18 Burst results for "Pbgc."
"pbgc." Discussed on KNST AM 790
"But even then it's only like 50% capacity, like each other table is close to that money. They're losing, too. So I'm not surprised by that. I mean, we kind of in Arizona's I think away more busy because I know people in Illinois, they say, is completely shut down. You could see New York. It's completely shut down, so cut to the weather because you either have to be outside or so this 11 restaurant owner in New York City was like just kind of sticking it to the coma. He was eating spaghetti and drinking wine outside. During the snow storm that just hit last week. Just enjoy. He was a T shirt. He's like she look, It's nice to show going to show you, huh? Department stores down 19%. That's no shock. The people seem to have kind of moved away from that one. I'm personally familiar with. This is clothing. Down 16%. And the reason I'm familiar with that is I, um the slacks I'm wearing. I'm needing some new slacks. They're getting a little ratty. So I decided I called my guy and get some new slack. He said. Well, we can't get those Why can't you get those well, because sales have been so slow that the manufacturer has cut back and so he's completely out of inventory. Including man's calling that was kind of Kind of interesting. But when I saw it when I saw the report that coding the down 16%. How could call it'd be down 16% of already had close, right? Yeah, but especially with work pants. Yeah, People are working from home, right? You have to wear suits. They just wear their jacket topping more gym shorts on anything because it's on zoom. Yeah. So I know it was weird. Talked about that a while ago on stock talk. It was just a luxury like women's clothing. I forgot the name but I don't. Yeah, they their sales just Just because they specialized and like eveningwear and special events, and Yeah, and you didn't need that. Yeah, there was no special. That's not. That's not surprising to me because I mean That's why Lulu Lemon has had a great year because they have that like athletic leisure, where you can wear those people like things any time and because you can wear it around the house, you can wear it out to the stores and stuff and that's mainly what like, and now they're also in men's clothing to some people wearing all that. Rather than trying to get nice work closer. Party clothes. And spend a lot of time on tumor mark every Saturday and I'm always thankful for would be woman. They are amazing to where there's a T shirt I got from tomb amok, You know, come for the come for the burn Come for the view. You know, it's not the city is not the city you're looking at there. Anyway anyways, do you have any more for retail sales that that's pretty much it? Retail sales were Excuse me. Clothing sales worth the bottom of that list. Gasoline stations down 17%. And again. That's because we're not trying, eating right going community my time, probably once a week once a month, but I mean, it's probably more don't you think it's more for the bigger cities where you have people with 30 and 40 and 50 Mile commute? Well, that again traveling or stopping there to like. You got nobody traveling in town out there all at home. Let's bribe. Big reason why we have the What was the was the segment Dean Scholars tell tales from the table or so that ships for the table tips. Do you have any history of table? Yeah, I was gonna talk about crypto currencies. Go ahead. Yeah. I mean, as you could see last week, Bitcoin is the big crypto currency that everybody knows. Unbelievable. It broke 20,000 for the first time ever. And then it got. I think it reached heights of 23,000 ended Friday, which actually technically doesn't end it gets traded 24 7, but it ended when trading ended on Friday for the stock market was at like 20 to 789. And there's actually and it's not Anita up. What? You can trade it on. You could buy and sell it on the stock market. Now it's the G B T C stock and it's 100%. Big they own 100% pick one of things like six million Units of Bitcoin. Chicken buy and sell, Then I mean that's been having Great week or it had a great week. It started out like 20 it and got to $30 a share. One point And I mean, I think because that came and then there's another E t F for Cryptocurrency that got put onto the with a ticker on the stock market. I think that's why it's kind of scene. Seeming like the government's beginning to accept Cryptocurrency more So it just took off. The big thing to remember about the G B. T. C. Is this a closed and fund and as a closed and funding consulted a discount. Or a premium to net asset value on because it is the easiest way to buy Bitcoin. It always sells at a premium and you have to be careful. The premium can be as high as 10%. It could be as high as 20%. So that G b t C can go up 10% with Bitcoin or go down 10% with Bitcoin now moving it all. So just just be careful. The Bitcoin is speculative. It's volatile. Very speculative PBGC a speculative involved to me, It seems like more of a gambling thing. It is it is because I mean, it's not accepted. It seems like it's getting more excited because it's on you can look up the ticker and G P T. C and this I forgot the other fun that just came out. But It still isn't accepted as a currency really anywhere except like international. Gambling gambling sites. You can use it Xbox you can dark Web is a big thing for it, And that's really the main places that accept it, So it's still not The U. S dollar or pound in Europe. It's way easier for criminals then tied because there's no detergent. Foot Tide detergent became a currency summer. At some point, I don't know how anything with crypto currency to and like Bitcoin is and white. Dark Web likes of them like the black market subject because there's no third party that has to be trust like a bank. Third party transition, right? I could just give you Bitcoin to you, and it's accepted. And then is that it's the block shame that has all the transactions on and that's like the main That's the big part of Bitcoin to that people want to try and get because what Blockchain is is it's the transaction history. Yep. And it's so secure that that's I think the main thing that people want to buy from If the currency Walked in the water, and you said, What if I walked into Walgreens a year ago, and there were locks on all of the tide detergent? So if you want it tied to church, and you had to get a clerk and and I said, Sure, why are there locks on the tide detergent? She said drug dealers. They're using their this currency. That is so bizarre. That bizarre, huh? No. I don't know exactly what that means. But doing do you have more on G P T. C and bit cleaners that is that the finale of your report. Job in there are pretty much talked about all of it. You did? Yes. You guessed it falls in the Positives ever used after you have something for the tales from the table or whatever tips for the table tips for the Yes, I was gonna talk about life insurance. Even though Dylan told me it's an awful subject, which it is. Well, people don't want to talk about what they don't wanna talk about dying. You're dying to get it. Uh, Anyways, it's a part of your financial plan, and you should make sure that you do have life insurance. If you do need it, and that you have the right amounts if you do need it, So when we run a financial plan we do life.
"pbgc." Discussed on KOA 850 AM
"So it would be our It's our contention. Our belief that if we're facing this today, and frankly if I were an elected official facing this today and have to deal with this, what would probably happen is there would be some sort of reduction on those who quote unquote could afford. A reduction and not another's, which would be a means testing right? And so they already do a form of means testing by the taxation of salsa security because social Security becomes taxable to certain people would over income levels for a couple 50% of the benefit over eights over incomes of $32,000. And $44,000.85 percent gets tax. That's a mean fast right. That is the means and by the way, it's not indexed for inflation, which is interesting. So how much is your benefit in the widow's benefit? A month now? Um, it's ah. Gross. I'm not sure that I get about, uh, 1600. Okay? You? Yeah. You want to stay on that? And how much would your benefit be it a 70 from yourselves. Security when you file against it. Well, if the yearly thing for that you get from social Security is right. It's about 3600. Yeah, I'd stay on it. I wait and wait another year. Dad. Wait, wait, wait, wait and $50,000. My guess is the first line they drawn the sand will be a 100 grand Or higher for high, so I appreciate the call Jeff and Jeff, if you had if you called said my income. I have a pension of 120,000 and a $1,000,000 in my 41 K. Which they take them. I mean, with their widows, pension would probably crunch the numbers and figure out when that break even point was, But for that, if you didn't have the widow's benefit was like, take it. Take the ticket now, and we don't know what's going to happen the future, But But then he sort of government taxation benefits you you've got to realise that there could be changes in the rule of thumb is if you don't need the income to live on. And take it in Social security. If you need the income to live on bed, different weight. In other words, if that income is gonna make a difference in your life style, the first long as possible, and I appreciate the call 833 99 worth, we'll get you on with all worth money matters. We're talking with John. John you with all worth money matters. I know John. Okay. I recently got laid off after 38 years with the company. Um, the end now. 61. When were you hoping to retire? How much? How much longer we plan on working there? Next year at 62 Open hit 40 years with the company. And and retire next year. But that's okay. So, um, about a year and 1/2 early. On my plan. So I have a pension that now that I've laid off from the company, I can start taking a pension that's been sitting there. Uh, from the company. The pension actually is with the PBGC governor. They went to a bankruptcy lookout point time they did two years ago. Okay? So my only option is annuity. There's no lump sum of it. That's why So there's three options I have to. I'm trying to decide between, though I just take a single Annuity, which no survivor to my wife. Uh, that's 2150 a month. Or do I take the the duel, which is 100% to my wife? That that that we beginning with me alive, That's 1925. So I give up about $225 a month. Okay? Or they have something called a pop up. So if my wife happens to die first, if my wife doesn't die, she gets 1900 just like we would be getting And then if she happens to die first Then it pops back up to the 2150. That's right. OK, there. Is there another option, where it may be a joint in 50%. Parents. Okay, So here's what The problem is in this conversation, John Every one of those numbers you shared with us. Is the same. Right face to find a normal life expectation upon a normal life expectancy. Right, so it doesn't matter to them. Which one you choose. So in order to give you this when there's once there's thousands of retirees, some are gonna retire. Die earlier. Some are going to die later, so If you could tell me the exact date you and your wife were going to die. I give you the right number. I could tell you, which one today so since that's highly unlikely That you could do that. What we want to take it to a in the account is your health, your wife's health, your wife's preexisting conditions, your pre existing conditions and devotee and the family and the income needs and the income needs at lifestyle considerations. Right. Are you is your are you active? Inactive? You know what? What is that? What we're trying to do is get some probability in there as to date a death. And then with the count needs are And so I'm healthy, okay? She does have some preexisting conditions. Higher blood pressure. OK, um And what other assets is the home paid for? Yes. So the house is paid for? The cars were paid off. We don't have any death. And how much money do you have? Outside of the the PBGC pensions? How much money do you have An iris for one case, brokerage accounts savings like the whole thing. If you were going to put it in a suitcase, how much money would there be in the suitcase? I figured 2.5 million. Okay, you take the pop up. Or it will.
"pbgc." Discussed on KOA 850 AM
"Going to business there and and you said the earliest you could get out of two is when It would be on my 55th birthday, which is march of next year. So I have to apply within the next couple months if I want to take it. And if I delay that I could delay it up to seven years in the future. And of course, every Every period of time that I delayed. I get more money, and I would I would get if I take a next March. I get about 600 a month. If I delay it, so get maximum. I get about 900 month, so it's not much of a difference. But $100 a month, which is not going to make A big difference. I don't think my return 50%. Yeah, it's significant as a percentage. How much money do you make $100,000 a year. And are you married? Enough. And you're not plan on retiring next year. Is that right? No, no, I'm not. Well, how much money do you have in for one case or IRAs? In February this year, about $850,000 I would not, I would not take this until they made me. That's right. Unless you had a terminal illness or something. Yeah, unless you had something that would significantly shortened your life expectancy. You're better off to differ. Well, here's the Here's the rub, and I read the report and the Pension Benefit Guaranty Corporation says their entire corporation is in and I quote a difficult financial position. Today, The tingle employer program continued to see improvement, however, it still faces considerable risk. So I'm worried that if I wait, they're gonna cut me just like they might cut Social Security multiemployer plans and are in real trouble. Yeah, they're real trouble there. They're out of money, and I think the reports the 2025 they've been. They've been talking about bail on those out for last number and those and those came from AA lot of the airline and Um Bankruptcies. Okay, So what you have at risk here is what you have at risk. Here is $300 a month between now and 8 62 Yes. Cause you're better than a man. But a benefit amount of if you were is so small that even the Pension Benefit Guaranty Corporation, there's a maximum amount that they'll guarantee towards So for a 65 year old I forget the exact number is 50 some odd $1,060,000 a year and then every year, you are younger that it's reduces even further. So if you are ifs like you mentioned airlines of an airline pilot And went to the bankruptcy of Let's Say someone just retire. They're receiving a pension of 150 grand a year. Suddenly that 150 grand was 35 grown in our fifties, 60 grand or whatever, the next year, so they're your situation here. Are you worried about it? Well, I want to maximize the amount of money I get up. Take it right away and that the government may well to your point. It's not going to make a difference. Take it if you're worried about it, Take it. Right. So what? What? What? What? Look from an economic dollar sense standpoint, I waste on your income. You should defer it. But Scott on his point, which is Look if the PBGC goes bankrupt. Which by the way, was set up to help plans that went bankrupt but very well pickle bankrupt itself. It's it's It's the equivalent. The FBI see for pension plans sort of Kind of because the premiums that Goto pay it R after after they're from existing to find benefit pension plans. The problem with existing defined benefit pension plans is as those get shrunk, which they have less plans out there, and public plans don't.
"pbgc." Discussed on News Radio 690 KTSM
"Think that is more qualified on that one what is good about it in the past one on but before we do I just I want to mention to sell wonder at from the previous caller one is what I call the failing of of the great for a one K. experiment ram that that's one thing that became clear about ten years ago is that for like four oh one K. plans have not abided restricts the retirement security they promised they were never intended to be a retirement plan and they have failed the last few generations of workers miserably I'm your average sixty five year old has a four one K. of maybe twenty five thousand dollars so nobody can retire on twenty five thousand dollars and from a previous call of all are also wanted to mention that the that the PBGC that takes over failed pensions is thirty four billion dollars in deficit and so the taxpayers all at this point basically back stopping all of these corporations as they dumped their pension onto this government agency which doesn't have any money it's it's got a three forty billion dollar deficit as far as in the retail market I think that's very disturbing but I don't know what what all is going on behind the scenes but I think that's certainly something to watch very closely and it is just terrible and what about the precious metals.
"pbgc." Discussed on Newsradio 970 WFLA
"Of IT grease the retirement security they promised they were never intended to be a retirement plan and they have failed the last few generations of workers miserably your average sixty five year old has a four one K. maybe twenty five thousand dollars so nobody can retire on twenty five thousand dollars and from a previous call all calls are also wanted to mention that the that the PBGC that takes over failed pensions is thirty four billion dollars in deficit and so thank you for taxpayers all at this point basically fax stopping all of these corporations as they dumped their pension onto this government agency which doesn't have any money it's it's got a three four billion dollar deficit as far as in the retail market I think that's very disturbing but I don't know what what all is going on behind the scenes but I think that's certainly something to watch very closely and it is just terrible and what about the precious metals I love I love gold and silver I am I bought my first piece of gold while flying in Vietnam there was a fifty dollar gold Krugerrand I still have that creek around today and forty eight dollars for it and it was illegal for Americans to own gold in nineteen seventy two yeah isn't it crazy crazy and set it up that same Krugerrand is about fifteen hundred so I was all that up and I'm not I don't have the same crew grandpa hold up and I say what happened what was that thank you took her to save money I don't save money I save gold and silver where do people get your book who stole my pension that's coming out next January right that yeah January fourteenth is the projected publication date right so we're ahead of the game okay you to stay with us we're gonna come back for final phone calls in just a.
"pbgc." Discussed on News Radio 1190 KEX
"For qualified on that one what is good about it in the past one on you are but for we do I just I want to mention to fell off wonder at from the previous caller one is what I call the failing of of the great for a one K. experiment ram that that's one thing that became clear about ten years ago is that for like four oh one K. plans have not by the grease the retirement security they promised they were never intended to be a retirement plan and they have failed the last few generations of workers miserably I'm your average sixty five year old has a four one K. maybe twenty five thousand dollars so nobody can require on twenty five thousand dollars and from a previous call of caller also wanted to mention that the that the PBGC that takes over failed pensions is thirty four billion dollars in deficit and so your taxpayers' all at this point basically fax stopping hi all of these corporations as they dumped their pension onto this government agency which doesn't have any money it's it's got a three forty billion dollar deficit as far as in the retail market I think that's very disturbing but I don't know what what all is going on behind the scenes but I think that's certainly something to watch very closely and it is just terrible and what about the precious metals.
"pbgc." Discussed on KTOK
"Mention to sell wonder at from the previous caller of one is what I call the sales of of the great for a one K. experiment ram that that's one thing that became clear about ten years ago is that for like four oh one K. plans have not by degrees the retirement security they promised they were never intended to be a retirement plan and they have failed the last few generations of workers miserably your average sixty five year old has a four one K. maybe twenty five thousand dollars so nobody can require on twenty five thousand dollars and from a previous call all caller also wanted to mention that the that the PBGC that takes over failed pensions is thirty four billion dollars in deficit and so the taxpayers all at this point basically fax stopping all of these corporations as they dumped their pension onto this government agency which doesn't have any money it's it's got a three forty billion dollar deficit as far as in the retail market I think that's very disturbing but I don't know what what all is going on behind the scenes but I think that's certainly something to watch very closely and it is disturbing and what about the precious metals well.
"pbgc." Discussed on NewsRadio KFBK
"For qualified on that one what is good about it in the past one on but before we do I just I want to mention to you so far wonder at from the previous caller of one is what I call the failed not of of the great for a one K. experiment ram that that's one thing that became clear about ten years ago is that for like four oh one K. plan have not by the grease the retirement security they promised they were never intended to be a retirement plan and they have failed the last few generations of workers miserably I'm your average sixty five year old has a four one K. maybe twenty five thousand dollars so nobody can require on twenty five thousand dollars and from a previous call all all also wanted to mention that the that the PBGC that takes over fail pensions is thirty four billion dollars in deficit and so your taxpayers' all at this point basically back stopping all of these corporations as they dumped their pension onto this government agency which doesn't have any money it's it's got a three four billion dollar deficit as far as in the retail market I think that's very disturbing but I don't know what what all is going on behind the scenes but I think that's certainly something to watch very closely and it is just terrible and what about the precious metals.
"pbgc." Discussed on KTRH
"The happened to it's tragic and our government the PBGC the pension benefit guaranty corporation has taken over five thousand more than five thousand sales tensions and never once the forensic investigation into what caused these tensions the sale so nobody's going to jail over these things no one's going to jail one of my mantras in Forbes is every dead pension deserves an autopsy there are no autopsies done and so no one is ever held accountable and we're still we don't because of that we don't understand the common scams that are causing pensions to fail in if we knew if if that information was well known that we could stop for pensions from failing but since we don't do the autopsy we don't know what's causing the deaths and the deaths just pile up the bodies pile up are you seen something now Edward that would you would flag is dangerous for the economy for the pensions yeah there there's something really horrific going on the last decade twenty five percent of all public pension assets over a trillion dollars had been swept into secret accounts non transparent secrecy accounts that's ever happened in the history of this country what monies are supposed to be subject to public scrutiny but this trillion dollars has been swept into accounts in the Cayman Islands and god jurisdictions and the tension was and Wall Street claim that the freedom of information act does not apply to this money this money is off somewhere being invested and god knows what managed by who we we don't know where.
"pbgc." Discussed on News Talk 1130 WISN
"Advisors so there's some things that companies have continued making love some offers to former employees who have qualified for a pension but not yet started receiving their benefit lump sum offers are just one side of employee is growing efforts to shed their pension plan responsibilities thanks for making a decision if you offered a lump sum you need to think seriously about your life expectancy and the value of your lifetime pension benefits another guaranteed income streams among other issues be aware that employers don't always help plan participants they're not going to necessarily tell you what's the best choice no this is for evaluating for help you valuing a lump sum offer consider consulting a fiduciary adviser I guess that would be us that's the coal industry we act as producers always acting in your best interest who is committed committed to acting in your best interest so that's one to place together vice we help our clients with that another one is factor your spouse another potential heirs into the decision a pension plan can provide steady income until second spouse dies whereas a lump sum does not offer guaranteed the debating left for surviving spouse but if you live through it the both the surviving spouse after both of our I have passed away they're still if there's money left that can go to in their words pension plan it does not go to the next generation and non spouse beneficiaries have to be aware that don't give up on a pension based on fear of employers going bust is the thing we talked about a lot mostly in the early two thousands when there are a lot of the company is offering early retirement they were what about government looking about the you know same thing for the government run pension plan great they were talking about downsizing government plans are easy because you could just text more so if they if they have the taxing authority that can provide a guarantee for the pension benefit but if what if you're not a kid got government what if your company it says don't worry about the fear of employer going bust if your former employer is paying your benefits and that company goes bankrupt the pension benefit guaranty corporation PBGC is likely to take over the payments almost like the FDIC in banks yep there are limits on the benefits.
"pbgc." Discussed on WIBC 93.1FM
"You can go to a database at the pension benefit guarantee. Corp- to see of you used to work for a company that offered you a pension, and you don't realize their pension benefits available to you. Maybe it's that million bucks PBGC dot gov. You can also go to missing money dot com. It was set up by the states for people who have abandoned Bank accounts and other assets that have been turned over to state governments. It's unclaimed property, and you can go to missing money dot com to find out if any of that money is yours. It's so difficult to say for your future. It takes such a sacrifice, and it's just such a shame. When people who have worked so hard to have money debited from their paychecks set aside in retirement account, or in a pension, then walkaway from that money when they walk away from that job and don't realize all that money. That's available to them. Make sure that isn't you and think about this before you act a little too cavalierly about it. Yeah. I know that you've had jobs in the past. You've had former employers where you used to work. Are you sure that you didn't leave behind any money? And let me ask you this. Have you moved since you quit that job because think about it. You quit your job. You take a new job? Well, if you had a retirement account at the old job, you would still be getting mail, wouldn't you? That's a pretty good indication that you do or do not have an account with that old employer. You'd be getting account statements at least once a year. But what if you've moved if the old employer doesn't have your new address, you won't be getting any male? If the only Email address they had was the one that was provided to you at work. They don't have your gene, Allah counter young who account or your whatever account. They can't send you an Email. How do you know? And if it was more than ten years ago that you had that job really is your memory that good. All it takes a phone call to that employer. Just call their HR department and say, hey, I used to work for you back when Kenya double check for me. And just for the heck of it. Do I still have an account in the retirement plan? Do I still have an account in the pension program? Hey phone, call might generate for you a pretty good amount of money. And how is all of this factoring in to your own financial security? Let me ask you this question over the next five years. Do you believe that your financial security will improve do you think you'll be better off in five years? Then you are today. In a recent survey of fouls and middle income Americans only half. Said yes, only half said that their financial situation will improve.
"pbgc." Discussed on WSB-AM
"That's the only data have good for you. That's that's not bad eight fifty a month. Okay. So it'll be it'll be paid off by the time. You are seventy two. That's cool. Okay. Which I might be able to do our. We'll talk about that. I like it. Okay. Earn about eighty three thousand a year and contribute about seven percent to the TSP fund. A have about two hundred and seventy five thousand dollars in the TSP in a work to sixty six I'll have closer to three hundred. Sure, I don't have any stocks or bonds. I know that my kids pay annuity. Will be about if I took an annuity. It would be about twelve hundred dollars a month. All right. I don't know if I like that for you twelve hundred bucks versus three hundred thousand I don't know if that's giving you okay? Gotcha. I got you. Okay. What about your pensions? I mean, you don't you have a federal pension my social security at sixty six which will be my full retirement age is about twenty three hundred dollars. I like them. Okay. Federal pension, which is Burs federal employees retirement firs got back to about twenty five hundred dollars a month. Okay. I will get a small pension from a company that went under from Pete PBGC pension benefit core. Yeah. Guarantee that's about it. Sixty six is going to be about three hundred seventy five dollars a month, which up think would take care of any Medicare or medical expenses that I have that would take care of your Medicare your medic- Medicare supplement plan.
"pbgc." Discussed on KTRH
"Of providing you the pension benefit that the employer used to have the burden of doing. But here's the trick. Because you might be saying yourself. Well, what do I care whether the pension benefit is promised to me by my employer or by my insurance company. What does it matter either way, I'm being promised the benefit? Here's the difference with your employer. It was a legal obligation to provide you the benefit as promised. And if your employer failed to make good you could sue the employer forcing them to pay. And if the employer didn't have the money and went into bankruptcy. You had the protection benefit of the PBGC the pension benefit guarantee. corP PBGC is to pensions, what FDIC is the banks. So you had this government program to backstop you in case the employer went bankrupt. But when you move the pension plan to an ensure. Silence company. They're putting the money into an annuity product. And the guarantee is only as strong as the newest in other words, they no longer have to promise that they're gonna pay you the pension benefit that you were honored at the employer. They're going to pay you, whatever they can get and whatever you get is all you get there's no PBGC protection behind you. And so the shift of this responsibility is massive, and it raises the question that you asked just now Robert is what do I do do? I let my employer take my account and move it to the insurance company. Or do I take the lump sum? And if so what do I do with them? It's kind of the question. Right. Exactly. And it's a pretty important question. Because you only get one chance to make it once you tell the employer. What to do? It's an irrevocable decision. And that's, you know, having to make a decision that you gotta get right? The first time you do it because there are no do overs with massive financial implications on your financial security. This is this is not a fun thing to have to contemplate and yet millions of American workers are funding themselves with this very situation. So here's how we tackle the problem. We do a lot of financial analysis on your behalf we encounter the situation very frequently on behalf of lots of clients. And we do a set of math. We take a look at the three options that you have available. One is to leave the money where it is which is not often an option, but sometimes it is related to that is taking the pension benefit immediately under the current plan with the current employer. Second moving the money over to the newest company to the insurer and evaluating what the return would be there and third taking a lump sum out of the pension leading the employer. Write you a check. Moving that money to an IRA letting it grow until you reach retirement in nine years, and then generating income from there for the rest of your life. The good news is this is just arithmetic. There isn't a lot of guesswork about it. We have to make certain assumptions, of course, about inflation rates life expectancies investment returns. But we know what the assumptions are. We know how to evaluate them. We know how to move the levers in conjunction with each other. And we can show you our analysis that helps you determine which of these options is best or sometimes which of these options, is least evil. Okay. And so there's no shortcut answer that I can take to you. Because it really depends on your age your marital status, the health of you and your spouse when you plan to retire what other sources of income you have how much money you need to spend on an annual basis. And so on for us to determine should you take the money now, she do it as a monthly income or a lump sum income, should you defer it and associated with the employer with the insurance company or in your own IRA? We need to do this evaluation. And there's really no shortcut to get around. It. The only thing I would say having been doing this as a financial adviser for thirty three plus years, do not try to do this at home. You've never done this kinds of calculations before the urgency the crucial element of getting it. Right. Can't be overstated. And you'd be far better off to rely on someone who has the experience and expertise to help guide you through it. And so I would encourage you to let us do this with you you live in north jersey. We've got an office not far from you in short hills. I would encourage you to let us spend a couple of hours with you and figure this out for you. Thanks, rich. Appreciate the answer. Was going to be an easy answer. No. But the good news is you are framing it correctly. You know, exactly what the issue is. And that is the key. I step the fact that you understand the issue that you're facing will go very far in helping you effectively evaluate the course of action that's best for you. So we're happy to help. You do it. I hope you'll give that opportunity. Thank you Rik. Appreciate it. You're very welcome. I'm gonna put you on hold their one second, Robert. And if we can do for you what we've done for thousands of folks, just like you you can do it Robert dead and give us a call at triple eight plan RIC. That's triple eight seven five to sixty seven forty two or you can visit us online at Rick Edelman.
"pbgc." Discussed on WSB-AM
"So I'm not digging saving you're saving a ton here. Yeah. Well, what's go? So what are you do in two years? Then are you gonna what are you gonna do with all this money? I feel I feel like you have you don't have a gap. I thought we were going. I thought you were going to say, hey, Wes, I need seven grand a month. And I'm only get bringing in five you're telling me that you're only spending two grand month now. And that's that's and that's why you're working commuting and going all over the place. Well, I mean, I've just I've never had a financial person talk with me. And I wanna make sure that I can I guess my life expectancy is going to be about another twenty years. So I wanna make sure that I have enough money to live on till I'm eighty five or eighty six. All right. So let's you know, it is scary. Even when you think about these numbers here for a second. Denise you've been working for your whole life. And by the way, are you married or you you say you're single right single? I have this. This is my only income. So it scares me. It is scary. Right. So mean, when we when you're thinking about, hey in two years, do I really am. I Don like do. I call it. Quits. It's a very very nerve wracking proposition. It really doesn't matter of where you are whether you if you have two hundred thousand dollars if you've got five grand a month in income because it's not, you know, nothing in the world is guaranteed. There's no such thing as a guarantee on on anything. Really, right. We've got to have faith to some extent in the system. We've got gotta have faith at firs pays you forever. Right yet. Having that social security is going to pay you forever. Then you've got this chunk of money to seventy five. Let's call it three hundred thousand by the time you stop working what he did with that. Right. You're already had one company go belly up. And that's why it's covered by the PBGC. It sounds like a serial doesn't it. Let's have some PBGC for breakfast. It's really just a pension benefit guarantee corP, and it and it, and I will tell you I probably half the folks maybe a third of the folks that I've worked with over all these years. Their pension is. Coming from PBGC because the company they worked for had a pension plan, which is a really tough thing to do in perpetuity. And if the company falls on hard times, they don't fund the pension, then they go belly up, and then somebody's gonna take over. So that's the PBGC, of course, just kind of this insurance policy pay for you forever. Now, yours is three seventy five. It's not a ton. Then that that seems as though I could see there. I don't see a problem with that getting paid forever. And I don't see a problem with the federal employees retirement system at all. That's well, funded and social security is in your we all know that that is underfunded. And I've done I think the most watched video that I've done I think on YouTube ever, it's got over one hundred and some thousand views is the question Mark about social security and going through the math when it starts to kind of the the surplus that we have when is that go down to zero. And when did we start running into deficit in and it will happen, right? That is going to happen. If we don't change the math, basically, so not enough go in in more is going out. But for somebody I think in in sixty plus I you are not going to have a problem with social security today. So you're going to still get your twenty three hundred dollars. If there's a change to social security. It's going to be for younger folks that are let's say under the age of fifty today, as we speak their social security might get hit.
"pbgc." Discussed on News-Talk 1400 The Patriot
"Service is deciding whether or not the very signing and publication of the Nashville statement is actually violation worthy of criminal prosecution. Yes, it's ominous merely publishing and signing. This statement may be as the Dutch prosecution services indicated a criminal offence. I'm Albert Muller. The patriot FM one zero one point five AM fourteen hundred. Detroit. The Salem media group on the NASDAQ as SA L M. News this hour from townhall dot com. I'm Rhonda rock stroke. President Trump is laid out an immigration deal aimed at boosting border security in reopening, the federal government in a bid to end the partial government shutdown and win approval for border security funding, the president has proposed temporary protections for hundreds of thousands of undocumented immigrants straightforward fair reasonable and sense with lots of compromise. But Democrats have already rejected the offer they want the president to reopen. The government I then negotiate border security. Greg Clugston, Washington. Thousands of yellow vested protesters rallied Saturday in several French cities for a tenth consecutive weekend. Despite a national debate that was launched this week by president Emmanuel Macron that was aimed at all switching their anger in Paris about eight thousand protesters started their March at the invalid inva- Lada monument in Paris, which is home to Napoleon's tomb to remember the ten people killed in protests related traffic accidents since November seventeenth a federal agent. Set the takeover. Sears pension plans on January thirty first as Sears continues to work through its bankruptcy. A federal agency the pension benefit guarantee corporation of stepping in PBGC is poised to assume responsibility for the Sears pensions that cover over ninety thousand of its employees Sears had entered into a pension protection plan with them at two thousand sixteen. Now that agency estimates that the pension.
Trump Offers Temporary Protections for ‘Dreamers’ in Exchange for Wall Funding
"Eight thousand protesters started their March at the invalid inva- Lada monument in Paris, which is home to Napoleon's tomb to remember the ten people killed in protests related traffic accidents since November seventeenth a federal agent. Set the takeover. Sears pension plans on January thirty first as Sears continues to work through its bankruptcy. A federal agency the pension benefit guarantee corporation of stepping in PBGC is poised to assume responsibility for the Sears pensions that cover over ninety thousand of its employees Sears had entered into a pension protection plan with them at two thousand sixteen. Now that agency estimates that the pension
"pbgc." Discussed on News Radio 810 WGY
"That lump sum amount that sixty thousand courses if you took the lump sum, it would still be subject taxes, right? Well, it's going to be an IRA you're gonna get an IRA. Yeah. Yeah. Well, this would be from a payout from a defined benefit plan. Yep. Yep. Is from a company. Yeah. Yeah. So that's a great question. We we get this question. All the time. You know, whether it be natural grid. Verizon, you know, people are constantly looking at that at that question. So here let me give you some criteria. It's you know, this is again depends on your own personal situation. But this is how how we help individuals make that decision. So what you're looking at is the health of the company, right because you know, that annuities only it'd be there along as they're in business. And you you know, you're not talking about a year. You're talking about twenty thirty years talking about quite some time. If it goes to the PBGC, which is the pension guarantee corporation that could happen if it goes into bankruptcy. You're gonna get you know, about half or two thirds of what the annuity payout is. So you gotta make sure the health of the company's goods coming around for a long time. You've got to ask yourself the question. Do you have a well-thought-out defined and a, you know, a good investment plan. If you take the money versus kind of just buy some stocks within hoping everything works out. And you know, if you were to take the annuity, and you were passed away. You know a month? Now, what does that money go? You know, does does your if you're married does your spouse get it, you know, how how does that money go as far as the nudity continuing? And then, you know, do you do you want to have control over that asset or rather have the company have control? So you think about it, which is you take the lump sum payout. You know, you need money you there? It is. It's you can go after it, and you can use it. You know, usually the when we do this analysis. What it shows is you're gonna get a distribution rate of around six percent give or take the usually falls pretty closely in that neighborhood. Now, the thing to remember is at six percent just dismiss rate it's not so bad. But again, depending upon the health of the company, you're depending on if you're alive or not or who gets that. If you're not alive, you can't access it if you need to get access to a lump sum amount, and there's no adjustment for inflation. So you're six percent is six percent now as it is, you know, thirty years from now. So the, you know, there's no right or wrong answer to this. It's. More. So, you know, for some people they don't want to have control of this. They just would rather have the company take that responsibility. And it just makes them sleep better at night for others. They would say, hey, listen searching, where you're talking, you know, some of these big numbers. I'd rather have that asset, and I got a well thought out plan, and I to I'd rather have control over it. Because I I don't personally trust this company. So again, it just depends on your perspective in that regard..
"pbgc." Discussed on Clark Howard Show
"I listen to you every week. Thank you very much. And I have a big bias. You know, I'll tell you from time to time Andy about all of jobs that are in the. Greatest demand that are paying the most money that employers are begging for workers and all that. And sometimes when I get into that. It's like a forget, the heart side of things and the reality is the most important thing in life is to do what you love, and that's just what your son's doing. Jose is with us on the Clark Howard show. Hello, jose. Hey, hello. Thank you for taking my call. It's my pleasure. So great show been listening for years. So this is my I'll be retiring in probably six years, if I go for the sixty seven plus retirement and on debating with it to roll over the pension that I have with a former employer in the recent of in loosened like three hundred three hundred dollars a month, roughly until a reach that age actually forever in the recent going in that direction is because my former non for profit employer was bought out by four profit employer. And for what I read finishes on us cure. I seem to be more concerned with profit than announced for profit funded pension. So with a pension most pensions are insured by the pension benefit guarantee corporation. Okay. And if the if the choir. Hiring employer winning solvent. And they closed their doors, and they go bust, and they can't meet the pension obligation in most cases, the pension would come from the semi governmental pension benefit guarantee corporation, and it's backed up by the tax payers. So and less you were getting a monstrously large pension. You would not likely see what's known as a pension haircut. If your pension plan, if the former place went bust, so I don't know that you need to necessarily worry. Do you have a do you have a pension plan document yet? They do. Okay. So in there, all the terms. Yes. All right. So in that document, you likely will have information about the plan at cell. And how it's administered what the plans official name is. And if you go to PBGC dot gov for a pension benefit guarantee corporation. Yeah. You should be able to talk with PB g c say that five times and find out whether or not your plan is one that would be covered by the pension benefit guarantee. If the plan did go insolvent. Because usually you're going to get a better benefit if you let the clock run. And then once the pension starts letting them just send you a check every month. Right. Yeah. That was that was what I wanted to do. But again, the folk prophet intervention, maybe a little nervous. But I have reason to believe that they're unstable now. No, actually coming worry was that when during the process of the takeover, you know, all the time that they're talking to the politicians everyone in town about to take over. They said we will fund pension in some like way that even for me sounded like ways that even a choice that's on. On them. You do. Okay. So what's happening around the country is companies, especially when one company buys another if their company without a pension plan, and they buy one with they usually do it's called a pension plan. Termination or they will.