A community of 30,000 US Transcriptionist serving Medical Transcription Industry

Has anyone else realized that since our pay has gone down so much..... - Fading fast

Posted: Mar 11, 2014

.... that when/if we retire, out Social Security benefits will be less than what we would be getting had we kept our previous salaries for x more years? I just realized this and it REALLY sucks! Just one more charge against them....

yes and - it is very depressing

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The only way to get what we should be getting is by getting on disability. Maybe we could get a class action disability claim. Lol

BTW, depression is considered a disability. - I have gone on DI with it in the past.

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.

I don't even contribute to - the 401K

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Well, mainly because I don't make enough to save 1 cent - in fact many bills are being juggled and second jobs are being taken to even pay my commitments.

Besides that, after the financial crash a lot of 401Ks were really demolished and still those Wall Street guys laughed all the way to the bank.

Besides the fact I really have nothing to spare now from my crummy pay, I have no desire to enrich those jerks (and Nuance - I presume we are investing in their stock in the 401K, right?).

I do not understand 401Ks but I know I don't like that they seem like such a crap shoot and again the poor and middle class people who invested so long and so much ended up not being able to retire and all those CEOs and players felt nothing.

So someone really loves those - 401Ks?

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How would you feel if you were having trouble paying your mortgage, still so gung ho with the 401K contributions? Nuance doesn't even contribute a whole lot like other employers.

You 401K lovers, I have to wonder if either you are making a whole lot more than me or you don't need the income?

At any rate, the social security diminution cannot be denied, and that is a really nasty thing to do. For that they deserve to join the ranks of McDonald's and Walmart in the hall of shame.

I wonder how many of us are also subsidizing their bottom line by being forced to be on food stamps and Medicaid thanks to the huge (and unwarranted) pay cuts.

So can someone educate me on why the - the 401K is so great?

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Or are you just going to keep disliking heavily everything negative someone says about them? I admit I really do not understand them, and I confess I considered contributing, but I have no bonuses now, and my pay has literally halved from 3 years ago and my bills did not.

Hence, I would not elect 401K now anyway, but just wondering why every time the 401K is mentioned the dislikes come out with a vengeance - someone want to tackle how great Nuance's 401K is (or 401Ks in general maybe?) and why I should contribute?

I can't now, but who knows, one day. I doubt I will ever make more with this cheap company, but I am intrigued with the 4 dislikes and wonder what is behind them - or did you dislike me pointing out the fact that Nuance belongs in the hall of shame for halving my pay? Now if you disagree with that I would have to think you are either a "suit" or truly believe the CEO deserved 37 million and we deserved to be shafted, because there is no way a real MT would think it was fair or necessary what they have done to our paychecks.

401k - nothing good about them

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you put in 100% of the money and get back 35% in the end because of all the fees over a lifetime, or you could consider that the "company contribution." you are investing in God knows what and only the investors make $$ off you. PLUS, you could even lose it all. PBS Frontline did a documentary about it, Google it.

Thanks, I know so many 401Ks - lost a bundle in the last crash

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And things don't seem to have changed much as far as regulating Wall Street.

I think if I was going to invest in the stock market I would rather invest myself in ethical companies that I believe in, not trust these shady managers. Not that $ I will ever be able to do that either...

Interesting, I will try to find that PBS documentary.

It also has a devastating effect on what you - get if you collect unemployment.

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:(

401K = What's so great - Anon100

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First of all, your 401K has nothing to do with the amount you collect on UE. Those funds are meant to be used in retirement. Either leave them in the current plan or roll them over into another plan when you leave, otherwise you will pay tax, 20% if you are under age 59-1/2.

To answer why 401Ks are great - In most plans, all you need to invest is 4% or 5% of your income to get an employer match, which can be dollar for dollar or 50%. That money is tax free. Also, most investments pay more than regular savings, figure about a 3% to 5% return even if you are conservative with your choices. I'm not familiar with Nuance's plan but some employers also have profit sharing and will make a contribution to your plan at the end of the year, over and above what you have invested. Even if you only think you can't "afford" it, even a 2% or 3% contribution is going to make money for you, and you are paying it to yourself. If you need to borrow from it, which many plans allow, the interest rate is much, much lower than a bank loan. Some plans permit hardship withdrawals to purchase a residence or to help people avoid foreclosure. I'm not trying to attack you because it is your choice, but having a 401K can be a positive thing.

The UE comment was about the low pay - not the 401K

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Which is absolutely correct - now that they have dinged down our pay to practically minimum wage, if they do terminate us I imagine they would fight UE anyway, but if they have to pay it out at least it's a lot less than before. Count on Nuance to figure the absolute worst way to treat their employees.

Thanks for the info about the 401K. I kind of get it. I don't think Nuance have profit sharing, and I'm pretty sure from what I know about Nuance they would contribute the absolute least amount they could get away with. I know family members who have borrowed from theirs. I kind of always feel like I am going to either get fired or quit though, so that does give me pause.

401K - anon

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Nuance matches 25% of the first 4% of your contribution. The way I look at it, that means you have to lose 25% before you start losing your own money. They also have some very low cost funds. All I know is I've participated in 401Ks for 15 years. Some years you'll lose and some years you'll gain, but the average is about 10% a year. That's better than what you'd make in a bank.

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