I would take small issue with the idea that anyone who was with US in '92 when the non-union retirement was frozen, would have enough money accumulated to retire now. At best, an employee $1000-$1200 a month from the retirement plan and $200,000-$300,000 in their 401K before the stock market meltdown. All together, that isn't enough income. Substract 1/3 to 1/2 of the 401K amount for the meltdown and it becomes even less. More realistically, the employee is getting $600-$900 a month from the retirement plan and had around $100,000 in the 401K which is now a lot less. Figure Social Security of $1500-$1800 a month plus the $600-$900 a month retirement plus $200-$400 a month from the 401K and you get $2200-$3100 a month. Medicare Gap insurance will cost $200-$600 a month. Taxes even at the lowest rate will be $100-$300 a month. That leaves $1900-$2200 a month to live on. Now, throw in a long term illness requiring special care (which will affect appoximately 50%-70% of older age people) and you are now broke. The person never had enough income to pay for long term care insurance. If the employees house is paid off and has no major medical expenses, they might just get by but hardly a "golden" retirement.
