Word: pensioneer
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After 19 years on the job, Herb Schrayshuen, 44, an engineer at a public utility in upstate New York, thought he knew the drill: toil away for another 15 or 20 years, then drift off into a cozy retirement on the back of a nice, fat company pension. But last summer his employer threw a wrench into that plan. The utility converted the old-fashioned pension system, in which employees earn the bulk of benefits during their last few years, into a new cash-balance plan, in which they earn at a steadier rate throughout their careers. It sounded simple...
...business that turns models into old women at 22 and increasingly ignores the customer who falls too far beyond Felicity's demographics is dominated in the U.S. by a trio nearing pension age. For much of the past two decades, Calvin Klein, Donna Karan and Ralph Lauren have ruled American style. Although none will retire tomorrow, the triumvirate occupies so much space in department stores, on the sides of buses and consequently in the public consciousness that it has become tremendously difficult for young designers to break through. It says something about the contemporary American fashion scene that...
...offices, malls, apartments and hotels. By law, they must pay out 95% of their rental and other income as dividends in exchange for certain tax advantages. REITs have flourished in the '90s as developers have sold shares into the bull market to raise capital instead of using banks and pension funds. Investors viewed these publicly traded stocks as a quick way in and out of the real estate game...
...record levels and is getting worse. Many of the people who do work are employed in inefficient state-owned enterprises, which Jiang and Zhu have vowed to phase out. Jiang realizes that the phase-out has to be handled carefully, since there is no national unemployment insurance or pension system and no money to fund such programs. Already there has been unrest, as worried farmers and workers struggle with the new order...
Next, determine how much money you can expect to get from your pension, assuming you have one. One important question to ask: Will your pension be reduced by the Social Security benefits you receive...