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Hi All, My sister has done Computer Science engineering Bachelor degree and has 5 years of work experience in India. She is applying for MBA at https://www.kenan-flagler.unc.edu/programs/mba/full-time-mba/ and https://kelley.iu.edu/programs/full-time-mba/academics/majors-minors/marketing.html. Her overall goal is to get into Software Product management. Any suggestions if any of these MBA’s can open path in the desired space or if she is better of doing an MS in Comp engg. to further develop deeper Technology skills. Thanks
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Pensions would be amazing, but without a steady, predictable revenue stream (aka clients not calling for reviews every 3 years), there’s not enough money to support a system like that.
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My dad worked for the same company from age 16 to 67. If I stayed at one agency that long a pension would be irrelevant, because I’d walk into traffic.
They also didn’t have email or cell phones. When you left work, you really left it.
It won’t happen, that ship sailed decades ago. I became a millionaire (x3) by maxing out my 401k contributions every year of my working life, starting at age 22.
Pensions would be a dream!
My Dad has been retired for four years. He receives from his pension every month what I make from my salary. 😵💫
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Woah, hold on. Pensions are NOT guaranteed. Who put that crazy idea in your head?
I moved in-house and now have a pension. But honestly, not sure I will stay long enough at this place for that to matter.
If you properly manage a 401k it is better than any pension could ever be. I’m 40 will a million in my 401k. Why would I want to settle for someone else mismanaging my future?
OP they actually are. The gov caps you pre-tax contributions, and the pension is basically a managed 401k. The opportunity cost is enormous.
Average pensions pay out 6-8% per annum (before management fees are deducted). I can manage my own portfolio on 1-3 hours per month and pull over 20% (current portfolio is up 400% from two years ago).
Instead of pension, give me stock and interest/ profit share. Since holding companies work to please their shareholders, make us shareholders… I personally don’t thing there’s ever gonna be a return to pensions in our industry. You would need to work for the government.
most brands that had pensions are even doing away with them. it’s a cost-saving measure, and as a service industry, our clients base most of their decision on the lowest bid.
save money = no pensions
If you want a pension, go work in the public sector. I worked at an agency that had a pension plan. They did away with it. And most people won’t stay at a place to make them worth it anymore. Just pay me more and match my 401k. P
I’ve never seen a pension I couldn’t outperform myself. The only way it makes money over personally managed investment is with contribution matching, and even then only when you get past the 5+5 range.
Pensions are based on working for the same company for 20 years or more. That was the norm years ago, but it’s rare now.
If you’re changing jobs every few years, you’re not going to vest in a pension, plus what are the odds a company will be in business to pay your pension after 40 years?
So what you’re talking about is Social Security at a higher level of benefits , and Republicans have been trying to kill the program for years, which means that increasing benefits is unlikely. That means you have to max out your 401K and create your own pension.
Ogilvy had it until fairly recently. I think the plan finally closed about 6 years ago. It wasn’t a bad deal (free money on top of your 401k match), and you didn’t have to be there your entire life to collect.
Also - even if the agency were to have gone out of business/bankrupt/etc, that doesn’t mean the pension goes away. Pensions must be insured. Plus, there’s a little-known agency called the Pension Benefit Guaranty Corporation (PBGC). They would take over pension payments in the event your employer became liquidated.
As another poster here stated, though - agencies cut cost in a race to the bottom. One of the smarter ways we could build a bulwark to protect ourselves against that is to unionize (as said by yet another poster below).
I think it's best to save a few million and retire.
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Working on it!
That was all possible before bankers & bean counters ran companies.