Atlas Air Hiring
12-10-2014, 11:18 AM
#9931
Gets Weekends Off
Joined APC: Apr 2009
Position: What day is it?
Posts: 963
Originally Posted by Cousteau135
How about one more voice in this retirement debate. IMHO I would rather have double digit deposit into my 401K every two weeks as long as it isn't a match. Let me put it in the funds or brokerage of my choice and let it ride. It takes sacrifice on your part to fully fund said 401K, but its portability really appeals to me.
As for pensions, I get that they aren't all created equal and I don't want to debate specific plans and whether its solvent or not. This is what I don't like about them... If the power brokers in DC are willing to reduce the earned retirements of military vets for short term budgetary gains as they were last year, and then only yielded after significant lobbying efforts... who's to say they wouldn't be willing to slip something into a bill to "help" those organizations who manage other pensions... even union pensions. Call me cynical, but if I can't trust Uncle Sugar to live up to his blood debt to vets, why should I trust any union or company CEO to honor their commitments when times get tough and they need to balance their books?
Just my 2¢
As for pensions, I get that they aren't all created equal and I don't want to debate specific plans and whether its solvent or not. This is what I don't like about them... If the power brokers in DC are willing to reduce the earned retirements of military vets for short term budgetary gains as they were last year, and then only yielded after significant lobbying efforts... who's to say they wouldn't be willing to slip something into a bill to "help" those organizations who manage other pensions... even union pensions. Call me cynical, but if I can't trust Uncle Sugar to live up to his blood debt to vets, why should I trust any union or company CEO to honor their commitments when times get tough and they need to balance their books?
Just my 2¢
12-10-2014, 11:47 AM
#9932
Line Holder
Joined APC: Mar 2014
Position: 747 FO
Posts: 55
Originally Posted by flyinturbo
Interviewed on Oct 7th, tossed into the pool on the 16th and got the call this morning for a Jan 5th class date on the 767.
Thanks to all that took the time to submit info here. Best thread ever!
See some of ya online.
Thanks to all that took the time to submit info here. Best thread ever!
See some of ya online.
12-10-2014, 01:47 PM
#9933
On Reserve
Joined APC: Nov 2010
Posts: 13
Originally Posted by ATCsaidDoWhat
Do you get the part that the Teamsters DON'T have pension plans that they run? To do what you envision would require it being done to ALL pension plans and require a re-write ERISA rules? For a pension plan where a fund gets the money directly from the company...plus and additional voluntary employee contribution above the agreed to amount...how would the government interject themself?
I bet these guys wish they would have gone with a 401K match!
Fears Over Pension Funding - WSJ
12-10-2014, 02:43 PM
#9934
Gets Weekends Off
Joined APC: Feb 2012
Position: Front Row
Posts: 154
12-10-2014, 06:03 PM
#9935
On Reserve
Joined APC: Sep 2014
Posts: 14
Originally Posted by flyinturbo
Interviewed on Oct 7th, tossed into the pool on the 16th and got the call this morning for a Jan 5th class date on the 767.
Thanks to all that took the time to submit info here. Best thread ever!
See some of ya online.
Thanks to all that took the time to submit info here. Best thread ever!
See some of ya online.
All: is there any SA as to whether that's it for Jan?
12-10-2014, 08:38 PM
#9936
Gets Weekends Off
Joined APC: Jun 2014
Posts: 1,236
Originally Posted by ATCsaidDoWhat
Given you comment, you have no understanding of the retirement plans or of how they are managed. Just as you compare the Teamsters now to the old era and what has happened post DoJ.
If you did, you'd understand how locked down they are on finances and how they have no attachment or access to the retirement plans. In other words, they have no plans to run. Members can vote to join outside, independently run, professionally managed plans. Or you can vote to have a 401 (k). You vote, you decide.
401(k)'s are great until the market hiccups or collapses. A defined plan takes the money, invests it and then when you retire, takes it and buys an annuity in your name and controlled by you that pays a nice dividend monthly, never touching your principal.
Further, given the vesting schedule, it allows you to retire earlier, if you choose, with a full retirement.
A 401 (k) is a nice add on, but not something I'd bet my long term retirement on.
If you did, you'd understand how locked down they are on finances and how they have no attachment or access to the retirement plans. In other words, they have no plans to run. Members can vote to join outside, independently run, professionally managed plans. Or you can vote to have a 401 (k). You vote, you decide.
401(k)'s are great until the market hiccups or collapses. A defined plan takes the money, invests it and then when you retire, takes it and buys an annuity in your name and controlled by you that pays a nice dividend monthly, never touching your principal.
Further, given the vesting schedule, it allows you to retire earlier, if you choose, with a full retirement.
A 401 (k) is a nice add on, but not something I'd bet my long term retirement on.
I'm the son of a financial planner so I do know a little bit about it. My other parent was an airline pilot so I'm fully aware of what allowing others to "manage" your retirement leads to.
Your understanding of how a retirement (401K, Roth IRA, and emergency fund) should be managed lacks basic understanding of how it should work. When you're young (like me) the bulk of your money should be invested into equities like mutual funds which may do bad the next year but perform at around 12% over the course of time. As you get older you shift your money to lower risk investments such as bonds that don't crash with the market. If you really lost every thing in the Great Recession then you lost it because you weren't responsible enough to read a book on how to manage your retirement. If you were in your mid to late 50s you should've been almost exclusively in stuff like Bonds which wouldn't have hit you.
Please don't take my advice. Read a book. Talk to an expert. It's important enough to read given that people are naive enough to think that their best option is to let the Teamsters manage their retirement. Letting others manage your retirement will result in them robbing you blind just like what's happened everywhere else recently.
12-10-2014, 08:40 PM
#9937
Gets Weekends Off
Joined APC: Jun 2014
Posts: 1,236
Originally Posted by Cousteau135
How about one more voice in this retirement debate. IMHO I would rather have double digit deposit into my 401K every two weeks as long as it isn't a match. Let me put it in the funds or brokerage of my choice and let it ride. It takes sacrifice on your part to fully fund said 401K, but its portability really appeals to me.
As for pensions, I get that they aren't all created equal and I don't want to debate specific plans and whether its solvent or not. This is what I don't like about them... If the power brokers in DC are willing to reduce the earned retirements of military vets for short term budgetary gains as they were last year, and then only yielded after significant lobbying efforts... who's to say they wouldn't be willing to slip something into a bill to "help" those organizations who manage other pensions... even union pensions. Call me cynical, but if I can't trust Uncle Sugar to live up to his blood debt to vets, why should I trust any union or company CEO to honor their commitments when times get tough and they need to balance their books?
Just my 2¢
As for pensions, I get that they aren't all created equal and I don't want to debate specific plans and whether its solvent or not. This is what I don't like about them... If the power brokers in DC are willing to reduce the earned retirements of military vets for short term budgetary gains as they were last year, and then only yielded after significant lobbying efforts... who's to say they wouldn't be willing to slip something into a bill to "help" those organizations who manage other pensions... even union pensions. Call me cynical, but if I can't trust Uncle Sugar to live up to his blood debt to vets, why should I trust any union or company CEO to honor their commitments when times get tough and they need to balance their books?
Just my 2¢
12-10-2014, 09:45 PM
#9938
Gets Weekends Off
Joined APC: Feb 2008
Position: Retired
Posts: 651
Originally Posted by Globemaster2827
.. As you get older you shift your money to lower risk investments such as bonds that don't crash with the market.. .
The problem we all face as we age is that we can not participate effectively in the bond market at the individual level. Nor can can we buy an annuity without financing some insurance agent's new 911.
When I was in my 20s, 30s and 40s I spewed this same line. On my previous airlines forum on CompuServe (I am that old) I refereed to defined benefit plans as things that crawled out of the Wall Street sewer.
The reality is that we have been sold a bill of goods that is deeply flawed. Having "our own money" makes us prey to longevity risk, while at the same time making us prey to any number of scams that claim to address it. Want to buy bonds? Nibble at the crumbs from the grown up's table and pay 1% for the privilege, but don't worry because the markup is hidden and you won't see it. Want to buy an annuity on your own? No problem -- after we give slimeball his 4%.
Reality is that retirement is a set of tactics, starting with having your basic living cost annuitized (SS and something you buy or that is company benefit). Then using the rest for discretionary expenses and inflation.
Good luck with the annuitizaiton element. At least your parents's cut might end up in your inheritance.
12-10-2014, 11:02 PM
#9940
Gets Weekends Off
Joined APC: Jun 2014
Posts: 1,236
Originally Posted by 742Dash
And good luck with that in your 401k and IRA. But then I bet that your parent has something to sell to me.
The problem we all face as we age is that we can not participate effectively in the bond market at the individual level. Nor can can we buy an annuity without financing some insurance agent's new 911.
When I was in my 20s, 30s and 40s I spewed this same line. On my previous airlines forum on CompuServe (I am that old) I refereed to defined benefit plans as things that crawled out of the Wall Street sewer.
The reality is that we have been sold a bill of goods that is deeply flawed. Having "our own money" makes us prey to longevity risk, while at the same time making us prey to any number of scams that claim to address it. Want to buy bonds? Nibble at the crumbs from the grown up's table and pay 1% for the privilege, but don't worry because the markup is hidden and you won't see it. Want to buy an annuity on your own? No problem -- after we give slimeball his 4%.
Reality is that retirement is a set of tactics, starting with having your basic living cost annuitized (SS and something you buy or that is company benefit). Then using the rest for discretionary expenses and inflation.
Good luck with the annuitizaiton element. At least your parents's cut might end up in your inheritance.
The problem we all face as we age is that we can not participate effectively in the bond market at the individual level. Nor can can we buy an annuity without financing some insurance agent's new 911.
When I was in my 20s, 30s and 40s I spewed this same line. On my previous airlines forum on CompuServe (I am that old) I refereed to defined benefit plans as things that crawled out of the Wall Street sewer.
The reality is that we have been sold a bill of goods that is deeply flawed. Having "our own money" makes us prey to longevity risk, while at the same time making us prey to any number of scams that claim to address it. Want to buy bonds? Nibble at the crumbs from the grown up's table and pay 1% for the privilege, but don't worry because the markup is hidden and you won't see it. Want to buy an annuity on your own? No problem -- after we give slimeball his 4%.
Reality is that retirement is a set of tactics, starting with having your basic living cost annuitized (SS and something you buy or that is company benefit). Then using the rest for discretionary expenses and inflation.
Good luck with the annuitizaiton element. At least your parents's cut might end up in your inheritance.
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