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Economy and Business


The view from Main Street on retirement
Many in our region depending on company pension plans are worried
by WKSU's VIVIAN GOODMAN


Reporter
Vivian Goodman
 
You might want to sit down before you read that 401 K quarterly report. Retirement earnings are plummeting, right along with the Dow Industrials. According to testimony last week before a House panel, pension plans have lost as much as two trillion dollars in the past 15 months. WKSU's Vivian Goodman reports that's forced many Northeast Ohioans to re-think their retirement plans.
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Listener Comments:

According to Case's Professor Mahnic, the PBGC only insures up to the maximum of 24,000 dollars. So if you have a 50,000 dollar pension from let’s say B.F.Goodrich and it goes bankrupt, your pension income would drop to the maximum that the federal insurance company’s going to pay.


Posted by: Vivian (Kent) on October 16, 2008 3:02PM
There is always the PBGC to help with pensions - which ironically and thankfully, even in the market downturn, will emerge as the retirement stabilizer. Just ask anyone with a 401(k).


Posted by: BlueCollarDollar.com (http://bluecollardollar.com) on October 16, 2008 8:45AM
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