The Coming Pension Meltdowns

[dhnorris]

The average in my trade is 17 checks after retirement and then lights out

 

[Indy317]

Cut these pensions and the fed will pay for them.

This is what will happen, so long as America as we know it is stays intact. The fact is, there is no money for $30K a year pensions, let alone $100K a year pensions that some states are giving judges and the like. Any police officer, fire fighter, teacher, state legislator, judge, or prosecutor that thinks their massive, life long pension will be there, at least at the levels that are being promised today, are in for a rude awakening. The era of pensions has now bankrupted many, many cities, towns, and states. It is all because of greed. You can't have a pension system tied to wages, with almost no controls or firewalls to prevent massive, unaffordable pension payouts. Pensions that pay $1,500 to $2,000 a month are one thing, pensions paying $4,000-$10,000 a month can't be maintained, not without massive taxation, which will only cause massive civil unrest, or a massive shift from folks willing to work, to folks wanting to just live on welfare.

 

[hip shot]

They might inflate their way out of it.

I have seen a Zimbabwe dollar bill that was real that said 100 Trillion on it. So you got 500m in your IRA by the time you retire and a Coke cost 25 billion.................