# Counting on Your Pension? You'd Better Prepare for This!



## Denton (Sep 18, 2012)

Deal reached to allow pension plans to cut benefits

Seems like the middle class is under assault from all angles. Now, you might find your pension under fire.


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## videodork (Dec 8, 2014)

&^%^$&$%*^*$$$%$%$%$*%$%$$*^$%$*^*^*$*%%*^*&(*)()_&&_^


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## Denton (Sep 18, 2012)

videodork said:


> &^%^$&$%*^*$$$%$%$%$*%$%$$*^$%$*^*^*$*%%*^*&(*)()_&&_^


I couldn't have said it better. A lot of people are going to be saying the same thing.


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## CWOLDOJAX (Sep 5, 2013)

How else can the govt. - a-hem - we pay for 12 million new citizens living in the poverty level?

Do they know it is more expensive to care for elderly parents than it is to care for grandchildren. I don't suppose that had anything to do with "the deal" they reached.

(Just 2 more years of conservative cooperation before the next executive is selected.):hopelessness:


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## jimb1972 (Nov 12, 2012)

I vote any pension cuts are mirrored by congressional pension cuts, seems fair to me.


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## OC40 (Sep 16, 2014)

Wonders if this will be the first of many steps... I'll guess my military retirement will be the next target?


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## paraquack (Mar 1, 2013)

I still worry about my IRA but after what I saw happen to a few friends, when I left employment, I took the cash out and put in an IRA. My sister had her dead husband's United Airlines pension slashed by the labor board.


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## rice paddy daddy (Jul 17, 2012)

This is disturbing for me, I get a small pension from a former employer that had both Teamster and non union employees. I hope my non union deal isn't tied in with the Teamsters, but reading that article it may be.
This is not good.


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## RoyLanchester (Dec 10, 2014)

It seems everyday I read about some fool with more dollars than sense drumming up a new way to screw hardworking Americans out of their money. It sickens me that the GOP has allowed this to happen.


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## Dubyagee (Nov 9, 2012)

This is just the beginning. Wait until the republicans have to produce a real budget after all the years of the Demos illegally not doing so. Nothing worse then getting the keys to the car with an empty tank.


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## oldgrouch (Jul 11, 2014)

Denton said:


> I couldn't have said it better. A lot of people are going to be saying the same thing.


I read the other day that the big banks are putting forth plans for future "bail ins." You know, skim off some of our savings. Pensions, savings ---- we are so screwed so let me just add the following to your previous sentiment: #3&%()@--^&*$$h1T and &^5#4!!(7)#. The banks and the gov can #sand.


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## hawgrider (Oct 24, 2014)

Denton said:


> Deal reached to allow pension plans to cut benefits
> 
> Seems like the middle class is under assault from all angles. Now, you might find your pension under fire.


Another attack on senior's. You give them the best 30 to 40 years of your life. And you get lied to and cheated in return.


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## tango (Apr 12, 2013)

Those who count on an IRA---
Nancy POS, said (when she was speaker )," those IRA's--- that's our money, we will go get it"
I don't think the repubs will argue much---
Pay attention folks, they want all the money they can get to give to handouts.


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## CWOLDOJAX (Sep 5, 2013)

hawgrider said:


> Another attack on senior's. You give them the best 30 to 40 years of your life. And you get lied to and cheated in return.


That's how I felt when I cashed in those Savings bonds to pay for my daughter first year in college... I never paid for the last half of her 2nd year and told my son "You're on your own".


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## Ripon (Dec 22, 2012)

It will get worse. In order to kick the can down the road you can be pretty sure that the left will assault personal savings (retirement) of anyone they deem wealthy to buy votes from those who didn't bother to save.


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## OC40 (Sep 16, 2014)

Actually this is going to get a lot worse, in march of this year there was a major push to "reform" the 20 year retirement of the military. Making for a "portable" (read 401K) package that can follow the member after only a few years of service. A lot & I mean A LOT of us went damn near bat-crap crazy, this means the kid who does 5 years gets a sort-of-kinda-retirement package? Then what the hell was the point of 20 years?

They (Wall Street) started to paint this as a great idea, only thing is those of use with TSP were already taking a beating in the market. Between the fees, taxes this simply destroyed the retirement amount. I already don't count on social security... thankfully enough people put a stop to this. But Greed is a hell of a thing, one thing greatly concern me that the current crop of GOP members will not be the GOP we remember.

Strong in defense, and roll over to these new "hand out" programs. POTUS in a recent address mentioned a "lean military" I hate to tell you boys & girls... keep getting lean and there will be nothing left. Its bad when a Vice Adm is being public with this concern (San Diego Source > Technology > 'Air Boss' concerned about debate over military's size, shape)

So what does this mean to retirements...? Well as we watch them Dem's & Rep's try to budget the books, the fights for what is going to get funding is going to get a lot worse. I'm going to take a guess an say that the Dem's & a few weak minded Rep's are going to make things very tough to get the budget in order. I think that any sort of retirement fund is going to pushed to higher ages before you can withdraw without massive tax hits. What good is the retirement if you are 80? when your 60 and need that money to kick in now?

Lots to think on, but I guess that is why I'm sorting my life out to become as self sustaining as possible.


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## rice paddy daddy (Jul 17, 2012)

They have already pushed back the full retirement age, progressively. And will continue to do so under the theory that we are all living longer, are in better health than ever before, and therefore should be able to comfortably work to age 70 and beyond.
While that may sound feasible to some bureaucratic desk jockey in a Washington office, the fact is a whole lot of us have done physical labor all our lives and are pretty busted up and used up by our sixties.
I would like to have 10 years or more of retirement before I die.


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## SquirrelBait (Jun 6, 2014)

Denton said:


> Deal reached to allow pension plans to cut benefits
> 
> Seems like the middle class is under assault from all angles. Now, you might find your pension under fire.


Might have to move this post to the Rants, Raves, cussin', bitchin', Bitin', Spitin', Whinin' thread...?


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## jeep123 (Nov 6, 2014)

elderly healthcare? I just listened to some legislator talk about how her husband died of heart failure after refusing to pay for extra tests..............because Obamacare conveniently didn't cover those, and they were even more expensive now. So we see one goal of socialized medicine: make it so expensive that people both pay for it AND stop going to the doctor as much.

This thread could tie in with the DOw Jones thread I'm discussing on another board. It sure seems like the govt is propping up the market to make things seem ok...........for a little while. And leeching off pensions (and investment accts, and IRS seizing bank accts for no reason...) may be another such tactic.


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## Diver (Nov 22, 2014)

The idea of universal retirement is a relatively recent idea and it was never sustainable. Rising life expectancies and mismanagement of the economy are making that simple fact obvious to a lot more people. Plan on working as long as you are physically able to.


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## alterego (Jan 27, 2013)

Early this year I filled out the paperwork to cash. Everything out of my retirement benefits program. I was argued with and told how foolish I was. Even though I signed the waiver for the tax liability they with held 47 percent and sent me the difference. 

My friend at work told me they sent out a letter indicating the pension fund is only 74 percent funded. This after the stock market has hit 37 record highs this year.

I used the money to pay off debt.

Now this from our congress.

I will only have land silver and guns when I retire.

Do you think I made a foolish mistake?


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## bigwheel (Sep 22, 2014)

Denton said:


> Deal reached to allow pension plans to cut benefits
> 
> Seems like the middle class is under assault from all angles. Now, you might find your pension under fire.


The end-game plan is for the Feds to seize all private pensions worth about 17 trillion..lump it in with Social Security and pay it back as they see fit and to those they deem worthy. Obummer got a warm up with the plan when he stole the pensions of the salaried Delphi Workers on the GM bailout and gave the money over to the UAW. Its called communism. 
Update on Obama Administration's Theft of Delphi Salaried Retirees Pensions | Texas GOP Vote


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## Seneca (Nov 16, 2012)

At the core of this is mismanagement, you can't take in 700M and payout 2.8B without eventually going bankrupt. I get that.

They did note that the issue only involves a few of the larger retirement funds and that some retirement funds are actually doing quite well. It sounds like the pension funds that are at risk of going bankrupt, are wanting to cut pensions by a third, which would (might) take care of the insolvency issues created by a shrinking work force. This would allow them to continue paying some retirement. 

The only other way to go would be to increase the individual employee contributions or increase the (shrinking) work force to make up the difference. Sad to see them opting to bail themselves out on the backs of retirees. No easy way to go on that one. 

Worst case scenario, the entire retirement system crashes and the elderly move in with their adult children. And what of the elderly with out families? do they wind up out on the street begging for bread? 

It sounds like the choice is either take a cut in what they receive and continue to receive the benefit or don't receive a benefit. Classic rock and a hard place scenario.


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