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Originally Posted by Craig
I agree that these folks got hosed, I'm sure they will eventually will a lawsuit and get their money back.
I just don't get the whole concept of forced pensions/retirement. Why not just pay people what they are worth and let them decide if/when they want to retire. Personally, I'm in no hurry to be retired/dead.
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The whole idea of the pension is a bit antiquated. A lifetime of service will be rewarded with lifetime of pension income. The idea was to have a 'safety net' for these folks when they stopped working. The problem is no one expected so many people to live so long at the same time have the revenue base (still-working folks putting money in) shrink. Double whammy.
Your second point is addressed by the 401(k). However, this assumes people are smart enough and disciplined enough to think far ahead in advance regarding their future financial needs.
The one big difference I noticed between the rich and the poor in this country is that the rich plan for generations while the poor plan for next weekend.