Tribune article 3/20/17
I'm one of the thousands of United Airline employees whose pensions were turned over to the PBGC. What a shock to read your article today. I'll be 60 this year and was planning to retire at 66.6 (to get my full Social Security). After reading about the PBGC AND Social Security I don't think I can ever retire. I have contributed to a 401K and luckily have a new pension, but I'm very worried. Any suggestions?
Terry Says
I don't mean to be flippant, but the real answer is to keep working and keep saving. In the next 15 years, the strains on pension promises will make headlines. I have no idea how it will be worked out, but I never heard anyone complain about having "too much" money in retirement. If you're a pilot, of course you will be forced to retire at an early age. But that doesn't mean you can't build another career, using your talents. Same for flight attendants, though I don't know if they have a mandatory retirement age. You need to do an assessment of your potential retirement costs, and promised income. There's a very quick and helpful calculator at Fidelity. You'll find the link to it on the home page at TerrySavage.com. Use it to see the impact of a reduced pension payout and you'll have an idea of how much longer you should plan to work -- and save.
