Pensions In America Being Destroyed

[Taco]

Don't plan on retiring when you get old.

Pensions In America Being Destroyed
http://www.youtube.com/watch?v=--6_70IL ... R-zSrZt-Mg

[tre]

This is old news and should be well known by the majority at this point (unfortunately, it's not). The only way our generation and younger will retire is IF they have real savings that they gathered on their own. Social Security is going away too...only a matter of time.

[HouseMD]

Don't ever depend on a pension or government support. Doing either is just unwise.

[Ghost]

.

[Teal Lantern]

Don't plan on retiring when you get old.

Pensions In America Being Destroyed
http://www.youtube.com/watch?v=--6_70IL ... R-zSrZt-Mg

If anyone wants to see what the after effects look like, here are two places where it already happened.

Central Falls, R.I.
A Small City’s Depleted Pension Fund Rattles Rhode Island
http://www.nytimes.com/2011/07/12/busin ... d=all&_r=2&

R.I. town looks to crowdfunding to deal with finance woes
http://www.bostonglobe.com/metro/2013/1 ... story.html

Prichard, Alabama
Alabama Town’s Failed Pension Is a Warning
http://www.nytimes.com/2010/12/23/busin ... d=all&_r=0

People with 10 or fewer years to retirement need to make a new plan, Stan.

[SilverEnergy]

We are missing one important point.

Guys, let's not forget that it depends on what time period it is.

Before 1971, you COULD depend on your retirement being there when you retired.

But since, inflation will eat it up and the fact that now, your 401k is tied to stocks and mutual funds.

"When" the market crashes, your pension, retirement or 401k plan is toast.

There used to be guaranteed pension but not anymore.

Medicare, medicaid and social security are going to be wiped out as well.

[SilverEnergy]

[zacb]

Haha silver, I was just going o mention about Robert Kiyosaki. In Rich Dad's Prophecy, he mentioned about the pension crisis, and about the great deleveraging. Smart minds think alike.

[SilverEnergy]

If you're going to retire, don't retire through your JOB, retired through your cash flow from your business and investments.

[zacb]

If you're going to retire, don't retire through your JOB, retired through your cash flow from your business and investments.

That is the beauty of this site. I was already looking to get out of the state, but I realized how much you can get by on inmost the world. TO CASHFLOW!

[onethousandknives]

Pensions are done because it's much easier to promise a pension and not pay for it than spend the equivalent money promised on pay raises.

[Teal Lantern]

Pensions are done because it's much easier to promise a pension and not pay for it than spend the equivalent money promised on pay raises.

Retirees from Detroit are about to learn that lesson the hard way.

Not to veer too far off topic, this isn't just happening in the USSA or with just pensions (see Poland & Russia).

Poland reduces public debt through pension funds overhaul
http://www.reuters.com/article/2013/09/ ... UV20130904

Russia to Grab Pension Money, Temporarily
http://blogs.wsj.com/emergingeurope/201 ... mporarily/

[HouseMD]

Pensions are done because it's much easier to promise a pension and not pay for it than spend the equivalent money promised on pay raises.

Retirees from Detroit are about to learn that lesson the hard way.

Not to veer too far off topic, this isn't just happening in the USSA or with just pensions (see Poland & Russia).

Poland reduces public debt through pension funds overhaul
http://www.reuters.com/article/2013/09/ ... UV20130904

Russia to Grab Pension Money, Temporarily
http://blogs.wsj.com/emergingeurope/201 ... mporarily/

"Temporarily" lol. Oh Russia.

[Cornfed]

We really need to get back to families that support each other at different stages of their lives. Cradle to grave guvmint support systems were a temporary, unsustainable affectation designed to serve a particular political agenda.

[momopi]

Companies ditched pension plans in favor of 401(k)'s, because they wanted to push the market risk on the employees.