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'Retirement Heist' Overlooked Causes of the Retirement Crisis
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- čas přidán 7. 11. 2011
- The decline in employer-sponsored pension and retiree health plans is a troubling trend that has eroded the retirement security of millions of Americans. Stock market losses and low interest rates have weakened pension funding, and employers say that this -- combined with retiree longevity, rising costs and the need to compete globally -- is forcing them to freeze pensions and cut retiree benefits.
However, Ellen Schultz, a former investigative reporter for The Wall Street Journal, says that employers' practices also played a role. In her new book, Retirement Heist, Schultz contends that large companies, aided by benefits consultants and lawyers, have played a largely overlooked role in the decline of American pensions and benefits. At this November 2011 event, Schultz and other experts explored the numerous examples of companies using their pension funds and retiree benefit cuts to bolster profits and boost compensation for senior executives at the expense of rank-and-file workers.
This event was hosted jointly by the New America Foundation, the Pension Rights Center and AARP.
In this video David Certner talks with author Ellen Schultz about her new book. They are accompanied by Phyllis Borzi, Donald Fuerst, Karen Ferguson and Michael Calabrese
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I retired in 2016. For the most part during my working life I never had much in the way of company provided retirement plans. Turns out I didn't need one. I started saving for retirement with my first pay check. Truth be told, I never worked because I wanted to, I worked because I had to and I looked forward to the day I no longer needed to work. I made sure I put myself in a position to retire early. Never put your future in someone else's hands. Been retired now for going on 6 years and I have yet to draw any money out of my retirement savings. You have to look out for yourself, because nobody else is going to do that for you.
Yes. Exactly. Well said. I appreciate you. Fortunately I retired this year in 2021 and happily left the rat race workforce. We’re so done with these monster corporations exploiting and enslaving their employees.
@@happylistener4628 Congratulations on your retirement. I hope you enjoy yours as much as I am mine.
@@bernie9728 Thank you so much Bernie. Yes. Retirement is good. I wish you all the best. Stay safe.
But don’t miss the point, Bernie and others. It’s good to have personal responsibility but these corporations (like the states also did) made an agreement to the workers, it was a art of the benefit package, a part of their compensation for lifetime of loyalty to the companies or state department (I.e., school teachers, firefighters etc). The companies and states owed these ppl what they promised, regardless of how personally responsible they have been.
Spent years tearing down all our traditions and culture and religion and now crying for the days where we have “mutual trust”. We had a high trust society before you diversified it and it’s not the fault of these business people that it’s gone.
I drive a 12 year old car that it's paid off, and a lot time when someone drives by me on the highway with either an expensive truck or luxury sedan the following though comes to mind "I wonder how much that individual has saved for retirement"...
Oh I'll get started saving as soon as I pay off the lease on this beauty. And the car that replaces it. And the one after that. And...
@@billyjoejimbob56 your money your choice, the great thing is that I own stocks on the automobile industry so i need consumer's like yourself so I can retire early.
@@Marcel-ji5nq I hope you detected at least a hint of sarcasm in my reply. I drive a nine-year old car approaching 120,000 miles that was paid for the day I took delivery and drives like new. I am like you... I am NOT the customer the auto industry depends upon any more than you are. Safe travels!
@@billyjoejimbob56 my apologies I didn't get it the first time, now I do, cheers and keep driving on, my honda it's just 135k miles,
@@Marcel-ji5nqNo apology needed. You might find it interesting that my daily ride is also a Honda. I worked for 33 years in the auto industry, the last seven as a market research contractor at GM. What scares me most about the OEMs is how dependent they are on consumers who continue buying more expensive vehicles than they can afford, buy them more often than they can afford to, and have no idea what they are really spending to finance their habit. I don't know what they would do if every customer started behaving like you and me!
just amazing- the greed of the top few at the expense of everyone else. With Congress being complicit or willfully ignorant.
Start your own company. Employ people. Determine for yourself what's fair. Lead by example. Or cry and have your opinion given the value it deserves: Zero.
I'm not surprised to see bankrupt America Inc. now given into greed in the name of individualism. We live in other developed countries should take a page out this experience as to how we should not govern our countries.
Does ERISA supersede a Collective Bargaining Agreement.
Actuaries don't resolve any disputes they just do what the company who they work for wants them to do. citizen
Okay. I guess the unions who wrote these pension plans did a bad job. For the same reason a company usually can't just use accounting wizardly to get out of liabilities such as debts, the same thing should apply here, unless various regulations or terms ultimately allowed these company to weasel out of their obligations.
Teacher Retirement System of Texas is getting worse. It used to just be the rule of 80. With these new tiers, you have to wait until the age of 60 if you joined between september 1st 2017 and april 1st 2009 with tier 3. 62 if you joined after april 2010.
All the people of retirement age and have or will be receiving pensions and
only as of 06-16-13 having 1699 views since 2011on this video, can't believe
this figure or we are all insensitive to the future of our well being...sad.
I realize it is kind of off topic but do anybody know a good place to watch new tv shows online?
@Corey Luka I watch on flixzone. Just google for it =)
@Edward Rodney yup, I have been watching on FlixZone for since march myself :)
@Edward Rodney Thanks, signed up and it seems like a nice service :) I really appreciate it!
@Corey Luka Glad I could help :)
Please not that -at the same time- in many countries the "legal" retirement age was raised to 67 years for bot sexes.
Jerzy
Corporate greed and lack of civil morality is contagious in the demise of America.
Skip to 05:20 for the main event
Ellen Schultz is necessary for America's future.
What else corporate greed
Corporations aren't greedy... they have no souls. Corporate executives... THEY are greedy!!!
A great retirement plan is to study STEM fields and marry someone in these fields Both work to advance in careers. Live minimalistly have a reasonable amount out of kids. Buy rental properties in cheap future desirable areas. Live in a small house not a stupid McMansions.
Again, it all comes back to the boomers.
Listen to WAR bye Edwin Starr...
Just withdraw enough to pay your rent,food etc for as many months as you can afford, when there are long lines outside the closed banks and empty ATMs.The money 🤑 will be devalued
I love your videos.God is in charge. I am not fooled.
At 79 I moved to Querétaro, México, because USA is deadly and expensive.
I prefer to live with all ages, and within my budget.
I moved to Querétaro,.Mexico at 79 in 2021, because USA is too deadly and expensive. God will and is dealing wit ALL of us. Karma never loses an address.
Karma never loses an address .
What a SMART and WITTY comment. I noted it