Pension Panic

Note:  The site where I found this article is a bit of a conspiracy site and I am not sure about the validity of this news but seeing how we all have to retire or die at our desks I thought it would make a good conversation piece.

One sad situation in life is that we will all grow old and have to be put out to pasture (retire)….and the big question is will most Americans have enough cash saved to live a comfortable life?

I was unfortunate enough that hurricane Katrina injured me and I had to retire….but I was employed by the state and had a good retirement plan….sadly those days are slipping away….now employees are forced to “invest” their money and in doing so are at the mercy of the economic system under which we live….

For some the only retirement they have is their Social Security and the way things are going it looks like that will not be there when a person retires.

What is the future of our swindling pensions?

For millions of public sector workers in the U.S., state-run pension funds are the only chance left for a comfortable retirement. In the hopes of providing a stable future for their families, an entire generation was duped into putting decades of their earnings into these supposedly ‘risk-free’ investments. Unfortunately, those who have entrusted the government to manage their life savings may end up destitute as a result.

Budgetary shortfalls that have plagued Detroit for years are now spreading to other municipalities. Since 2008, six local governments have been forced to renegotiate their debts in bankruptcy court, with many others on the same trajectory. The scale of the problem has been repeatedly understated by the media, but across the nation, a somber reality is beginning to set in.

Source: Pension Panic: The Coming Financial Bubble Nobody Is Talking About

It appears that it is only a matter of time before all Americans are suffering from some sort of pension panic.

Will you?

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21 thoughts on “Pension Panic

  1. Panic?
    Wot’s that?
    I live from day to day…nutin’ wrong with that….keeps me alert….& street wise.
    How are your legs? Mine have been abysmal of late….I still walk…but it ain’t enjoyable…
    None the less I soldier on…
    thank god for politics & laptops….& pensions of sorts…
    ;-(

  2. My dad could never ever hope to retire and neither could my Grandpa because the places where they worked offered nothing in the way of benefits .. no insurance … no pension … nothing … just the piddling few dollars they could get away with paying their employees …. and my Dad and my Grandfather managed to eat three meals a day, wear clothing that was not too-much repaired, paid payments on shacks with roofs that kept us all from freezing to death in the winter … managed to give me Christmas presents and birthday presents …were able to buy wood and coal for the heating and cooking stoves … no pensions, no freebies from Uncle Sam .. nothing … nada … zilch … and we all managed to stay alive and to even enjoy life a lot of the times. If we could get by without pensions and Social Security and all the rest of it back then I am sure we could manage to adapt and survive now as well.

    1. Basic income to you..or cottage garden….since I rent….& family has split….all working on the tread mill times have changed…adapt & survive I do well. I do not look back to the past. nostalgia.

      1. I am saying that we can still manage to survive even if the governments took away all those supportive social programs that we have all become so used to receiving the benefits from.

      2. Yes,there is that….depending on family & church/charities.Too many homeless for my liking over here.basic income would address that.

      1. Neither of my grandfathers were wiped out by the depression and our family never experienced any conditions that had to be recovered from. — We were poor at one time but we always seemed to come by anything we needed and life was not that uncomfortable at all.

      2. It was not pretty watching a grandfather that had a thriving business that went bust and he did not recover….my mother had him live with us but hie was not the same guy…

  3. Dear Penniewoodfall — If the Churches tried to address the task of caring for all the disadvantaged in America it would cost each one of the churches in all The United States $10,000 per year (according to reliable estimates) to get the task done and as to “Charities” —- I doubt most “Charities” are interested in doing much of anything to help anybody but their administrative staffs and their directors … as has been proven more than once … and as has become scandals on all the front pages more than once …A guaranteed income would help nothing and no one because every individual always manages to spend everything they have and then need more than they have been given … it is an endless cirlce of demand and many countries simply could not withstand the pressure of a guaranteed income …. Besides which the idea of a “Guaranteed Income” means that a lot of people would decide that work is for the birds and dependence on the dole is far easier than punching a time clock.

  4. I know of a number of wise people throughout history who have commented on ‘panic’; perhaps my favorite is this one: “More people have died from worry than ever bled to death.” — Lazarus Long, echoing my own father closely.

    My own experience, which, so far, includes 3 years of retirement in a state of relative poverty, and 3 years retired in relative comfort. allows me to attest to the difficulty of the former, which leads me to this thought: How a society treats its weakest members is one of the more telling pieces of evidence indicating its advancement, in an ethical sense. Maybe the best attitude I’ve discovered is expressed by this Irish proverb, to wit: “It is in the shelter of each other people live.”

    In the ultimate sense, we are all alone, trapped in our head/mind/body, responsible for ourselves; it is only in our connection to others we can truly find our humanity.

    I’ve learned enough to realize, you can’t take anything for granted. All you can do is, as another commenter said, take it one day at a time, and do all you can do to keep on keepin’ on… with a little help from your friends, no matter how many legs they have…. 😉

    gigoid, the dubious

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