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02-18-2010, 09:27 AM #1Rude and Vile Master
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US State Pensions - $1 TRILLION Shortfall
WASHINGTON (Reuters) - U.S. states face a total shortfall of at least $1 trillion in their funds for employees' pensions and retirement benefits, and their financial problems are quickly mounting, according to a report released by the Pew Center on the States on Thursday.
If you are primarily relying upon a state pension for retirement - please reconsider!If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.
Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"
Greebo(Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!
ThreeTwo mortgages,twooneno car loans,oneno credit cards, and a partridge in pear tree!
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02-20-2010, 03:51 AM #2Licence to Kill
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Wow...that's a pretty scary situation.
Kace - married to Dh 12 years
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Full-time homemaker, part-time worker, college student. Always pinchin' pennies!
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02-20-2010, 07:54 AM #3Moderator aka AmyBob
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Oh, tell me about it. And here in NJ, Governor Christie is messing up the situation even further. Scary times for my retirement!
My Blog: http://amysreallife.wordpress.com
Amy
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Always remember others may hate you, but those who hate you don't win unless you hate them. And then you destroy yourself."
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02-20-2010, 10:12 PM #4Registered User
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That's why I have a government pension.
Wife to DH since 10/31/2002!
Mom to DS #1 08/13/98 Mom to DS #2 09/11/03
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02-21-2010, 08:15 PM #5Registered User
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People have known in the back of their mind that the promises were greater than what could ever be paid. People just hope "the game" doesn't stop in their lifetime, but it seems it's all about to be exposed as ponzi schemes in a very harsh way.
I'm not sure if the baby boomers realize how the population numbers are a huge factor in exposing the weakness in the ponzi scheme in local, state, and federal government. I always knew that social security would not be there for me, and when I started working pensions in the private sector were already converted to 401k's. I personally don't expect to see any of it. I think the most devistated will be the baby boomers who just started qualifying for social security and depend on those checks to be comfortable. It looks more and more like they will be the ones without a chair when the music stops. I already knew their was not a chair for me.
People think the economy has been bad since the stock market started going down in the later months of 2007? We have seen nothing yet! There are huge structural issues that non of our lawmakers/politicians have even started to address and we are headed to a reboot of the entire economic system.
Think of all the people (you may be one of them) that rely on the "just in time" delivery system, not just for paychecks, but for food, clean water and all the basics. We have a decade of tough times ahead if we start addressing the structural problems with our economic system immediatlely.
Remember your grandparents that had a root celar, and canned food each season? When people were self sufficient? Every household is a 3 generation household to be able to afford the basics. I think that's where we are headed again. Many will not adjust.Last edited by scottp999; 02-21-2010 at 08:26 PM.
"Gold is the money of kings, silver is the money of gentlemen, barter is the money of peasants – but debt is the money of slaves."
–Norm Franz, Money and Wealth in the New Millennium
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