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Points were made on both sides.

Face it...the tax rule change around 1990 made pensions very difficult to fund and companies under varying yearly obligations to 'keep them whole' regardless of what the stock market did.

No one has a crystal ball, and some years companies had to pony up big bucks to 'top off' pension plans. They wanted to stop that.

the 401Ks came in...and for MOST people they were better. The average time on a job in the 1990s was well under five years....and almost no one starting a job in the 1980s or 1990s expected to work for the same company for life...and maybe not even 10 years where many pension plans vested so you even got a pension at all! and that ONLY if you stuck around for decades or if you left but didn't take the pension money and you reached retirement age - which could be 65.....


Yes, some companies wound up with big 'balances' in the pension fund and raiders took over the company and freed up the 'excess' pension money. So? Other companies got taken over because they had mineral rights or oil rights or something else. Or landing slots at airports. That is how business operates.

But pensions started to vanish in the 1990 era....almost 35 years ago.

Folks had then to save on their own. In many cases, they blew the 401K money when they got laid off....they should have not touched it.....but they could and often did.


Most had no other saving, no rainy day fund, no 8 month emergency fund....just lived paycheck to paycheck, paying the minimum amount on their credit cards.....and blowing the rest on fun, cars, recreation, eating out, etc......

I saw loads of engineers, who made very good money, wind up unemployed and broke within a month......they never saved. No emergency fund. Up to their necks is 'stuff' ......but no assets other than maybe the 401K fund, which they now had to raid to live on while they went job hunting.

And the 'pundits' are telling us how sad it is they didn't save anything, they don't have a pension, and they'll be in 'poverty' trying to live on SS.

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