The upcoming pension crisis

I think it is hilarious that people think they will vote so and so in November, and so and so in 2020 and the pension crisis will be solved.

I also think it is funny that states like Illinois have known of this problem for a loooong time and have done nothing. So in essence they are making the matters worse. They keep on talking about amending the constitution but do nothing. I'm picking on Illinois because that is where i'm originally from and have a lot of family there. Lots of family in Pennsylvania too. So sad to see farmers leave their home because they have been taxed out.

wqad.com...
“We need to probably amend the constitution,” Ugaste said. “I don’t want to take anything from anyone that they’ve already earned, but we need to make some changes so that we can rein in these costs.”

I have a word of advice, check out maps, read up on your states Pension health. If you are living in a state like Illinois, Pennsylvania, California, Michigan, Kentucky and a few more, you might want to seriously consider moving. I don't think things have gotten really bad yet and there is still time to get out. I don't know about the other states, but I know Illinois only knows of one way to solve problems, higher property taxes.
I'm sure there will be a market correction as a whole for the entire US, but these states are going to get it twice as bad.

Here's a map, probably not the most recent, but not much has really changed.
www.youngresearch.com...

a reply to: JAGStorm

This appears to only be state employee pensions.
Cities are in the same shape and so are school pensions.

Wonder if they will squeal for a government bailout?

a reply to: JAGStorm

SEARS declared bankruptcy today. Employee/Retiree pensions are in danger. The fund was severely under-funded, because Sears has not realized a profit since 2008.


Sears executives will be just fine, however.

a reply to: JAGStorm

Thank God my pension is company funded and not state ran.

a reply to: Bluntone22

We are screwed either way.

Without a bailout the there will be collapse in certain states that will probably spill over into other states. Some of it is already starting to happen.

With a bailout taxpayers are being punished for bad planning, and corrupt government at a state level.

Pensions are antiquated and should have been done away with decades ago. You won’t find pensions in the private sector because they are financial black holes and a threat to company liequidity. Only public sectors still try to pass off pension scams.

Pension math is a funny thing you need enough so a bunch can simply disappear without anybody asking questions.

The US postal service pays in 10 times what they pay out every year?????? 3 Bill in 300 mill out and underfunded.

originally posted by: sine.nomine
a reply to: JAGStorm
Thank God my pension is company funded and not state ran.

That might not be enough protection...
www.abovetopsecret.com...

a reply to: JAGStorm

Unions extortion didn't help.
They didn't care how it got paid for so it didn't.

a reply to: carewemust

My family has over 100 years in this company. We just absorbed two competitors. Our stock is and has been steady as can be. I'm not too worried.

ETA: And I still have a 401k. Not just the pension.

a reply to: Metallicus

In Illinois they were talking about it at least 25 years ago! Imagine that. If they started forcing government workers on a 401K style system 25 years ago maybe this could have been solved, if at the very least reduced.

There is so much corruption with the Pension too. People using loopholes to get very rich pensions unethically.

Not to throw teachers under the bus, but

news.wttw.com...
Just look at these numbers & read the article for the loopholes:

Second on the list is former New Trier Superintendent Henry S. Bangser, who will pocket $312,460 from his pension. He retired at age 57 and has already collected nearly $3 million in retirement. Number three is Gary Catalani, former Wheaton Warrenville District 200 superintendent who later held a superintendent job in Arizona. He’ll pocket $310,070 this year.

a reply to: JAGStorm

Promises Made , Promises Broken . Where is the Money Bee Otches ?

originally posted by: JAGStorm
I think it is hilarious that people think they will vote so and so in November, and so and so in 2020 and the pension crisis will be solved.

I also think it is funny that states like Illinois have known of this problem for a loooong time and have done nothing. So in essence they are making the matters worse. They keep on talking about amending the constitution but do nothing. I'm picking on Illinois because that is where i'm originally from and have a lot of family there. Lots of family in Pennsylvania too. So sad to see farmers leave their home because they have been taxed out.

wqad.com...
“We need to probably amend the constitution,” Ugaste said. “I don’t want to take anything from anyone that they’ve already earned, but we need to make some changes so that we can rein in these costs.”

I have a word of advice, check out maps, read up on your states Pension health. If you are living in a state like Illinois, Pennsylvania, California, Michigan, Kentucky and a few more, you might want to seriously consider moving. I don't think things have gotten really bad yet and there is still time to get out. I don't know about the other states, but I know Illinois only knows of one way to solve problems, higher property taxes.
I'm sure there will be a market correction as a whole for the entire US, but these states are going to get it twice as bad.

Here's a map, probably not the most recent, but not much has really changed.
www.youngresearch.com...

The thing is this (and this does affect me personally as my wife is a public school teacher) is that politicians brought this into being in most cases and made their political class the overseers of it all. Somewhere in the last 50 years or so they decided that this was no longer a private fund but a public fund. As a public fund its worth can be raided to support other "inniatives" . Of course this was always a lie. Was and will be forever. I would imagine in some world there will be a citizen class that demands accountability, but it doesnt seem like that happening anytime soon.

a reply to: JAGStorm

The municipalities and states that have been running these pensions into the ground have known they are underfunded and in trouble for a long time. It has also been public knowledge for quite some time. If it were my pension, I would have been making phone calls, talking to the attorney general's office, and doing whatever I could to make a stink about the fact that the pension I was PROMISED is not looking so promising anymore. I can't seem to find any reports of outrage or people doing anything about this.

I'll bet there are going to be a lot of pissed off people who aren't retiring like they thought they would, then they'll be making a fuss, but what can they do at that point

a reply to: FamCore

That is the crazy thing in Illinois. People aren't doing anything. Not the government, not the workers.

If I were a pensioned worker, I'd make sure I have a back up plan. I've been paying into SS my whole working life. I am not counting on it. There is a good chance it will be there for at least part of my retirement, but I'm counting it as a bonus if it is. I know that is terrible, but that is the realist in me.

I know that is hard for a lot of people living in Illinois because they are being taxed to death already. There are going to be a lot of old sick really angry folks real soon. Like you said, by the time people make a fuss over it, it will be way way too late!

Want to know whats good for averting pension crisis?

Wall Street.

That place where every school teacher,cop, and government worker has their pensions invested in.

Voting for someone that wants to make it harder for that pension to earn money by more regulation,more taxation.

REALLY DUMB IDEA!

a reply to: neo96

A Five Year Old Democrat - Hey Johnny , If you Lend me a Quarter , I'll Pay you Back Tomorrow .

Johnny - I Dunno Demmy , you Still haven't given me back that Money I lent you Yesterday for Lunch ...

originally posted by: mikell
Pension math is a funny thing you need enough so a bunch can simply disappear without anybody asking questions.

The US postal service pays in 10 times what they pay out every year?????? 3 Bill in 300 mill out and underfunded.

Not only that but the time I spent with the USPS, there wasn't a paycheck I was issued that I didnt have to dispute for not being paid properly.

I'm in Pennsylvania. The state is so broke they can't fix anything. The cities are so broke they can't even afford to collect garbage anymore.

Better believe everyone working for the government is related and double dipping. You can also believe that the politicians are so afraid of the unions they will do nothing.

Oh I almost forgot;

dun wurry Trump fix everyting in five days he da best evurrrrr, unempoyment wery low now

originally posted by: JAGStorm
I think it is hilarious that people think they will vote so and so in November, and so and so in 2020 and the pension crisis will be solved.

I also think it is funny that states like Illinois have known of this problem for a loooong time and have done nothing. So in essence they are making the matters worse. They keep on talking about amending the constitution but do nothing. I'm picking on Illinois because that is where i'm originally from and have a lot of family there. Lots of family in Pennsylvania too. So sad to see farmers leave their home because they have been taxed out.

wqad.com...
“We need to probably amend the constitution,” Ugaste said. “I don’t want to take anything from anyone that they’ve already earned, but we need to make some changes so that we can rein in these costs.”

I have a word of advice, check out maps, read up on your states Pension health. If you are living in a state like Illinois, Pennsylvania, California, Michigan, Kentucky and a few more, you might want to seriously consider moving. I don't think things have gotten really bad yet and there is still time to get out. I don't know about the other states, but I know Illinois only knows of one way to solve problems, higher property taxes.
I'm sure there will be a market correction as a whole for the entire US, but these states are going to get it twice as bad.

Here's a map, probably not the most recent, but not much has really changed.
www.youngresearch.com...

This is happening all over the place, it's not just state pensions but many city pensions are in even worse shape. That's what happens when you practice fiscal conservatism. Instead fiscal responsibility is needed, which means actually taxing at proper rates so that important funding like pensions is maintained.