IBM and Verizon have both added a nail in the coffin of the myth that your company is going to care for you. Both companies froze their traditional pensions leaving older workers scrambling to replace the future income. More examples? Hewitt Associates reported a 60% increase in the employee portion of health benefits from '01 to '04. Other companies are shifting 401k fees to the employees while others are dropping retirees from their health-care coverage.
This article gives some good advice that can be summed up as 'Be your own Daddy.' It's advice to live by. The years when an employee would go to work for a company when they left high school and retire from that same company 40, 50 or more years later are gone. Companies have secumbed to the call of the immediate profit and things will never be the same.
Reuters Finance: Be your own Daddy
