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|Subject: Re: The New Luxuries||Date: 10/11/2000 1:38 PM|
|Author: fzabaly||Number: 21432 of 837769|
Freedom from anxiety over job loss is a luxury in today's world. Job security wasn't such a big deal in earlier times, when there were millions of middle-class workers who believed that it was unlikely that they would ever lose their jobs.
Yes. But as a 40-yr-old, I believe today's job market re: retirement accts is a big improvment.
It took me about 3 yrs after being fired/"laid off" in 1992 to come to this conclusion. A columnist I enjoy, Scott Burns, stated that under the 'defined benefit pension' system, most retirees received approx 50% of retirement income needs from the pension.
But employees had to stay many yrs (10-25) at a single employeer to get this size of the pension. And some pension plans were badly handled, resulting in less benefits.
He cites a 1997 study studying employees that were covered by state and local pensions, as thus did not participate in social secuity. The article is at:
Given that my current field (computers) is so volatile wrt jobs and companies it makes sense that my 'pension' /IRA/401(k) is portable. The job market demands this portability.
And as a control-freak, I prefer making my own mistakes <ggg>
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