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The Status of Retirment Savings

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It saddens me that people that are getting close to retirement have to even ask themselves if they can afford to retire. This is the moment that they have been working towards throughout their entire careers. They thought it would be their time to relax after working for years and years. Now they will not be able to afford the expenses of living without working? It truly amazes me how this has happened and it makes me sick. The elders of the world need a break eventually. It used to be that your employers would take care of your retirement, now it is the individual’s responsibility. People used to think that a lifetime of working at a company would result in them giving you a lifetime pension, but that is just not the case anymore. A man that they interviewed worked at US Airlines for most of his life, but when they needed to make some cuts, they encouraged this man to retire. He had a good pension and planned to just kick back and relax with his wife until the bankruptcy laws and other retirement laws went into effect. He has been retired for a few years now and has been forced into working again for another company just to afford living expenses. United Airlines had to file for bankruptcy. They dumped their pension’s plans, which were underfunded by almost $10 billion. The PBGC, which is the Pension Benefit Guaranty Corporation, insures pensions that are running a $23 billion deficit. So, because they only insure pensions up to a firm amount, many United Airlines

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