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Simon Black on the PENSION Ponzi schemes that are 100x the size of Bernie Madoff’sThe Ponzi scheme that’s more than 100x the size of Bernie Madoff
Reprinted here, plus ZH’s infamous commenters:
http://www.zerohedge.com/news/2017-11-10/ponzi-scheme-thats-over-100x-size-madoff–Dee
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Several economist I follow, including John Mauldin, have been warning that the pension plans are in serious trouble especially for State and City government workers. SEE THIS ARTICLE ABOUT WHAT COULD GO WRONG WITH PUBLIC PENSIONS
It’s sad to think that people who have worked for the City or State government for 20+ years, thinking they will get a nice comfortable retirement check monthly, may get a rude awakening. It’s even scarier for all those who have already retired and already collecting a pension to potentially be faced with getting half as much as they were promised or nothing at all.
Private pensions are in less jeopardy. However, not entirely guaranteed either. ERISA should step in to pay out pension payments for private companies (not for city, state or federal government), but the payout will be a fraction of what people were expecting to get. ERISA is already low on funds.
The solution is to NOT reply 100% on a pension or Social Security for your retirement. If you get it great. But if it stops or gets cut to half, don’t let it ruin your retirement plans. Just a few rental properties could completely replace the payments from a pension or Social Security and offer you a much more secure retirement.
The time to start planning for a more secure retirement is not – regardless of what age you are.
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