Re: NFLPA Vs NFL.. where do you stand?
posted at 3/1/2011 3:05 PM EST
In Response to Re: NFLPA Vs NFL.. where do you stand?
[QUOTE]In Response to Re: NFLPA Vs NFL.. where do you stand? : When the CBA is being renegotiated football and finance are the same subject. The crisis may well come earlier. According to the Center for Retirement Research at Boston College, though, the typical 55 to 64 year old has just $78,000 in their 401(k) plan. That's pretty inadequate. Well, actually people used to rely mostly on their private-sector employer for retirement benefits. In the absence of decent private-sector benefits it's a good thing we have Social Security. We should do what we can to shore it up and preserve it. One reason I think the crisis is still a little down the road. Yes, unfortunately the regulators allowed companies to use far too aggressive pension-funding assumptions, so companies stopped putting in enough to buffer against market declines like we had in 2007. Sure . . .
Posted by prolate0spheroid[/QUOTE]
I think that 78k number is a bit skewed from outliers who don't have any retirement assets. I may be wrong but I work with advisors and retirees all around the country every day and most seem to be at least above 150k... Not that 150k is sufficient. I am not an advisor, I am a CPA, but I see a lot of this..
Your right on the pension stuff of course, but a ton of people complain about their reliance on social security and how they were taught they didnt have to save... I am still much younger than having to retire and I max our 401k's and invest the rest in passive activities for the reason were discussing (not that you care), but much of the younger generations still don't do this. I know plenty of 20 something year olds making 6 figures and barely putting 6% away. People also didn't expect social security benefits to be taxable and so forth, basically penalizing them for working during retirement..
Anyways, anyone can take any stance on the care of players after they retire.. Pensions, medical etc..
You would think that controlling rookie wage scales could help, as well as putting together additional required educational platforms for behavioral finance. These guys don't have a clue, they were not raised to handle millions apropriately, in most cases.
I just want football to resume.. It will be a shame if it doesn't...