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When pensions run dry...
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<blockquote data-quote="brett636" data-source="post: 793692" data-attributes="member: 249"><p>Not surprisingly the subject you are bringing up is one you have very little knowledge of. If an insurance company is insuring something it must have the assets to cover whatever protection it is selling. If Allstate insures your car for $100k they must have $100k in assets to cover it should you need the full $100k. When the government is involved these rules do not apply. For example, the money you are putting into social security now is paying for people who are currently drawing benefits. Nothing is being be towards the benefits you have been promised and believe me there will be no money to pay you those benefits. Same goes for many union pension funds today. Those who have significant time left between now and retirement will find the 25, 30. 35 and out pensions will not be there when they reach those milestones. Those just looking to retire soon will be lucky to receive their full benefits throughout their retirement as the funds very well could fail between now and then. This is the reality when benefits being promised are overextending the ability to be paid today. The rules of how a pension fund must operate have been changed to help avoid these future problems, but it has yet to be seen if those rule changes were enough. Especially when concerning public employee pension funds where a public employee of some areas can receive a pension that pays more than they made while they were working. A Ponzie scheme is one that will collapse as it runs short of new suckers to sustain it, and today we sit upon the precipice of this reality with regards to government promises and retirement funds.</p></blockquote><p></p>
[QUOTE="brett636, post: 793692, member: 249"] Not surprisingly the subject you are bringing up is one you have very little knowledge of. If an insurance company is insuring something it must have the assets to cover whatever protection it is selling. If Allstate insures your car for $100k they must have $100k in assets to cover it should you need the full $100k. When the government is involved these rules do not apply. For example, the money you are putting into social security now is paying for people who are currently drawing benefits. Nothing is being be towards the benefits you have been promised and believe me there will be no money to pay you those benefits. Same goes for many union pension funds today. Those who have significant time left between now and retirement will find the 25, 30. 35 and out pensions will not be there when they reach those milestones. Those just looking to retire soon will be lucky to receive their full benefits throughout their retirement as the funds very well could fail between now and then. This is the reality when benefits being promised are overextending the ability to be paid today. The rules of how a pension fund must operate have been changed to help avoid these future problems, but it has yet to be seen if those rule changes were enough. Especially when concerning public employee pension funds where a public employee of some areas can receive a pension that pays more than they made while they were working. A Ponzie scheme is one that will collapse as it runs short of new suckers to sustain it, and today we sit upon the precipice of this reality with regards to government promises and retirement funds. [/QUOTE]
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