Retirement lesson

Regarding “Survey: Most Houstonians fret over retirement plans” (HoustonChronicle.com, Wednesday), is anyone surprised that most people worry about retirement these days? Of course we do. Once upon a time, even mechanics and shop foremen like my grandfather got something called a pension. Pensions allowed people to retire at a reasonably young age and still live comfortably in retirement. The pension Gulf Oil Corp. provided for my grandfather allowed him to retire at 56. Imagine a shop foreman retiring at such an age today.

When the 401K first appeared, it was not designed or intended to replace pensions. Somehow, it did for those fortunate enough to work for a company that even provided 401Ks. Suddenly, pensions for most workers went the way of nickel candy. Over time, employer contributions to 401Ks began to be less generous, putting more of the responsibility for retirement on the employee. Meanwhile, salaries and raises — when adjusted for inflation — began to lag behind what they once were. The result is that for a great many workers today, it is nearly impossible to contribute a sufficient amount to a 401K — assuming their employers even provide one — without a working spouse or significant other.

Factor in the rising cost of health care contributions, as well as the cost of higher education for one’s children, and suddenly, all bets are off regarding retirement for many people.

Given the fact that my grandfather lacked higher education, yet still comfortably supported my grandmother and their daughter (my mother) on his salary alone and was still able to retire at such a young age, I’d say there is something to the adage “the good old days.”

Gene Lockard, posted on

HoustonChronicle.com