[quote=cooperthedog]
So, do you count your future social security benefits in your reported income? If you make 60k, do you say you actually make 100k, due to the benefit you’ll receive when you retire? Will you increase your “total” income when social security has its inevitable shortfall? Under this logic, the bigger the social security deficit, the more you make…
As to the UAW not negotiating, I agree, its their funeral. If they were wise, the UAW would’ve required these retiree benefits be funded and set in a trust. Hindsights always 20/20.[/quote]
Are you suggesting that UAW worker won’t get social security? Social security is a tax that I paid into. I can’t negotiate with the government as to how much I want from social security. Pension is not like social security, since I don’t have an option to pay less social security tax and get less social security benefits. However, UAW have an option to reduce the pension cost. If anything, you should compare it to 401k. I do consider company match as income. Although the government doesn’t make me report it as income right now, there’s already talk in Washington to remove tax benefits from 401k. That however, is a whole different story.
