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I've been in my union for 5 years. I am 30. I could quit my union now, and when I retire I would get $986 a month in pension until the day I die. I still have a good 25 years until I would retire. That would put my pension near 5 thousand a month. Until the day I die. If I retire at 60 (which I plan too) and live to 90 (common in my family) that is 1.8 million in payout. With that and my union annuity payed by my contractor ($2.50 hour), NEBF (national retirement fund) and my own Roth IRA, I fully plan on sitting pretty when I'm an old man and having NO money worries. We as electricians work too hard to have to worry about money when we are old. I've worked with a lot of former non-union electricians who have NOTHING saved for retirement, and if they do it is measly in comparison to the pension they could have got for their years of work.
 

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DGFVT
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I've been in my union for 5 years. I am 30. I could quit my union now, and when I retire I would get $986 a month in pension until the day I die. I still have a good 25 years until I would retire. That would put my pension near 5 thousand a month. Until the day I die. If I retire at 60 (which I plan too) and live to 90 (common in my family) that is 1.8 million in payout. With that and my union annuity payed by my contractor ($2.50 hour), NEBF (national retirement fund) and my own Roth IRA, I fully plan on sitting pretty when I'm an old man and having NO money worries. We as electricians work too hard to have to worry about money when we are old. I've worked with a lot of former non-union electricians who have NOTHING saved for retirement, and if they do it is measly in comparison to the pension they could have got for their years of work.
BTW welcome to Et
You are stereotyping non- union electricians and standing on a soapbox in a tarzan manor beating your chest yelling " Union...Union....Union". Stop it........

IMO most electricians( both unoin and nonunion) have their act together and have planned their retirement to where they don't have live under a bridge some where.

BTW....Welcome to ET;)
 

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VCD said:
I've been in my union for 5 years. I am 30. I could quit my union now, and when I retire I would get $986 a month in pension until the day I die. I still have a good 25 years until I would retire. That would put my pension near 5 thousand a month. Until the day I die. If I retire at 60 (which I plan too) and live to 90 (common in my family) that is 1.8 million in payout. With that and my union annuity payed by my contractor ($2.50 hour), NEBF (national retirement fund) and my own Roth IRA, I fully plan on sitting pretty when I'm an old man and having NO money worries. We as electricians work too hard to have to worry about money when we are old. I've worked with a lot of former non-union electricians who have NOTHING saved for retirement, and if they do it is measly in comparison to the pension they could have got for their years of work.
. Agreed , but anyone who thinks at all about tomorrow , has the ability to set themselves up with a very good retirement . Let's face it , if the union didn't automatically distribute your money into pension / annuity and left it solely up to the members to enroll , a large percentage would contribute the bare minimum or nothing , so they could see more in their checks each week . I've worked with morons who have taken money out of their annuity , paid a 30% penalty , to buy a new car , lol ? These are the people who will not have a pot to piss in come retirement ! Keep doing what you're doing , but remember , the guy playing shuffleboard next to you , may be a retired non-union electrician , lol ?
 

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While the concept of saving is prudent, the mechanism for it has changed.

Most of you reading this know what happened to your savings in '08

So, i would only say that it's no longer a sure thing to kick back and do the math for whatever economic evolution 2050 sugars off to be

~CS~
 

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What's everybody here think about public unions? Teachers,police,prison guards,DOT workers,fireman,toll takers,etc! In NJ prisons guards work 25 yrs. to retire,some do that by age 45 yrs.
 

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VCD, that sounds like a lot of money, but remember that with inflation a million won't be worth as much in 30 years as it is today. I'm not trying to crap on your dream, but take a look at current retirees, at best they are just comfortable.

In 1960 when some workers started making their pension contributions, a car cost $2,600, and a house cost $20,000. They probably thought a payout of $150,000 was more money then they could ever possibly need. That they would be rich jet setters travelling the world and doing as they please. Reality is they just barely pay their bills and live a very modest life.

It's not a bad thing and you'll be better off than many by saving so much. But if you really want to be well off when you're retired, you gotta do more than just pensions and retirement savings plans.
 

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Call somebody in Greece and ask them how that union pension thing is working out for them over there. Might want to ask also about the ''haircut'' that the banks gave the savings accounts also..
 

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Comical all the folks saying pensions are worthless in this thread.

I guess making less and not having a pension is the way to go then! :thumbsup:

Honestly, how do all you non union non pensioned non annunitied folks plan for retirement?
 

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I WORK FOR THE CANADIAN UNION OF SKILLED WORKERS, THEY GOT IT RIGHT, WE GET .R.S.P.S FOR EVERY HOUR WORKED.
THE UNION HAS NOTHING TO DO WITH IT.
YOU PUT YOUR MONEY WHERE YOU WANT IT.:thumbsup:
 

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Member IBEW LU #164
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Union pensions have been historically as safe as........well, the Titanic comes to mind. I hope yours pans out well, but many people are finding that they go to the cupboard only to find it bare
Not really - a few examples ( ignore the public worker pensions that have been raided by politicians to support their lower taxes for the wealthy agendas ) might bolster your amusing mixed metaphor.

Most of the ones you will find are from businesses that have failed and have raided their own pension funds before failing...ie Hostess. While some pensions are tragically managed ( see the Central States pension fund ) the great majority are in fine shape.
 

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Not really - a few examples ( ignore the public worker pensions that have been raided by politicians to support their lower taxes for the wealthy agendas ) might bolster your amusing mixed metaphor.

Most of the ones you will find are from businesses that have failed and have raided their own pension funds before failing...ie Hostess. While some pensions are tragically managed ( see the Central States pension fund ) the great majority are in fine shape.
We have the Employee Retirement Security act & the Pension and Welfare benefits administration because nobody is immune from abuse eejack.

And even they can't prevent fiscal liquids from evaporating into another Libor ,wall street crash, or the dollar taking a dive

~CS~
 

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Comical all the folks saying pensions are worthless in this thread.

I guess making less and not having a pension is the way to go then! :thumbsup:

Honestly, how do all you non union non pensioned non annunitied folks plan for retirement?
For the company man - a 401k

For the businessman - a Roth IRA or some kind of investments. Or the trusty buried coffee can in the back yard. :laughing:

Im pretty sure most non-union folks, regardless of job or trade, are doing a 401k or something similar.
 

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can anyone here tell me what a 2014 dollar is going to be worth in 2054, inflation considered?

~CS~
 

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......and so your investment will be inversely proportional to that inflation Drummer.

Look, all i'm saying is, don't leave your nest egg in Wall st's 'good hands' , think of something a little more stable

they're not

~CS~
 
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