Retired From G.M. at 54. Pensionless at 74?
Retired From G.M. at 54. Pensionless at 74?
General Motors is laying off workers, but giving them retirement benefits instead of severence pay. This could lead to all kinds of problems down the line, as GM is not obligated to contribute to its retirement fund until 2013. picked by Bingo 4 months ago
tags retire pension benefits general motors
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8
 myowncof...
4 months ago
Quoted from article:

"What we’re getting isn’t enough to live on,” said Dwayne Humphries, a 54-year-old G.M. retiree in Arlington, Tex., who completed his 30 years last year, retired, and is now getting the standard $3,150 a month, or $37,500 a year. Roughly half of the total, $19,000 a year, is the basic benefit. The rest duplicates Social Security. "

“It’s tight,” said Mr. Humphries, who was earning $50,000 to $60,000 a year before his retirement. “It takes a different way of living than what you were used to.”


He is complaining about only getting $37,500 a year saying money is tight.... Our family brings in little less than $20,000 and we don't complain. They could have chosen not to give him a pension at least he is getting a montly check unlike some of us who can't even find work right now with this economy.
quote #2
8
 lumberja...
4 months ago
Yeah, I have trouble sympathizing with people who get to retire at 54 in the first place. He's in a perfect position to start his own small business, or get a part time job. He's got a world of possibilities.

If he chooses to sit around the house worrying about how times might be tough one day, well that's his problem.
quote #3
42
 Bingo
4 months ago
Yeah, $37,000 is plenty for a lot of us, but if his life is built around $60,000 it would be tough. Your house payment is more, your car payment, all of that.
He could lose his home because of it.

Plus, he didn't voluntarily retire at 54, he was pushed out.
quote #4
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