referred to as having 'golden handcuffs', but mostly because of their insane profit sharing plan, where they rolled over bonuses into salaries after a few years. Again, this was a while ago.

My first corporate job was with Cummins and they had a great pension plan. I just couldn't see working in one place for 30 years.
Were you at the main plant in Columbus? People I knew that had parents at Cummins liked it OK enough.

IU employees get a lot of time off. Of course you still have to get your work done. So aside from the year I had knee replacement I haven't used but half of my 268 hours. I really wish my returned hours counted as a donation for tickets.
 
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Were you at the main plant in Columbus? People I knew that had parents at Cummins liked it OK enough.

IU employees get a lot of time off. Of course you still have to get your work done. So aside from the year I had knee replacement I haven't used but half of my 268 hours. I really wish my returned hours counted as a donation for tickets.
Yep, I started in the old GOB and then moved to the COB when construction on that finished. I used to love after work drinks at 4th Street and the tenderloins at the CB. Used to play lunchtime basketball at the gym that was just built in Ceraland.

I really liked Cummins and they started me out at a great salary. I just didn't care for the constant ups and downs of the diesel engine business.

They also had some hot women working there - too bad I was a newlywed at the time.
 
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Here ya go @BradStevens
Funny, I never got a check.

They're deadbeats like you. I won't get anything from them except bills.
I got a headache. I still have it. And I'm probably going to have pay @BradStevens @mcmurtry66 @TMFT @Noodle some blood sucking lawyer money to fix it.

to be sure though, it warn't my parents who were the deadbeats.
 
I forgot that corporations stopped actually, you know, hiring people. A lot more decent jobs killed.
Well it makes sense in a lot of ways from a corporate standpoint. They don't have to worry about benefits or other things that they do when a person is an employee. However, they give up a lot also in the fact that the person is not tied to the corporation in any way. Some things they do I completely agree with.... like hiring someone for a 2 year job and then deciding after that whether they would be a good employee. You and I both know that just because someone has a perfect GPA doesn't necessarily mean they'll be a good employee.
 
I think they do, if they're not contractors. I don't think Lilly's has a Union.
Lilly hires just about all degree people now and you are correct in that they don't have a union. Unions have their place but I never did want to belong to one. Some of the things they do just never did make sense to me.
 
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The point that you think Boomers have YOUR money?

Nah Marv, that is not my point. I'm not saying Boomers have my money and I'm not suggesting I expect or want theirs.

I'm saying Boomers, by not providing enough wealth dispersion across their generation and/or a properly capitalized social safety net are going to require tax increases on my generation, to help fund the deficit and keep a massive age cohort alive for what I expect to be a renewed high water mark in life expectancy.

Let me ask you this, you said 50% of Boomers didn't save for retirement. I see that stat. What was the % for Greatest Generation? Silent Generation? What is the percent for Gen X (hint, it isn't good either https://www.asppa.org/news/gen-xers-are-really-bad-retirement-savers-report). Can you prove that Boomers have been worse than others?

It's a fair question. I don't see any specific data on those prior generations (found any?), but we know with certainty that they paid more in taxes per dollar of income than the Baby Boomers who came into their prime during the lowest tax era in history. Given they have paid less in taxes (which I am not necessarily opposed to), you would have expected they would have re-invested some of those savings to become self sufficient, which isn't the case.

On the plus side, Boomers seem to be working longer than others. On the negative side, the prevents others (e.g., Gen X) from rising to positions of power as quickly as they were expecting.
 
In all seriousness you have some good points but I don't think the points are limited to boomers. Lots of people, no matter their age, spend more than they make and that's no matter how much they make. I don't think getting my SS is wanting someone else to fund my retirement since I would have been a lot better off if they would have let me keep it and invest it.

I agree NPT, but in the case of Gen X and younger, there is still time. Boomers can't change the retirement gap now because it is too late, even with accelerated retirement funding.

Now, practically, do I think they will do what they should? Of course not. People just want. They don't want to do, any longer.
 
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