Retiring at 59 and taking on a mortgage is just plain nuts IMHO. I retired from GM in 2006 with ZERO debt. No mortgage, no car payments, no credit card debt. Just my regular bills needed to be paid. If you are dependent on a company pension and have no savings or money in a 401K and go in to debt, you are looking for disaster. I saw the end coming YEARS AGO and prepared for it. With reduced market share, layoffs, early out packages, salary rank reductions, new market entrants (Hyundai, etc.), the Delphi spinoff and ultimate bankruptcy, fumbled launches, strikes, UAW blindness, epoch management mistakes and other roadsigns of disaster you could see where it was heading.
Union officials: Expect Delphi pensions to sink
Retiring at 59 and taking on a mortgage is just plain nuts IMHO. I retired from GM in 2006 with ZERO debt. No mortgage, no car payments, no credit card debt. Just my regular bills needed to be paid. If you are dependent on a company pension and have no savings or money in a 401K and go in to debt, you are looking for disaster. I saw the end coming YEARS AGO and prepared for it. With reduced market share, layoffs, early out packages, salary rank reductions, new market entrants (Hyundai, etc.), the Delphi spinoff and ultimate bankruptcy, fumbled launches, strikes, UAW blindness, epoch management mistakes and other roadsigns of disaster you could see where it was heading.
July 26, 2009 at 8:38 a.m. permalink suggest removal