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URL:  https://boards.fool.com/bkln-quotmy-husband-had-a-white-collar-job-and-32505281.aspx

Subject:  Re: Social Security Date:  12/5/2016  8:03 PM
Author:  telegraph Number:  20141 of 22849

Bkln: "My husband had a white collar job and he was "downsized" several times from the age of 52 till he quit at the age of 65 1/2."

That happened a lot in the telecom industry around the country too......and I was downsized at my first job after 3 years....had to move - didn't own a house ..worked at the second job for 13 years until Neutron Jack decided GE didn't need a special engineering/application engineering department and 75 of us went out the door. Had to sell house.....did OK..new company guaranteed house sale.

I moved from the country to the Washington DC area. Salary went up 35% but living expenses did too...or more.

Survived a few layoffs at the new company over 17 years, then saw they handwriting on the wall and took a 'voluntary separation package' at age 52.5.

Retired. Stayed in house.

Only had a small pension from GE......and it was small - $4800 a year from 13 years service.....but every bit helps.

After the first layoff at age 25, I decided to save on my own. And did.....all throughout my career. It was a priority.

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Bkln:"We had to sell our home in order to keep going (after the first layoff). We had to move out of state for a job that was 50% lower than what he had been making in New York."

Well,NYC has sky high salaries and sky high real estate costs, too.....

and you likely paid 50% lower cost of living.....

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Bkln:"Thank goodness for social security as most white collar workers, especially those who work in financial services, don't get a pension.
They don't get to work long enough to get pensions as they consider you old when you hit the age of 50."

Not much difference for engineers. remember, the average person changes jobs every 5 years....and works for more than 5 companies in a career...unlike days of old where you worked 40 years for the same company. My family was a 'telco' family. Dad worked 44 years for NY Tel....went out on disability at age 60 with nice pension. Uncle Bill put in 48 years at Southwest Bell. Uncle George did 46 at NY Tel. Aunt Anne put in 40 plus at AT&T. Uncle Arthur did 33 years but had heart attack in his 50s and never collected a dime. His widow did....

Most companies now have 401Ks......some also have stock purchase plans at a discount,too.

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Bkln:"When hubby was 65 he was told that there was another layoff looming a few months down the road. He was told that he was not on the list of those people who would get to keep their jobs BECAUSE he was 65 and going to collect social security."

Possible age discrimination lawsuit but hard to prove.

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BKLN: "What a laugh as he was making 6 figures at the time."

Well, dang....you should have been saving 35% of it a year...

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Bkln:"Anyway, we have survived. We left NY for small town living in MA.
The people are much friendlier here and it feels much more like home than living in a big city. We downsized our house, our mortgage and we now drive a sensible car."

I stayed in TX.....no state income taxes.......$4100 a year in real estate taxes on my 4 bedroom house with pool......

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Bkln:"Without social security we'd have been homeless. I kid you not."

No one is planning on taking away your SS.....but unless someone fixes it soon, the benefits won't keep pace with inflation......and will gradually drop. With more retirees, and less workers.....just how many people (retirees) should each working person pay? In 10 years, there will be 1 retiree for every two folks working. That means if the average benefit is $1360 a month now, each working person will have to contribute over $680 a month between himself and employer to SS each month to keep those payments going.

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Bkln:"I cannot understand why people think that they should live the exact same lifestyle as they had before retiring. We live well but in a much smaller house. We still have a mortgage but it's a much smaller one.
Instead of going to Broadway shows we take in the local theatre where we might even see a neighbor or two as one of the actors in a play.
And as long as we can still find decent pizza, well, need a former New Yorker say more???"

A lot of folks will have 401K saving....and some (mainly unionized folks) will still get pensions...if cities,states, counties aren't bankrupted by then......... fed pensions are pretty safe.....

There's no way I could stay in my house and live on SS....maybe a small house out in the country somewhere...or a mobile/manufactured home.....that would work.....

But half of Floridians live mostly on SS......

t.
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