Pension Fund Cuts

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Billyd

Billyd

Senior Member
#1
May 8, 2014
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#1
One of the Nations Largest Pension Funds Could Soon Cut Benefits for Retirees

Who is responsible for the shortfalls? Should the pension recipients be penalized for mistakes made by management?

The most difficult thing to get young people to do is to plan for retirement. I was discussing retirement planning with my 20 year old grand son. A comment that he made troubles me. He said, "Grandpa, I don't believe that I will live until I can retire". Who is teaching our grandchildren this hogwash?
 
S

Susanna

Guest
#2
#2
Billyd said:
One of the Nations Largest Pension Funds Could Soon Cut Benefits for Retirees

Who is responsible for the shortfalls? Should the pension recipients be penalized for mistakes made by management?

The most difficult thing to get young people to do is to plan for retirement. I was discussing retirement planning with my 20 year old grand son. A comment that he made troubles me. He said, "Grandpa, I don't believe that I will live until I can retire". Who is teaching our grandchildren this hogwash?
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That is what young people have always been saying when they are facing problems. I wasn't very concerned with retirement planning when 20 myself, I was travelling the world, but as of today, I have taken care of it.
 
P

Persuaded

Guest
#3
#3
Billyd said:
One of the Nations Largest Pension Funds Could Soon Cut Benefits for Retirees

Who is responsible for the shortfalls? Should the pension recipients be penalized for mistakes made by management?

The most difficult thing to get young people to do is to plan for retirement. I was discussing retirement planning with my 20 year old grand son. A comment that he made troubles me. He said, "Grandpa, I don't believe that I will live until I can retire". Who is teaching our grandchildren this hogwash?
Click to expand...
Those responsible are the unions and management that agreed to a pension that could not be financed in the future.
It is also poor planning for a 60 plus year old man to have a $1300 morgage.
When retirement comes, It is time to downsize.
I would also say it is better to have benefits cut now than have none at all in the future.

I am tired of people always blaming others for their own foolishness and not taking personal responsibility for the day they can no longer work.
 
mailmandan

mailmandan

Senior Member
#4
Apr 7, 2014
25,054
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#4
I'm riding on a rocket right now that reads "Postal retirement or bust" on the side. It's a good retirement if it holds up, but no retirement plan is 100% guaranteed. In a New York minute, everything can change.
 
p_rehbein

p_rehbein

Senior Member
#5
Sep 4, 2013
30,247
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#5
mailmandan said:
I'm riding on a rocket right now that reads "Postal retirement or bust" on the side. It's a good retirement if it holds up, but no retirement plan is 100% guaranteed. In a New York minute, everything can change.
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I have it on questionable authority that Fed-Ex and UPS are uniting and are planning an ALL OUT ASSAULT on the USPS!

(u-guyz iz DOOMED!)
 
mailmandan

mailmandan

Senior Member
#6
Apr 7, 2014
25,054
13,064
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#6
p_rehbein said:
I have it on questionable authority that Fed-Ex and UPS are uniting and are planning an ALL OUT ASSAULT on the USPS!

(u-guyz iz DOOMED!)
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Hey now, cut that out. :p
 
Spherical

Spherical

Banned
#8
Jan 9, 2016
1,026
8
0
#8
Billyd said:
One of the Nations Largest Pension Funds Could Soon Cut Benefits for Retirees

Who is responsible for the shortfalls? Should the pension recipients be penalized for mistakes made by management?

The most difficult thing to get young people to do is to plan for retirement. I was discussing retirement planning with my 20 year old grand son. A comment that he made troubles me. He said, "Grandpa, I don't believe that I will live until I can retire". Who is teaching our grandchildren this hogwash?
Click to expand...
I told you the dollar is going to collapse.
 
p_rehbein

p_rehbein

Senior Member
#9
Sep 4, 2013
30,247
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#9
Knockout_tnb.png


​.................
 
Billyd

Billyd

Senior Member
#10
May 8, 2014
5,062
1,498
113
#10
Spherical said:
I told you the dollar is going to collapse.
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Has nothing to do with the collapsing of the dollar. It has to do with poor pension fund management, and over promising by management and unions. It also reflects the poor financial planning of the work force. I'm sick of people trying to convince our young people that they won't live until they can retire. I'm 74 years old. My health forced me to retire at 59. My wife and I are financially secure until we die (even if we live to be 100). All it took was life long financial planning. You go on preaching gloom and doom. I'll continue to advocate solid financial planning and a better future.
 
Spherical

Spherical

Banned
#11
Jan 9, 2016
1,026
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#11
Billyd said:
Has nothing to do with the collapsing of the dollar. It has to do with poor pension fund management, and over promising by management and unions. It also reflects the poor financial planning of the work force. I'm sick of people trying to convince our young people that they won't live until they can retire. I'm 74 years old. My health forced me to retire at 59. My wife and I are financially secure until we die (even if we live to be 100). All it took was life long financial planning. You go on preaching gloom and doom. I'll continue to advocate solid financial planning and a better future.
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This is all part of the collapsing capitalistic system which includes the dollar.
 
Spherical

Spherical

Banned
#12
Jan 9, 2016
1,026
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#12
I'll continue to advocate solid financial planning and a better future.
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How do you believe that will work out with a failing fiat currency?
 
Billyd

Billyd

Senior Member
#13
May 8, 2014
5,062
1,498
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#13
Persuaded said:
Those responsible are the unions and management that agreed to a pension that could not be financed in the future.
It is also poor planning for a 60 plus year old man to have a $1300 mortgage.
When retirement comes, It is time to downsize.
I would also say it is better to have benefits cut now than have none at all in the future.

I am tired of people always blaming others for their own foolishness and not taking personal responsibility for the day they can no longer work.
Click to expand...
I agree, but it's not foolishness for an employee to expect an employer to honor his promise.
 
Sinnerman

Sinnerman

Banned
#14
Oct 16, 2015
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#14
I'm a member of Cal-PERS, the largest pension fund in the U.S. They have had good times and bad. They dropped 30% during the mortgage melt-down. Now they are doing well, despite some scandals with fund managers. Still, current workers are being asked to contribute more than twice what I had to. They gave me better benefits than I expected. $44 dollars a month for full health care with only a $500 deductible. Vision care costs another $14 a month and Dental is a few dollars more than that.

The problem of late has been the public sector unions, like Cal-PERS. If you are a firefighter, for instance, you get a lavish benefit package, and you get it from the local government, for which you work. Your union helps those elected officials pay for their campaigns, with the promise that they will increase your benefits. It's totally corrupt and unfair to tax payers. Consequently, the local government officials know the pensions are not sustainable, and they don't care. They figure they will be long gone before they collapse and tax payers are left to bail it out. You just can't have public sector unions. They are poison and are going to bankrupt many pension funds.
 
P

Persuaded

Guest
#15
#15
Sinnerman said:
I'm a member of Cal-PERS, the largest pension fund in the U.S. They have had good times and bad. They dropped 30% during the mortgage melt-down. Now they are doing well, despite some scandals with fund managers. Still, current workers are being asked to contribute more than twice what I had to. They gave me better benefits than I expected. $44 dollars a month for full health care with only a $500 deductible. Vision care costs another $14 a month and Dental is a few dollars more than that.

The problem of late has been the public sector unions, like Cal-PERS. If you are a firefighter, for instance, you get a lavish benefit package, and you get it from the local government, for which you work. Your union helps those elected officials pay for their campaigns, with the promise that they will increase your benefits. It's totally corrupt and unfair to tax payers. Consequently, the local government officials know the pensions are not sustainable, and they don't care. They figure they will be long gone before they collapse and tax payers are left to bail it out. You just can't have public sector unions. They are poison and are going to bankrupt many pension funds.
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Why should the tax payers bail out any pension fund?
Why should someone like me who has to pay all my own ins, and save for retirement bail out some pension fund negotiated by corrupt politions and union officials who only interest is making them selfs rich.
Unions should be outlawed and corript politions put in jail for life.
All government workers should work and live like the rest of us who pay their wages.
 
Sinnerman

Sinnerman

Banned
#16
Oct 16, 2015
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12
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#16
Persuaded said:
Why should the tax payers bail out any pension fund?
Why should someone like me who has to pay all my own ins, and save for retirement bail out some pension fund negotiated by corrupt politions and union officials who only interest is making them selfs rich.
Unions should be outlawed and corript politions put in jail for life.
All government workers should work and live like the rest of us who pay their wages.
Click to expand...

You make perfect sense. Sadly, those deals have been made. The pensions require larger and larger investments from local governments. They have to find the money to pay those retiring firefighters and police officers, so they cut funding to some other department or government service, or maybe they just ask taxpayers to pay more in property taxes or some other tax to give the local government more money to pay those lavish benefits that the local officials doled out in exchange for campaign contributions. No matter how it plays out, hard working people like you get stuck paying for it.
 
p_rehbein

p_rehbein

Senior Member
#17
Sep 4, 2013
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#17
Spherical said:
This is all part of the collapsing capitalistic system which includes the dollar.
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Given your incessant proclamations of the collapse of pretty much everything American........I can only believe your are a devout Socialist? Or............oh goodness.........a real, true red Communist?
 
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