Nasdaq hit the circuit breakers against this morning; going up

[dennishoddy]

That's only partially true.



It kind of depends on how long you work and how much you have in your 401k. If you retire at 60, and die at 61, you won't collect much pension, and your estate will get nothing from that point on. Whatever is in your 401k is yours, and belongs to your estate no matter when you expire. So that's PROBABLY better, unless you're comparing a small 401k to a very long retirement.

Correct depending on how the pension contract is written. My FIL retired from American Airlines with a pension and passed away a couple of weeks ago. The pension benefits go down 1/2 vs what he had when alive until his wife dies, and then it stops. Some company pensions stop completely when the owner dies leaving the family nothing.
Your correct that with a 401K the family continues to reap the benefits until it's gone.
A lot of companies are getting away from the pension program from what I'm reading because people are living longer and the pensions are becoming underfunded. GM is a prime example.

 

[Aries]

Yeah, I just meant in general terms, when your pension stops your heirs don't get any money from it (except possibly a spouse). Your 401k and profit sharing plan belong to your estate.

 

[CHenry]

I have lost over $11,000 in my 401k because of this crap! It was doing excellent before. So was my wife’s. She has lost more than me. And this is why 401k’s suck. My company did away with pensions before I got on. Makes me sick thinking about it. This crap happened to my dad back around the early 2000’s. He lost so much money and so did a bunch of his work buddies at Dayton. And it never recovered. But he has a pension and is on disability so he has it made. I will probably have to work till I’m dead.

It will be back

 

[CHenry]

I ain’t whining about nothing. Just voicing my disgust with this. If that makes me look silly than so be it. I don’t have a crap ton of money in mine like some of y’all. So $11K is a lot. I contribute 10% and my company matches up to 6% dollar for dollar. My wife’s matches up to 5 and she contributes 8%. She makes a lot more money than I do as well. I also have a profit sharing account and I don’t contribute to that. Only the company does. But I choose where it goes. The same as I do my 401k. How exactly does a 401k beat a pension? When a person retires under a pension they get a guaranteed check every month. They also get health insurance. With a 401k you don’t get any of that. Only what’s in your account. And if you don’t have enough you can’t retire. I would much rather have a pension. My companies pension allowed a person to retire at 55 as long as you had 35 years or more. If you stay longer you get more money. You also get health insurance and life insurance. If I am ever able to retire I won’t have health insurance anymore, no more company paid life insurance and AD&D coverage. Had I been under our pension I would have all those things. To me a pension is worlds better than a 401k. Also, my company still had a 401k with the pension. So those that are under the old pension program get both. My dad has the same thing. He retired from Dayton Tire.

1 they own the pension, not you. If they go under, so does the pension.
2 the pension dies when u do, a mutual fund does not.
Pensions are ok, 401k are better

 

[Fredkrueger100]

Oh, both have a place ... absolutely. I'm retired. I have SS and a pension, and my investments from IRA's, 401K's, etc. I can live on what I get from SS and my pension, or I would not have retired. HOWEVER, what I have/had in my retirement accounts (401K's, IRA's, etc.) provide for the activities I might enjoy above and beyond just existing. The more that dries up, the less I get to enjoy retirement. If you're still working, you're young enough to make up some of those losses. Those of us who are retired either have to ride that out or go back to work (if we could find a job). If we ride it out, we probably won't live long enough to earn it all back.


.

I have a long way to go before I get to retire. About 18 years. But I’m sure I’ll have to work much longer than that.

 

[Fredkrueger100]

That's only partially true.

Unless ONEGAS changed it drastically after the separation, you can stay on retiree insurance, but it's not free... in fact, it doesn't cost a LOT less than regular commercial insurance, but does save you some money. And it's not identical to employees insurance, but it's close. That is ONEOK's policy, and at least as of the separation they were the same.

It kind of depends on how long you work and how much you have in your 401k. If you retire at 60, and die at 61, you won't collect much pension, and your estate will get nothing from that point on. Whatever is in your 401k is yours, and belongs to your estate no matter when you expire. So that's PROBABLY better, unless you're comparing a small 401k to a very long retirement.

But your 401k is not what replaced the pension. The profit sharing plan is what replaced the pension. Same deal though, depends on how much accumulates in your profit sharing plan compared to how long you live in retirement.

If you plan to work several more years, I don't think you have anything to worry about. You haven't lost anything unless you sell it at this price. Don't do that. OGS will come back, it's just a question of when. You are BUYING stock right now, so while your balance doesn't make you FEEL very good, you are buying cheap stock. People are still going to need natural gas, so nothing short of full chapter 11 bankruptcy really hurts you.

Are you an ONG or Oneok employee? People that were here when the pension was still around are grandfathered in. I am not. Our insurance sucks anyway. I don’t have it. I am on my wife’s which blows ours out of the water. Actually ours is self pay but united healthcare administers it. We all used to be on both but mine would never cover anyone, even me because the deductibles are so outrageous. So I dropped our coverage through my job and stayed on hers. And our benefits have changed since we split from
Oneok.

 

[Aries]

Are you an ONG or Oneok employee?

I retired from ONEOK a little over two years ago. I worked for ONG for 20 years, but transferred to the IT department in 1998. I stayed with ONEOK after the separation. I still have several friends and former co-workers at OneGas, but most of them are in the IT department.

 

[Shadowrider]

Well it ain’t over yet. I’m sure I’ll lose a lot more than that before it’s all said and done. But as I said, hopefully this ends soon and we make all the money back and then some.

You ain't lost anything unless you cash out. A year from now it'll be better than before this virus hit. If you can swing it, up your contributions. Dollar cost averaging works, especially in times like right now.

 

[CHenry]

You ain't lost anything unless you cash out. A year from now it'll be better than before this virus hit. If you can swing it, up your contributions. Dollar cost averaging works, especially in times like right now.

^^^This. Stocks are ON SALE CHEAP
Bye Bye Bye. And wait.

 

[Fredkrueger100]

I retired from ONEOK a little over two years ago. I worked for ONG for 20 years, but transferred to the IT department in 1998. I stayed with ONEOK after the separation. I still have several friends and former co-workers at OneGas, but most of them are in the IT department.

Cool. I figured you did.