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Politics : Politics for Pros- moderated

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To: LindyBill who wrote (99449)	2/9/2005 6:36:20 AM
From: John Carragher	of 793843

the report is also full of misrepresented facts. report says he took a lump sum vs pension. lost half of his pension by taking lump sum.. I did the same at age 51 and lost a little more than 1/2 of what a pension would be. but then at age 51 taking a pension with no cola i figure it wouldn't be worth a lot in twenty years. second it says he took lump sum and refers to a monthly pension of $402 in addition to lump sum.. I assume this is part of the golden hand shake and they are paying him pre soc sec each month which should just about cover his medical insurance until he reaches age 62 and can apply for soc sec. Later nytimes writes his medical insurance is a few dollars a month over his pension. I assume they do not mean pension , he doesn't get a pension if he took lump sum. It must be the temporary extra package to compensate him a little extra until soc sec kicks in at age 62. Third his wife is 41 years old and still works. It down plays her income. fourth he got into a car accident and a head injury and can no longer work. does that change the complete comparison to working for his old company? If he cannot work now i assume he wouldn't be qualified for work with the old company after his sick pay benefits ran out. this person expected to maintain his same standard of living in retirement without saving a dime to subsidize the loss of income. The article should have been not poor folks like us airways and at&t guys who got a full pension and still complain but been positive in supporting the need to save for retirement. I would like to see the history of both retiree.s spending over the last fifteen years and their savings program. Wonder how many trips, vacations, new car purchases, etc etc went out while almost nothing went into retirement savings.

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