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Retirement Shock: Need to Find a Job After 40 Years at General Electric

Retirement Shock: Need to Find a Job After 40 Years at Gen...
Overrated brethren
  04/22/18
Take their pensions away. GE would be fine without the over...
shivering avocado property
  04/22/18
"He rose to punch-press operator and retired in 2016, a...
laughsome bull headed spot
  04/23/18
boats aren't cheap
Marvelous Gaped Headpube Center
  04/23/18
This
maniacal bawdyhouse
  04/23/18
...
Stimulating misunderstood mediation
  04/23/18
and his house should've been paid off 10 years ago. The who...
mind-boggling tan pit deer antler
  04/23/18
Gary Zabroski https://files.catbox.moe/mh5blh.jpeg
Filthy Corner
  04/23/18
Lol, fuck this faggot - $85k pension isn't enough?: Mr. F...
Umber Area Trump Supporter
  04/22/18
who doenst diversify their life savings in GE???
Overrated brethren
  04/22/18
Even if he "loses everything", he still gets $85k ...
Umber Area Trump Supporter
  04/22/18
If the company keeps going south than 85k could be affected....
Soul-stirring Theatre
  04/23/18
the point is because GE is a diverse conglomerate you don't ...
buck-toothed range
  04/23/18
Flame?
maniacal bawdyhouse
  04/23/18
lol what the fuck
exciting gay home gaming laptop
  04/23/18
...
Overrated brethren
  04/23/18
...
Concupiscible Saffron Patrolman
  04/23/18
he has a high school education and his annual pension draw i...
underhanded insanely creepy space idiot
  04/22/18
wait what the fuck? he has a $85k pension and social securit...
Irradiated hateful messiness
  04/22/18
He can't even afford a VIKING RIVER CRUISE, poor guy
Umber Area Trump Supporter
  04/22/18
Seems like social security alone (next year) should be enoug...
Filthy Corner
  04/23/18
no SS yet, starts at 62 no?
Overrated brethren
  04/22/18
Poor guy is scraping by on his $85,000 pension for now.
Filthy Corner
  04/23/18
...
naked charismatic goyim shrine
  04/23/18
fuck this boomer
clear regret
  04/22/18
He consulted with a financial planner about selling what was...
Umber Area Trump Supporter
  04/22/18
...
useless well-lubricated hospital love of her life
  04/23/18
"The pensions are only 70% funded" God forbid t...
aromatic sinister hall
  04/23/18
these bonuses make buying your company's stock the smart cho...
useless well-lubricated hospital love of her life
  04/23/18
wait we have to feel bad for this GRE boomer because the div...
naked charismatic goyim shrine
  04/23/18
GE stock has a 3% dividend yield, so the dividends alone are...
topaz associate philosopher-king
  04/23/18
RV, truck, and boat
Overrated brethren
  04/23/18
good point
naked charismatic goyim shrine
  04/23/18
hard to feel sorry for a high school graduate who had a guar...
topaz associate philosopher-king
  04/23/18
Crazy also why not diversify either during your career or up...
Coral fear-inspiring parlor
  04/23/18
It’s possible he couldn’t sell.
topaz associate philosopher-king
  04/23/18
Typically, there's a vesting period. Then you can sell after...
Coral fear-inspiring parlor
  04/23/18
agree. and it sure as fuck isn't 40 years
useless well-lubricated hospital love of her life
  04/23/18
need to hear many more stories like this I wonder how man...
honey-headed hideous potus chapel
  04/23/18
fucking pensions are poison someone check my math i figure...
useless well-lubricated hospital love of her life
  04/23/18
i suspect his pension grows over time. also, 8 * 12 = 96
topaz associate philosopher-king
  04/23/18
durr make that just under $1.4m
useless well-lubricated hospital love of her life
  04/23/18
4.5% would be about right if you're calculating the value to...
Filthy Corner
  04/23/18
Oh, fuck, how will I live in retirement on about $105,000 to...
Filthy Corner
  04/23/18
...
naked charismatic goyim shrine
  04/23/18
Especially retiring at 59.
laughsome bull headed spot
  04/23/18
Lord have mercy!
Filthy Corner
  04/23/18
Deeply unfair.
laughsome bull headed spot
  04/23/18
american boomers.... the most entitled generation the ear...
razzle carmine liquid oxygen
  04/23/18
He earned that high school education and the right for GE's ...
Filthy Corner
  04/23/18
...
Concupiscible Saffron Patrolman
  04/23/18
...
diverse henna plaza
  04/23/18
What do the WSJ comments say?
Filthy Corner
  04/23/18
lol fuck this guy
Razzmatazz ocher candlestick maker gas station
  04/23/18
It's absolutely insane how worse off boomers children are th...
brilliant field famous landscape painting
  04/23/18
He WORKED HARD and EARNED that pension and the right to subs...
Filthy Corner
  04/23/18
articles like these have to be meant to troll millennials
Adventurous painfully honest meetinghouse
  04/23/18
Cr
diverse henna plaza
  04/23/18
...
indecent fluffy mood keepsake machete
  04/23/18
Author looks like a millennial trolling millennials. http...
Filthy Corner
  04/23/18
lol what level norwood is that
shimmering point hairy legs
  04/23/18
Looks like about 2A.
Filthy Corner
  04/23/18
Gas all boomers.
Sadistic Scarlet Garrison Circlehead
  04/23/18
...
galvanic insecure nursing home
  04/23/18
oh. mein. gott.
Drunken Orchid French Chef
  04/23/18
i feel bad for the reduction in his stock value but LJL @ a ...
yapping hunting ground
  04/23/18
This is so sad. Let’s start a gofundme for him
Concupiscible Saffron Patrolman
  04/23/18
Lol at using this spendthrift boomer as an example when ther...
Excitant Friendly Grandma
  04/23/18


Poast new message in this thread



Reply Favorite

Date: April 22nd, 2018 11:41 PM
Author: Overrated brethren

Retirement Shock: Need to Find a Job After 40 Years at General Electric

Roughly $140 billion in GE stock-market wealth was lost in the past year, not just at Wall Street firms but among former employees who, like many small investors, long believed the company invincible

Former General Electric Co. employee Gary Zabroski, of Lynn, Mass., worked at the company 40 years, starting just a couple of years out of high school. He kept much of his savings in GE shares. KAYANA SZYMCZAK FOR THE WALL STREET JOURNAL

By Thomas Gryta

April 22, 2018 1:40 p.m. ET

220 COMMENTS

Gary Zabroski started working for General Electric Co. GE 3.93% in 1976, at an aviation factory in his hometown of Lynn, Mass. The job paid well, came with benefits and, for Mr. Zabroski, provided a career ladder for a man with a high- school education who started out cleaning toilets.

“You had a job for life if you had gotten in there,” said Mr. Zabroski, 61 years old. He rose to punch-press operator and retired in 2016, after working 40 years at the century-old plant, which roared to life during World War II and still churns out engines for jets and helicopters. He left GE with an annual pension of $85,000 and company stock valued at more than $280,000.

Retirement looked pretty good until GE shares collapsed. His shares are now worth about $110,000, prompting a late-life job hunt. “I never planned on retiring and having to go back to work,” said Mr. Zabroski, who has monthly mortgage payments and supports a partially disabled wife. “It’s kind of scary.”

The rapid unraveling of GE has wiped out roughly $140 billion in stock-market wealth in the past year, not just at big Wall Street firms but among small investors. The industrial giant is one of the most widely held U.S. stocks.

By comparison, the stock value lost by GE in the past 12 months is twice the amount that vanished when Enron Corp. collapsed in 2001—and more than the combined market capitalization erased by the bankruptcies of Lehman Brothers and General Motors during the financial crisis. Longer term, GE’s market capitalization has fallen more than $460 billion since its 2000 peak.

GE’s recent losses haven’t been caused by scandal, catastrophic economic conditions or a market meltdown. They have arisen from badly timed investments, troubles in key markets and overly rosy financial projections that together have triggered a restructuring that could break apart the company.

GE executives have said that most of the company’s businesses were doing well, despite problems of the past year, and that the company has enough cash to fund operations and the dividend. “I am keenly aware of the pain our stock performance and dividend cut have caused with investors, retirees and their families,” said John Flannery, GE’s chief executive. The company is focused on improving its performance and earning back trust, he said.

“This is a show-me moment,” Mr. Flannery said, “and the most impactful thing we can do is continue to make GE simpler and stronger. We will not let up until the job is done.”

On Friday, GE reported its latest quarterly results, which included rising profits in its aviation and health-care units and continued woes in its power unit. Mr. Flannery backed his 2018 profit targets and said the company was making progress on its turnaround efforts.

About 43% of GE shareholders are retail investors, people who own stock in their personal accounts, according to S&P Global Market Intelligence. That compares with 32% at Johnson & Johnson and 21% at Boeing Co.

Among those hard hit by GE stock losses have been company retirees, including former factory workers who took advantage of a stock-ownership plan to build their savings. For decades, the company has had a program that encourages employees to buy GE shares by offering to match 50% of worker contributions, which were taken directly from paychecks.

The fall in GE stock prices has put more of the financial burden of retirement on pensions. More than 600,000 people have pensions from GE, which is one of many employers struggling with those obligations. Pension plans sponsored by S&P Composite 1500 companies have an average funding level of 87% and a combined unfunded liability of $286 billion, according to Mercer. In the public sector, state and local governments have an aggregate unfunded liability of $1.4 trillion, according to the Pew Charitable Trusts.

With 71.4% of assets needed to cover its pension liabilities, GE is one of the worst funded large corporate pension plans in the U.S., according to an April report by consulting firm Milliman Inc. GE’s pension obligations, nearly $100 billion at the end of 2017, are underfunded by almost $30 billion.

“Their pension funded ratio is among the 10 lowest in our study, and that’s pretty significant given that they’re the fourth-largest company by asset size,” said Zorast Wadia, a consulting actuary at Milliman. The firm’s study included the 100 largest pension plans managed by publicly traded companies.

GE expects to borrow $6 billion this year to contribute to the plan. Rising interest rates, which increase the expected returns on plan assets, also will reduce the shortfall. In 2015, GE stopped supplemental health-care plans for many retirees and substituted a subsidy for private coverage. That change, plus a reduction in retiree life insurance, cut obligations by $3.3 billion.

Investors, many of them GE retirees, will gather Wednesday for the annual shareholder meeting. It will be held inside one of GE’s newest facilities, a design center near Pittsburgh that uses a form of 3-D printing to make metal parts, including ones for GE jet engines.

The annual gatherings give investors a chance to air complaints, from CEO pay to environmental pollution. This year, retirees are expected to ask whether the company can make good on its promises.

“We never thought GE would do this to us,” said John Phelps, who worked more than 40 years at GE’s silicone plant in Waterford, N.Y., which was sold in 2006. “We believed they would do their best to take care of us.”

Mr. Phelps, a former union man who runs an advocacy group for GE retirees, said many fear for their pensions and other benefits.

The ability of the company to meet all of its financial obligations has been strained in recent years; its annual dividend payment of more than $8 billion was unsustainable because the industrial divisions didn’t grow enough to offset the loss of the financial-services business that for years helped earnings.

Companies from all kinds of industries have long tapped GE for executives because of its reputation for excellence.

For workers, a job at GE was a job for life. That changed in the 1980s when the company cut layers of its workforce during a period of austerity that earned former chief executive Jack Welch the nickname “Neutron Jack.”

With the rise of the global economy at the turn of the century, the company began shifting operations and jobs overseas. By the end of 2017, about a third of GE’s 313,000 employees were based in the U.S., compared with 60% two decades ago.

Ben Marruffo worked at GE’s Morrison, Ill., appliance controls plant for 42 years until his 2008 retirement. The facility, about 130 miles west of Chicago, opened in the late 1940s and closed in 2010. GE sold its home-appliance business to Chinese company Haier Group in 2016 for $5.6 billion.

Mr. Marruffo grew up a few miles from the plant and never moved far. He was one of eight children, and five of his brothers also worked at the GE plant. His father worked at a steel mill for 40 years, and Mr. Marruffo said he remembered his father coming home with holes burned in his clothes from the molten metal. His father had a pension but didn’t get to collect for long before he died.

Ben Marruffo worked at GE’s Morrison, Ill., plant for 42 years. He retired in 2008 and lives in Rock Falls, Ill.

Ben Marruffo worked at GE’s Morrison, Ill., plant for 42 years. He retired in 2008 and lives in Rock Falls, Ill. PHOTO: JOSHUA LOTT FOR THE WALL STREET JOURNAL

Mr. Marruffo holds a 1966 photo of his GE apprentice class, where he is shown standing, second from the right.

Mr. Marruffo holds a 1966 photo of his GE apprentice class, where he is shown standing, second from the right. PHOTO: JOSHUA LOTT FOR THE WALL STREET JOURNAL

Mr. Marruffo, 71, started with GE as an apprentice, working in different engineering and manufacturing areas. Just like many business experts, he respected GE’s management. Mr. Marruffo accumulated GE stock through the company’s Savings and Security Plan. He figured the company was just about invincible, which made the fall in its stock price devastating. He sold some last year but still owns about 6,000 shares. He now regrets he didn’t sell more.

For years Mr. Marruffo didn’t pay much attention to the stock price, he said, but after watching half of his money evaporate, he checks every day. “I look at the stock market at the end of the day and wonder if it is has hit its bottom,” he said, “and how long it will take to recover what it has lost.”

He remains optimistic that Mr. Flannery can turn around GE’s fortunes. “You kind of hold your breath and hope there isn’t another shoe to drop,” he said.

GE stock has long been seen as a safe investment, with the good fortune of the 125-year-old company a reflection of the strength of the U.S. economy. Many people unconnected to GE kept the stock in their investment portfolios.

Jack Ennis, a retired New Jersey schoolteacher who is 63, began buying GE stock in 1980 when he started investing for his mother after his father died. He compared GE’s decline with such long-gone companies as RCA, Union Carbide and Allied Signal .

Mr. Ennis said he has seen GE go from “America’s trusted consumer lightbulb and appliance provider” to a “convoluted conglomerate heavily focused on finance and communications.” He blamed former chief executive Jeff Immelt, who retired last summer after 16 years at the helm, and the GE board. Including dividends, GE stock gained 8% over the Immelt years, while the S&P 500 rose 214%.

“Sadly, investor confidence is a difficult thing to win back once it’s lost,” Mr. Ennis said.

The permanently closed GE plant where retired employee Ben Marruffo once worked.

The permanently closed GE plant where retired employee Ben Marruffo once worked. PHOTO: JOSHUA LOTT FOR THE WALL STREET JOURNAL

Jack Feigh, 69, traveled for different jobs at the company—California, Kansas City, Louisville—before retiring in 2007 from the appliance division in Salt Lake City.

His parents were bakers who owned a cake shop, and Mr. Feigh recalled how self-employment left them with little more than Social Security after they retired. He was determined to do better for his wife and three children, contributing the maximum amount from his weekly paycheck to buy GE stock. He was encouraged by co-workers doing the same. Older workers he knew retired with plenty of savings.

While he was working, Mr. Feigh would use his dividends to buy more GE shares. “At the time, I didn’t think you could beat that,” he said. “The opportunity to buy more and more stock.”

Mr. Feigh retired after more than 30 years at GE. When the company’s share price tumbled in the financial crisis, he lost almost $300,000 in value.

“Employees need to think very carefully about investing their own money beyond 10% in company stock,” said Corey Rosen, founder of the National Center for Employee Ownership, a nonprofit that works with companies. “If you are looking at retirement, then diversification is a good thing.”

Mr. Marruffo holds his old GE identification card while at home in Rock Falls, Ill.

Mr. Marruffo holds his old GE identification card while at home in Rock Falls, Ill. PHOTO: JOSHUA LOTT FOR THE WALL STREET JOURNAL

In hindsight, Mr. Feigh agrees. But at the time of the financial crisis, he thought most stocks were getting battered so he might as well stick with GE. At the start of 2017, he had about $190,000 in GE stock, which is now worth about $70,000.

He consulted with a financial planner about selling what was left, but was advised to hold the stock. It was bound to go up, he said the planner told him. Mr. Feigh now doubts that it will, at least in his lifetime.

“I thought I was doing it right, but apparently I wasn’t,” he said. He hasn’t talked to his family much about the losses, he said, other than to vent that his “once-proud retirement was going up in smoke.”

Mr. Feigh depends on his pension and Social Security checks. He uses the GE dividend to pay his car insurance. He and his wife have put planned vacations on hold, including dreams of a cruise in Europe and a trip to Australia.

“The way GE’s stock is going,” he said, “we might lose it all.”

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35897781)



Reply Favorite

Date: April 22nd, 2018 11:50 PM
Author: shivering avocado property

Take their pensions away. GE would be fine without the overhang.

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35897849)



Reply Favorite

Date: April 23rd, 2018 12:38 AM
Author: laughsome bull headed spot

"He rose to punch-press operator and retired in 2016, after working 40 years at the century-old plant, which roared to life during World War II and still churns out engines for jets and helicopters. He left GE with an annual pension of $85,000 and company stock valued at more than $280,000.

Retirement looked pretty good until GE shares collapsed. His shares are now worth about $110,000, prompting a late-life job hunt."

How does this make any sense at all? The NPV of an $85,000 annual pension for a 61-year-old is high enough (in the neighborhood of $1MM) that the stock value drop is hardly anything. He can't live on $85,000 a year plus $110,000 for a few more years until he can tack on Social Security and make it six figures in guaranteed income each year?! Boomers...

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898148)



Reply Favorite

Date: April 23rd, 2018 2:12 AM
Author: Marvelous Gaped Headpube Center

boats aren't cheap

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898464)



Reply Favorite

Date: April 23rd, 2018 9:36 AM
Author: maniacal bawdyhouse

This

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35899149)



Reply Favorite

Date: April 23rd, 2018 9:38 AM
Author: Stimulating misunderstood mediation



(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35899158)



Reply Favorite

Date: April 23rd, 2018 11:24 AM
Author: mind-boggling tan pit deer antler

and his house should've been paid off 10 years ago. The whole thing makes no sense

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35899751)



Reply Favorite

Date: April 23rd, 2018 12:48 AM
Author: Filthy Corner

Gary Zabroski

https://files.catbox.moe/mh5blh.jpeg

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898189)



Reply Favorite

Date: April 22nd, 2018 11:51 PM
Author: Umber Area Trump Supporter

Lol, fuck this faggot - $85k pension isn't enough?:

Mr. Feigh depends on his pension and Social Security checks. He uses the GE dividend to pay his car insurance. He and his wife have put planned vacations on hold, including dreams of a cruise in Europe and a trip to Australia.

“The way GE’s stock is going,” he said, “we might lose it all.”

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35897852)



Reply Favorite

Date: April 22nd, 2018 11:51 PM
Author: Overrated brethren

who doenst diversify their life savings in GE???

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35897860)



Reply Favorite

Date: April 22nd, 2018 11:52 PM
Author: Umber Area Trump Supporter

Even if he "loses everything", he still gets $85k every year

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35897866)



Reply Favorite

Date: April 23rd, 2018 9:14 AM
Author: Soul-stirring Theatre

If the company keeps going south than 85k could be affected. But yeah, considering how poorly these boomers are doing even with their pensions let’s not think about that.

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35899074)



Reply Favorite

Date: April 23rd, 2018 12:49 AM
Author: buck-toothed range

the point is because GE is a diverse conglomerate you don't have to diversify your portfolio

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898195)



Reply Favorite

Date: April 23rd, 2018 9:37 AM
Author: maniacal bawdyhouse

Flame?

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35899152)



Reply Favorite

Date: April 23rd, 2018 11:20 AM
Author: exciting gay home gaming laptop

lol what the fuck

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35899721)



Reply Favorite

Date: April 23rd, 2018 11:22 AM
Author: Overrated brethren



(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35899737)



Reply Favorite

Date: April 23rd, 2018 4:44 PM
Author: Concupiscible Saffron Patrolman



(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35902970)



Reply Favorite

Date: April 22nd, 2018 11:51 PM
Author: underhanded insanely creepy space idiot

he has a high school education and his annual pension draw is more than most xo posters make in salary with an advanced degree in their 30s fuck this boomer.

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35897861)



Reply Favorite

Date: April 22nd, 2018 11:52 PM
Author: Irradiated hateful messiness

wait what the fuck? he has a $85k pension and social security but he has to go back to work bc his GE shares dropped from 280k to 110k? lolwtf

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35897867)



Reply Favorite

Date: April 22nd, 2018 11:53 PM
Author: Umber Area Trump Supporter

He can't even afford a VIKING RIVER CRUISE, poor guy

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35897869)



Reply Favorite

Date: April 23rd, 2018 12:32 AM
Author: Filthy Corner

Seems like social security alone (next year) should be enough to cover it.

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898124)



Reply Favorite

Date: April 22nd, 2018 11:54 PM
Author: Overrated brethren

no SS yet, starts at 62 no?

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35897886)



Reply Favorite

Date: April 23rd, 2018 4:14 PM
Author: Filthy Corner

Poor guy is scraping by on his $85,000 pension for now.

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35902722)



Reply Favorite

Date: April 23rd, 2018 12:09 AM
Author: naked charismatic goyim shrine



(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35897994)



Reply Favorite

Date: April 22nd, 2018 11:53 PM
Author: clear regret

fuck this boomer

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35897873)



Reply Favorite

Date: April 22nd, 2018 11:56 PM
Author: Umber Area Trump Supporter

He consulted with a financial planner about selling what was left, but was advised to hold the stock. It was bound to go up, he said the planner told him.

lol, the boomers leading the boomers... how much did he pay that retard?

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35897905)



Reply Favorite

Date: April 23rd, 2018 12:35 AM
Author: useless well-lubricated hospital love of her life



(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898133)



Reply Favorite

Date: April 23rd, 2018 12:05 AM
Author: aromatic sinister hall

"The pensions are only 70% funded"

God forbid the janitor get only a $60k pension instead of $80k pension.

Also, fuck this noise about how GE is "bad" because they gave people a bonus for buying GE stock. He's probably still way up on his investments, and no one told him he couldn't diversify in the subsequent four decades.

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35897966)



Reply Favorite

Date: April 23rd, 2018 12:37 AM
Author: useless well-lubricated hospital love of her life

these bonuses make buying your company's stock the smart choice, but as you point out

not diversifying is stupid/risky as fuck

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898141)



Reply Favorite

Date: April 23rd, 2018 12:10 AM
Author: naked charismatic goyim shrine

wait we have to feel bad for this GRE boomer because the dividends on GE stock no longer pay for his car insurance

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898001)



Reply Favorite

Date: April 23rd, 2018 12:12 AM
Author: topaz associate philosopher-king

GE stock has a 3% dividend yield, so the dividends alone are giving him ~$3k/year. I wonder what kind of cars he's insuring for >3k/year. My car insurance on 3 cars is like $1500, and that's with maximum coverage to qualify for an umbrella.

Edit: there are taxes on dividends, but the point still stands even with 2500/year in dividends

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898015)



Reply Favorite

Date: April 23rd, 2018 12:14 AM
Author: Overrated brethren

RV, truck, and boat

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898027)



Reply Favorite

Date: April 23rd, 2018 12:15 AM
Author: naked charismatic goyim shrine

good point

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898033)



Reply Favorite

Date: April 23rd, 2018 12:11 AM
Author: topaz associate philosopher-king

hard to feel sorry for a high school graduate who had a guaranteed lifetime job at GE and has an $85K pension.

That $280K is probably the equivalent of putting well under $500/year into GE stock over that period, so the implication is he basically spent his entire salary if this was his only savings.

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898003)



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Date: April 23rd, 2018 12:31 AM
Author: Coral fear-inspiring parlor

Crazy also why not diversify either during your career or upon retirement. Staying 100% ge is dumb as shit

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898121)



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Date: April 23rd, 2018 12:31 AM
Author: topaz associate philosopher-king

It’s possible he couldn’t sell.

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898122)



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Date: April 23rd, 2018 12:33 AM
Author: Coral fear-inspiring parlor

Typically, there's a vesting period. Then you can sell afterward.

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898127)



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Date: April 23rd, 2018 12:38 AM
Author: useless well-lubricated hospital love of her life

agree. and it sure as fuck isn't 40 years

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898150)



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Date: April 23rd, 2018 12:25 AM
Author: honey-headed hideous potus chapel

need to hear many more stories like this

I wonder how many times these boomers rubbed it in everyone’s face about how smart and set for life they were

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898085)



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Date: April 23rd, 2018 12:29 AM
Author: useless well-lubricated hospital love of her life

fucking pensions are poison

someone check my math

i figured 4.5% discount rate

360 payments of 8,000 or 30 years of 84,000 per year

figuring this 61 year old dipshit will live to 91

and got a net present value of just under $1.6m

is that right?

his stock value is really shit, but $1.6m is sweet

plus social security

fucking boomers



(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898113)



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Date: April 23rd, 2018 12:30 AM
Author: topaz associate philosopher-king

i suspect his pension grows over time.

also, 8 * 12 = 96

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898120)



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Date: April 23rd, 2018 12:33 AM
Author: useless well-lubricated hospital love of her life

durr

make that just under $1.4m

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898129)



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Date: April 23rd, 2018 12:34 AM
Author: Filthy Corner

4.5% would be about right if you're calculating the value to him. It's too low if you're calculating the amount GE needs for funding the pension. GE can take more risk than he can.

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898131)



Reply Favorite

Date: April 23rd, 2018 12:38 AM
Author: Filthy Corner

Oh, fuck, how will I live in retirement on about $105,000 to $110,000 per year?

IS THERE NO JUSTICE, NO MERCY, NO HUMANITY IN THIS WORLD?!

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898147)



Reply Favorite

Date: April 23rd, 2018 12:44 AM
Author: naked charismatic goyim shrine



(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898169)



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Date: April 23rd, 2018 12:48 AM
Author: laughsome bull headed spot

Especially retiring at 59.

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898187)



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Date: April 23rd, 2018 12:49 AM
Author: Filthy Corner

Lord have mercy!

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898194)



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Date: April 23rd, 2018 2:20 AM
Author: laughsome bull headed spot

Deeply unfair.

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898475)



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Date: April 23rd, 2018 12:49 AM
Author: razzle carmine liquid oxygen

american boomers....

the most entitled generation the earth has ever seen.

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898197)



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Date: April 23rd, 2018 12:52 AM
Author: Filthy Corner

He earned that high school education and the right for GE's share price to climb forever.

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898208)



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Date: April 23rd, 2018 4:45 PM
Author: Concupiscible Saffron Patrolman



(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35902975)



Reply Favorite

Date: April 23rd, 2018 11:27 AM
Author: diverse henna plaza



(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35899778)



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Date: April 23rd, 2018 12:54 AM
Author: Filthy Corner

What do the WSJ comments say?

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898215)



Reply Favorite

Date: April 23rd, 2018 2:51 AM
Author: Razzmatazz ocher candlestick maker gas station

lol fuck this guy

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898532)



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Date: April 23rd, 2018 2:51 AM
Author: brilliant field famous landscape painting

It's absolutely insane how worse off boomers children are than their parents.

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898534)



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Date: April 23rd, 2018 3:35 AM
Author: Filthy Corner

He WORKED HARD and EARNED that pension and the right to subsidized, perpetually appreciating equities.

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35898590)



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Date: April 23rd, 2018 9:06 AM
Author: Adventurous painfully honest meetinghouse

articles like these have to be meant to troll millennials

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35899057)



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Date: April 23rd, 2018 11:26 AM
Author: diverse henna plaza

Cr

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35899765)



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Date: April 23rd, 2018 1:23 PM
Author: indecent fluffy mood keepsake machete



(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35900934)



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Date: April 23rd, 2018 4:15 PM
Author: Filthy Corner

Author looks like a millennial trolling millennials.

https://files.catbox.moe/j978v8.jpg

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35902739)



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Date: April 23rd, 2018 4:43 PM
Author: shimmering point hairy legs

lol what level norwood is that

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35902962)



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Date: April 23rd, 2018 6:41 PM
Author: Filthy Corner

Looks like about 2A.

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35903718)



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Date: April 23rd, 2018 11:24 AM
Author: Sadistic Scarlet Garrison Circlehead

Gas all boomers.

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35899755)



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Date: April 23rd, 2018 5:04 PM
Author: galvanic insecure nursing home



(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35903095)



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Date: April 23rd, 2018 2:52 PM
Author: Drunken Orchid French Chef

oh. mein. gott.

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35901946)



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Date: April 23rd, 2018 5:06 PM
Author: yapping hunting ground

i feel bad for the reduction in his stock value but LJL @ a boomer w/an $85K pension complaining about anything

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35903109)



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Date: April 23rd, 2018 5:17 PM
Author: Concupiscible Saffron Patrolman

This is so sad. Let’s start a gofundme for him

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35903164)



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Date: April 23rd, 2018 5:29 PM
Author: Excitant Friendly Grandma

Lol at using this spendthrift boomer as an example when there are many current GE employees with no pensions and GE stock in their modestly funded 401ks.

(http://www.autoadmit.com/thread.php?thread_id=3956951&forum_id=2#35903250)