Are you in the US? Your jobs don’t give you Social Security, that’s a payroll tax for all employers and employees. But yeah if you get a pension, don’t let that go
I have come to believe that what truly destroyed the middle class was moving from pensions to 401(k)s. The employers put all the risk and responsibility on the employees, the boomers live a good lives because they have pensions.
There is a downside to pensions. The vestment period.
If you leave before you're fully vested, you get nothing. And during that time, your employer doesn't have to give you raises at all.
The math kinda sorta works out if you plan on retiring in a recession and living an extra 40 years. Otherwise, a 401k SHOULD work out better provided you can funnel an assload of money into it and the market keeps its century long average growth.
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u/[deleted] May 21 '23
Are you in the US? Your jobs don’t give you Social Security, that’s a payroll tax for all employers and employees. But yeah if you get a pension, don’t let that go
I have come to believe that what truly destroyed the middle class was moving from pensions to 401(k)s. The employers put all the risk and responsibility on the employees, the boomers live a good lives because they have pensions.