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What happened to my pension fund?

10K views 60 replies 31 participants last post by  prankster 
#1 ·
#2 ·
As long as Wall St continues its business as usual policy, It won't be long before pension funds are a thing of the past
Pensions are a thing of the past, anyway. You think the youth of today, and the 20-somethings that are out there working today, give a rat's a$$ about people in their 30's, 40's, 50's, etc? As those younger generations begin to wake up to what a rip pensions are for them (e.g. they won't get one, but they may currently be paying into a system where someone in those older generations will), the notion of a pension will almost certainly be gone in another decade or so, if not sooner.
 
#3 ·
I am nearly 34 and this is how I feel about social security. We met with a financial planner to help us get an idea of how much we needed to save to be able to retire in our mid-60s and we asked that the estimates NOT include social security.

My parents are at retirement age - nearly everyone they know who has a pension that they are eligible for has taken a flat sum of money up front and then re-invested that themselves as compared to getting the monthly payments. Fear of the money in the funds running out over time has pushed them in this direction. (well, that and the fact they are old and the money stops the second they die. :eek::)
 
#5 ·
There are other things that will stave off inflation these days. I do agree that PM's will hold in the long run, but a plan based solely on PM's will not work like it did in times past.

This world is a different place now. It is in the process of transitioning to third generation technology in full now. Gone are the machines/computers that a person could program, with a large quantity of heavy machinery in the same condition.

To give you some idea of what I meant by that, we transitioned into the first generation in the early to mid fifties. The old timers who could make the tools that made the technology of the day passed into the abyss of time around that frame of reference.

We have passed the point of no return on the second generation.
Those that made the tools for the first generation are dead an gone. Those first generation tools then began the process all over again until now the third generation tools are in progress. Given that there is always a generation that serves as a medium, it means all the above tech and knowledge required to create those second generation tools that are now creating the third, are gone.

Part of that late second and early third generation is a shift in what is considered precious. The third generation is firmly seated in rare earths, exotics, and polymers.

Short of the earth being kicked back to the stone age, any plans on retirement revolving around anything tangible had better have rare earths, exotics, and stock in key polymers in the mix. PM's will be there, but they will be competing with the new kids on the block.
 
#6 ·
I understand what you are saying but I fully plan on swapping a good chunk of metal into whatever the new currency is. I plan on holding physical for the time being until this whole mess plays out. If the S truly HTF then physical metal is my best, safest bet. It's not really a question about how much but rather when to cash it into the new currency.

That is the beauty of silver, its very very liquid into any currency I want. When it comes time to retire, my eggs won't be in one basket, but as long as the federal reserve continues to print currency then metals will just keep going up. The system is broke and I see that soon it will fall apart. Im just biding my time with something that will stave off inflation for right now, any future decisions depend on how bad these clowns screw up the financial world.
 
#7 ·
It's not really a question about how much but rather when to cash it into the new currency.
Let me start by saying that I totally agree.

However, I think most people fail to realize that if/when it gets to that point, make no mistake about it, you will be considered a felon should you continue to possess said PMs when and after a new currency is introduced. Don't think for one second you'll be able to waltz right in to your nearest bank, credit union, or coin dealer and drop a stack of PMs on the desk and be handed back said new currency. Heck no! More like, wait one second sir while I go to the back and get your cash--when it reality, they'll be calling the Feds or local law enforcement.

I fully expect 99% of the sheep to comply and willfully turn in their PMs when the government says so--just like in the 30's.

That being said, for now, what other alternative do we have? None that I can see, aside from land and other hard and tangible non-PM assets.
 
#10 ·
Well I certainly don't care what they label me, they're not getting so much as one silver dime. I was taking all my silver across the lake when the cherry from my cigarette blew into the back of the boat and started a fire. I had just enough time to get a life jacket on and the boat was gone. GPS went down too, I have no idea where I was on that lake.

Im taking a long position on shovels now..
 
#27 ·
About 19% of the working population is covered by a traditional pension plan at this point in time. It's been on an extinction path for the last 30+ years.

Long discussions about disappearing pensions is like lamenting the standard transmission in an automobile. Some are out there, new ones are made, but it's a very distinct minority and needs to be considered in that light.
 
#25 ·
the key word is "blindly"

If done correctly, it can be a good vehicle for retirement savings. Employer matches - that money matching is nothing to sneeze at for some people. And the aspect of automatically putting X% of your paycheck away is also smart for a good portion of the population - if it wasn't automatic, they likely wouldn't do it.

The key is educating yourself about your 401k options with your employer and figuring out if they are good or crappy. If they suck, but your employer matches a nice portion of your contributions, then contribute just enough to get the match and figure out another way to invest your money. RothIRA, traditional IRAs or whatever floats your boat and makes sense.

Education and planning - without 'em, you are likely screwed.
 
#29 ·
Pensions were borne out of an optimistic generation's hopes that the future would always be brighter.

Now that generation is demanding that their grandchildren pay with their future.
 
#30 ·
Pensions were borne out of an optimistic generation's hopes that the future would always be brighter.

Now that generation is demanding that their grandchildren pay with their future.
Just like the gold eaters, this has been discussed and explained before. The government robbed the SS fund. Your statement in bold is justifying that robbery, and making both parties smile their asses off.

In 42 years just me and my employer paid $176,764 into SS. My wife paid paid in a lot also, don't have those numbers at hand right this instant. At just a 3% average return on those $$ it comes to over $300,000. To suggest an American is going to walk away and allow that theft is absurd and disturbing. That is what gov wants. Instead, hold the thief accountable, not those of us who paid.

Your statement plays right into the thieves hand. SS can be fixed. The economy can be fixed. But it ain't gonna happen unless the public demands it. Why are we still in Afghanistan??? Why did we really have the Vietnam & Iraq wars and who manufactured the reasons we got into those 2 wars? What was the cost? Who paid for that :rolleyes:..... and who got extremely wealthy from these wars, :taped:?

Go after them, not the retired workers.
 
#36 ·
So to summarize, boomers, Gen X and Gen Y are all sacrificial lambs and led to believe it's "the other generation's fault". The hopes are that we'll fight amongst ourselves for the next 20 or 30 years while the thieves empty the coffers and sneak out the back door with a military escort. I noticed the word tungsten has been in the news a lot lately.

Boomers are drawing benefits for longer since the average life span has increased. There's a double whammy here though in that Treasury rates are crap so the depletion of the Social Security Trust Fund is accelerating. This problem is compounded by artificially low interest rates which limit what retirees can earn from MM, T-bills, CDs, etc. Gen X (which as a group is 15 million people less than boomers) is contributing and many correctly think they are only paying to help keep SSA alive for the boomers, with little expectation of receiving any "benefits" when retirement comes at age 85. As bleak as it sounds, Gen Y's unemployment/underemployment leads me to think that they are destined to be cannon fodder.

So who's at fault for all of this? It's not my dad's generation with their sense of entitlement. I'm still too young to be a captain of industry piloting this agenda so it's not me. I can't blame the unemployed, pierced and tattooed slacker that's killing time at the coffee shop trying to figure out how to get on with his life. Is it the democrats and republicans? Yes and yes because they have nearly all been the handmaidens of the central bankers. Default is a mathematical inevitability right now. Those in control of monetary policy will continue to squeeze us with 0% interest rates in an effort to postpone the default. They can postpone it for a bit, they can't prevent it at this point. We're on the road to ruin and there is only one choice that could perhaps lead to greener pastures - refuse to play the game. Even then we'll all be affected by the collapse of the USD.
 
#44 ·
On a continual monthly basis, dollar cost average PMs in person with cash only till you're 65 and you should be fine.

Any investment program needs time and consistency to work. The closer someone is to retirement, the more money they'll need to save on a monthly basis.
 
#50 ·
People here are confusing a few VERY IMPORTANT distinctions:

(a) "Retirement" -- from an employer-employee job. "Retirement" for the Boomers and earlier was leaving that cradle-to-grave arrangement you had with an American employer, pension, paid over-time, etc. That concept of retirement died when those jobs went to China/India/etc.

(b) Leisure Time The older Boomers and their parents who got cabins, took cruises, went golfing, to the lake resort, etc. If people don't get leisure time any more, expect these industries to largely die. Who's going to be the next generation of people to take cruises, buy cabins? The Chinese?

(c) Multiple income streams. It is possible to retire TODAY, for anyone, in the complete sense of the word if you have multiple incomes streams. Rental properties, billboards, a route of vending machines, a laundromat or whatever other streams you have. If you draw enough cash from sources other than 9-5 M-F dayjob, you can retire at any time. So you might retire from a day job, but continue working for yourself. Or become a capitalist and let others work for you.

(d) The age at which you can draw SS, medicare, etc. This is a legal/political definition of retirement. And you can be certain that the powers-that-be will hoard the bennies to themselves and force Gen-X/Y to work until they're 90 if need be.

Empirically speaking, our society has never been so productive, automated. Robotics in manufacturing, global communications, etc. Strictly speaking, we should be LOWERING the retirement age. This "economic crisis" is simple thievery to squeeze more labor/time/life out of people sadistically, and for its own sake. We don't need as many people working today, period.
 
#51 ·
I guess what I'm driving at here is that "the day job" + Uncle Sam are like quicksand. Once you get sucked in, they never want to let you go. Only way to retire early is to become a capitalist and start your own business. If your income is tied exclusively to a boss or the government -- best of luck.
 
#52 ·
I will be 52 next month. I am now disabled and recieving a disability pension from my former employer and a small social security disability pension. I paid into social security from the time I was 16 working a part time job after school. I also paid into a mandatory pension at my last job also. I never thought I would be in the situation I am in now being disabled. Realistically, I know social security will likely not be here for me the rest of my life. I also know there is a high likelyhood that the former employers pension fund will not likely exist due to its investment in stocks and bonds. Knowing that I am not counting on either being here for me forever. I am trying to pay down debts and do my preps, hopefully I will be able to complete them before SHTF. I figure if I recieve them for about 5yrs longer I will have my money back that I paid in to them. It is sad that many people will not be as fortunate as I have been. I have known for some time that eventually something would happen to them and have been making plans accordingly.
 
#53 ·
No offense to anyone here with disabilities ..but in my last few years in banking I met many men and woman collecting early benefits that didn't have a dang thing wrong with them... They were able to walk at the theme parks on a weekday, mow the grass, walk the new puppies, go golfing, fishing and shopping, move around furniture and all sorts of other activities. Disability my butt..... Ticked me off... These people, and yes, I mean people, as in many played the system and will do so until the last check comes...
 
#57 ·
Yes, there are many whom take advantage of the disability system but it is no longer easy to get, even with supporting medical evidence. It took me 2 yrs to get my paltry social security disability. It took 120 days to get my employers disability pension. I am required to continue being seen by treating MDs everymonth and subject to review every 3 yrs. If someone is cheating the system SSA would love to hear from you. That being said depending upon what they were approved for some everyday activiites will not effect their continued receipt of disability. If they were approved for a mental condition cutting their lawn sports, etc are not prohibited. Me, I wish I could cut my lawn and play sports, if I could do that I would love to return to work. I made 3 times what I now get on disability when I worked. My life now is depressing to say the least. I was approved for a physical injury the result of an uninsured driver talking on his cellphone.
 
#56 ·
I'm still convinced that diversity is the key when things start being taken away and devalued. Pension funds are or will be insolvent. They will be broke when inflation and the weakening dollar eats them alive.

The last man standing will be the last man who has a little of everything.
 
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