I have a question almost no one on this post has really addressed.
How many designers will be receiving a pension plan from their company when it is time for them to retire?
Most young designers never think about the future, when they are old, handicapped, or need to go to the dentist to get a set of new teeth. This may sound funny or like non-sense but I’m curious to know what pensions are these companies offering.
401K is not a pension plan. I mean a month to month check from your company for years of services rendered.
It is called find a good financial advisor/investment broker…no designer will have the time to manage his/her stock, and invest as much as you can afford. It is your responsibility to plan for the future, not your employeers. However it is a great befit/bonus if you can get one written into your contract.
Pensions are mostly for union workers… teachers, cops, that kind of thing. Also, to get a pension you usually have to work for the same company/school/ whatever for many many years. That kind of job security really doesn’t exist for designers.
Now we have 401k and technically Soc.Security, but I am not relying on Social Security to exist when I am 65. I’m pretty sure Medicaid won’t be around to help me either
get a good financial planner. Max out your 401K if you can, open an IRA (if you are young and don’t make much, get a ROTH IRA) and pay attention to the economy and learn how to manage your money. That is pretty much all we can do.
Yeah, haven’t heard of too many companies offering pensions for any job. It seems like an out moded model to retain employees (something companies don’t want to do as much as they benifit from fresh blood, and the employee making the jump gets a salary hike). I guess that’s why unions and the government offer pensions, because they are out of sync with the rest of the worlds.
Some corps do make rather hefty bonus contributions into 401k’s based on performance, which is cool cause its tax free. This year I got a nice chunk of change dropped in there as a thank you for doing good work kind of thing, now that will acrue some nice interest for like 50 years.
It seems like the vanilla days of coasting through work at IBM, TWA, or AT&T for thirty years and then retiring with a full pensioned salary are over. Maybe it’s cause so many people died between 65 and 70 back then that they could do it. Now you got a guy wanting to retire at 55 and living till like 85. You expect the young guys to rack up the hours to pay for you to sip lemonade for 30 years!
Personaly I can’t see myself retiring. I want to go out FLWright style. Throw down a drawing on the board, get a stomach ache, get rushed to the hospital and die. mybe just die at the board. I don’t have it quit figured yet.
“Personaly I can’t see myself retiring. I want to go out FLWright style. Throw down a drawing on the board, get a stomach ache, get rushed to the hospital and die. mybe just die at the board. I don’t have it quit figured yet.”
[in best Sam Kinison voice]
“Good answer. Good answer. Like the way you think.”
Yes, the life of a designer is short. Mostly due to high stress levels and competition. Imagine sitting at a terminal each day, designing the same product for 5 to 10 years. If the stress doesn’t get you, the carpul tunnel will. Sorry if the spelling for carpul is a little strange but you know what I mean.
None the less, everyone here is right plan ahead. I’m going to get that Roth IRA mentioned earlier. ASAP. I refuse to be one of the elderly that have to work at the golden arches to earn a iiving. YIKES!
You could spell it Car-Pool tunnel and we would get it, no worries,
These people might come for you though:
My theory is dump as much into that 401K as possible, so that when I die of a heart attack at 55, my wife can take the golden parachute. Would make up for all those years of her having to put up with a high maintenance designer! And if some medical break through happend and I live long, it will be there for me.