Word: pensiones
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Dates: during 2000-2009
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...foresaw the crash, calls "hedge-fund disease," characterized by "megalomania, plus narcissism, plus solipsism" and the belief that "to think something is to make it happen." The meth-head loses his teeth and his mind; the madcap optimists of Wall Street lost something like $10 trillion worth of pension funds, life savings and retirement accounts. (Read "Why It's Time to Retire...
...Occidental had stuck with its pension plan, Lucantonio might not have to work. When he retired, he had a salary of nearly $80,000. That means he would have received a pension check of about $3,100 a month. It would be nice if 401(k)s could produce a guaranteed check as pensions do. But most 401(k)s don't generate enough income, and Lucantonio's is no different. He retired from Occidental with $350,000 in his 401(k). That's a hefty sum, but he can withdraw just 4% of it annually, or about...
...Under Occidental's old pension plan, he would have gotten a monthly check of about $2,200. More important, he wouldn't have to spend much of his remaining eyesight squinting at CNBC, wondering how he will afford the rest of his life. The pension check would have been guaranteed until he died. "I'm a pretty optimistic guy, but I'm still worried," says O'Neil. "Ten years from now, where am I going to be after I burn through the cash...
...essentially proposing is a form of retirement insurance. So instead of putting 6% of your salary into a 401(k) or some other investment account, each pay period you would send 6% of your check to a retirement-insurance provider. The policy would work similarly to a traditional pension in that it would provide a guaranteed monthly check equal to about a quarter of your final pay, from when you quit working until you die. Some employers might even be willing to pay the annual premium as a perk. If not, employees would pay for it much as they currently...
...golf course, Shively is not the only former Occidental employee toiling away in his retirement. There are three other former Oxy Pete workers among the staff. All would be better off today - and probably playing the course as opposed to working it - had Occidental stuck to its pension system. Still, Shively says he is not mad at his former employer. And so far, he hasn't found working in retirement to be too bad. Let's hope we all think the same...