That's a good point. They could plainly see their retirement benefit plan being dismembered right before their very eyes. If they were blind to it then they have no one else to blame. I know a guy who runs shuttles/line haul for Express. He told me that he has the years in for full vesting but is still going at it taking all the OT available in an effort to knock out some low SS earnings years and replace them with a few of his highest earnings years. It's not greed but rather his concerns about the certainty of the retirement monthly benefit in the days ahead as well as the healthcare plan which is increasingly tied to Medicare No question given the increasing load being placed on them both SS and Medicare will likely require revisions in the near future
A Billion More To Come.
- Thread starter bacha29
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It’s why the “I paid my dues” argument from them is always hilarious. Ya you paid your dues at a great place to work. I’m paying my dues for much longer, at a complete dumpster fire lol.
No need. I’ll retire from this place early. Unlike these old dorks who have nothing to show for their lives outside of vacation bidding seniority.
yadig
Well-Known Member
I’ve heard that
before. Good luck to ya
zeev
Well-Known Member
FedEx has been in decline for years Express has gutted retirement and medical plans for years, they take away a little bit every year, like a frog being boiled alive turn up the heat slowly. The courier system is being phased out, without a union there is no chance of getting close to UPS the job will become a low wage Amazon or Ground temporary work job.
Retired last Dec but biggest issue pre 65 is health ins. Even with RHPA money,which cant be used for policy with a subsidy, it can be eaten up fast. Most policies with no subsidy are 800 plus per month and many don’t cover pre existing condition like diabetes and the deductibles are high ,8 to 17k Per year.
I went on a cobra for 487 month and could be reimbursed UNTIL Fed said no more starting this Jan,at least I got it for 12 months covered with RHPA money.
Fed retiree ins is 1136 month but can be reimbursed . If using that option the RHPA money goes down pretty fast.
of course recent hires will never see that money when they retire.
A few months ago my I talked to state legislator who was lamenting about the fact that employers couldn't find help. I reminded him that it wasn't too many years ago that employers where using every trick in the book along with some not in the book but believed they could get away with it in an effort to get rid of the old guys, you know, those "legacy costs" and replace them with younger cheaper people. I told him that there would be people willing to come back if not for the humiliating fashion by which they were disposed of .
So if there are some guys who are staying as a matter of resistance to being unceremoniously shown the door....you have to commend them for that.
There’s no reason a 30+ year courier shouldn’t have 2-3 million dollars set aside. Nobody should be showing them the door. They should already be gone. Problem is a lot of them get divorced and just never saved. 15%-20% savings for a 35 year career. With the traditional pension, should be a fat nest egg.
yadig
Well-Known Member
How long have you been with the company?
McFeely
Huge Member
TBH I don’t know a ton of people in any “normal paying” job with 2-3 million at 30 years of working.
I’ve worked quite a few years as an adult and have contributed a very fair amount over the years (19% in 401k this year plus more to my IRA). Not sure I’ll break $2mil, although I’m pretty happy with where my account balance is for my age.
2-3 million,maybe if single all your life ,no kids in college. the sp 500 had negative return in 2000 2001 and 2002 , neg 10.14, 13.04 and 23.07 and 2008 neg 38.49.pretty solid since then but this year down over 20% too.
as driver I started at 14.45 which is 578 for 40 hour week before taxes ,ins ,401k contribution etc. compounding is a great thing but if anyone banked 2 mill with family, college etc then standing ovation.
as driver I started at 14.45 which is 578 for 40 hour week before taxes ,ins ,401k contribution etc. compounding is a great thing but if anyone banked 2 mill with family, college etc then standing ovation.
59 Dano
I just want to make friends!
Oh, of course!
59 Dano
I just want to make friends!
And they're also the ones who won't shut up about how they built the company, how the younger generations can't [whatever], and on and on.
And they're also the biggest crybabies who struggle to adapt to change, and they didn't save their money.
But they have all the answers. Just ask them. Or don't, they'll offer them up anyways.
Well it helps if you kind of have a goal of saving. I work with a guy with 40 years seniority. 38 years of that having been a topped out driver. His traditional pension should be in the $500K-$800K alone. He should have stock that he bought at almost nothing. His 401K should be well over a million dollars easy. Combine that with whatever his wife has managed to save and he should retire with a raise lol. But nope. He still takes the best weeks of vacation and runs the best route. I’m aware that some people do not like their home life. But I’d put my money on him not saving a dime.
Yep they know it all. Have seen it all. “Paid their dues”. 15 years of my career will have been mid range pay. 15 months of their career and they topped out lol. Their saving potential was far superior to my own. And yet I refuse to become them. I will save my ass off to make sure of it. At this point we’re all just waiting for them to start failing the DOT physical.
Trad pension, 500k. Where does that figure come from. We get a monthly check.just curious
The Old age problem is going to get worse before it gets better. At least the Greedy boomers tended to have children. The Newer generation is getting old but not having children to socialize thier retirement cost. So thier quality of life will suffer. Im seeing more and more older childless single men in thier 50s "JUST STARTING " labor intense jobs like Fedex- many have health issues. Immigration could supplement a population decline, but it wont be that much helpful if those ppl live in ethnic colonies or only can work low wage jobs.
I think, if you told ppl, that most of your old age cost will be health related, I think we would vote and save differently. Idk why they call it "insurance" as most ppl at that age see healthcare as an entitlement,a right not subject to any actuary impediments. Again its very difficult to have "other ppl should pay for my healthcare", when those "people" are not being born in suitable numbers.
Then u have actualy cost. Why is Cost soo high, Nobody seems to mention the barriers to entry to become a healthcare provider/clinican. Im sure there are ppl on this very forum that have the IQ to become something more in-demand than a driver or manager, but have faced numerous "barriers to entry" to enter said field. I find some of the barriers to enter fields such healthcare or skill trades troubling. 250k student loan debt to become a Physician. $330 per MCAT, hundreds more jsut to apply. 500+ unpaid volunteer hours to become a PA. Unpaid clinical Rotations in nursing school. Interviews, Essays, Letter Refferences, Shadowing. Sure,these barriers it might sure you are serious about healthcare, but most adults simple dont have time nor the resources to be pre-qualified in this manner anymore. Qualification should be skills, abilities and performance
Thats not to mention the expensive administrative middleman between the patient and providers that has to be paid for. I believe this is a big reason why healthcare cost are so high
Srry 4 being off topic
I think, if you told ppl, that most of your old age cost will be health related, I think we would vote and save differently. Idk why they call it "insurance" as most ppl at that age see healthcare as an entitlement,a right not subject to any actuary impediments. Again its very difficult to have "other ppl should pay for my healthcare", when those "people" are not being born in suitable numbers.
Then u have actualy cost. Why is Cost soo high, Nobody seems to mention the barriers to entry to become a healthcare provider/clinican. Im sure there are ppl on this very forum that have the IQ to become something more in-demand than a driver or manager, but have faced numerous "barriers to entry" to enter said field. I find some of the barriers to enter fields such healthcare or skill trades troubling. 250k student loan debt to become a Physician. $330 per MCAT, hundreds more jsut to apply. 500+ unpaid volunteer hours to become a PA. Unpaid clinical Rotations in nursing school. Interviews, Essays, Letter Refferences, Shadowing. Sure,these barriers it might sure you are serious about healthcare, but most adults simple dont have time nor the resources to be pre-qualified in this manner anymore. Qualification should be skills, abilities and performance
Thats not to mention the expensive administrative middleman between the patient and providers that has to be paid for. I believe this is a big reason why healthcare cost are so high
Srry 4 being off topic
You bet your ass that those old timers will being lobbying government to protect thier jobs. I Would expect DOT requirements to be watered down. Alot of them simply didnt save and they dont want to down size after retirement. Also alot of them thought it would be a good idea to be "single" at 60 after the kids leave, when in fact your increasing your own expenses-that goes for men and women. With Property equity + Pension+401K+ Currently funded Social Security. there is no reason why someone that is 63 yrs+ shouldnt be able to retire and step asisde for the next generation
At FDX and non union, retirement benefit plans will continue to be dismembered because the employees can's do a damn thing about it. Therefore, it will be under constant attack from FDX for years to come.
Keep this in mind. 1931 marked the lowest number of childbirths on record. . No surprise there....The Great Depression.
Now just 15 years later marked the beginning of the birthing of the largest generation in American history. The reason....
World War II. A war that cost 405,000 American lives about that many and more wounded out of a population that at the time was only 138 million. Therefore, replenishing the numbers was a matter of human instinct .
I have a brother. He's 71. He never married and has no children. It's not a matter of choice or sexual orientation, it's just the way his life turned out. He worked hard, paid taxes, spoke English, saved his money, obeyed the law and made a productive contribution on an everyday basis....until the ravages of Parkinson's disease rendered him physically unable to continue. It's hereditary. Our maternal grandfather had it and it has passed down through the generations to both my brother and cousin.
Today he's in a nursing home. His 21 days of Medicare full benefit coverage has been exhausted along with his 100 days of coverage less a sizeable daily deductible . He's now self pay and has been that way since last September paying it all out of his life's savings.....$271 a DAY..... but on 1-01-23, that $271 went to $325 a day. He'll pay it out of his own savings....for awhile....until they're exhausted at which time he will join the 62% of Americans who are in nursing homes and on Medicaid because they too outlived their money.
So what do you propose as a solution? Just remember.....the solution you propose be inflicted on the previous generation must be the one you would agree to be inflicted on your generation.
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