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I’m retired. So is my wife. I collect a state pension from my years of working for a municipal government. I also collect SS, as does my wife. Maybe some of you receive pensions as well, I don’t know. I have met some people who do not like the idea that I get a pension, and I have actually been called a leech by a leftist, locally. I can tell you, however, that I earned it in 33 years in the fire service, and I have been paying into SS since I was 15. I didn’t make the rules.
The article I am going to link to suggests that at some point soon we all will be required to make some sacrifices in order to maintain the current system of benefits payments, but at reduced amounts. OK, I’m down with that. But it must be everyone… including the freeloaders, the politicians spending money they do not have on stuff that doesn’t benefit everyone. Governments at all levels will have to get their houses in order financially by deciding what services they are now providing are essential, and cutting the rest.
illegal immigration has been a hot topic on most every forum I visit. Why are these illegals receiving anything? If nothing else, we now have 40K homeless vets getting basically nothing! Here’s the link.
http://thefederalist.com/2018/10/25/u-s-goes-bankrupt-heres-gets-least-pain/
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Pensions, good idea, before globalization.
After globalization, just does not work. We are dependent on economies outside our borders. Beyond our control.
401k are nice, but subject to the markets.The wife and I do NOT anticipate SS to be there or in a significant mean when we retire. And we plan accordingly.
My parents, in the late 60s are making mad cash from SS. But they paid into it. And they should be getting something out of it.
I just dont see me and my wife getting the same.
So, we try to do with less, live below our means, and if SS is there when we retire, all the better.
But we are not counting on it. -
AnonymousI don’t see how globalization is a problem for pension funds.
With a 401k you receive what you put in +/- capital gains/loss. Pensions promise you a return that is independent on what you put in and capital gain/losses. Most pension plans are still promising 8% annual return which is impossible to get in the current financial environment.
Pensions are a Ponzi scheme not too different from SS. As for all the Ponzi schemes, the first to get in and out make money, the rest no so much.
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