Kentucky pensions possibly on the chopping block

a reply to: queenofswords

yeah, hence why I want my money in my pocket and not some group I've never met managing my future

/ scammed

a reply to: toysforadults

I'm surprised this doesn't happen more often.
CALPERS has had pension trouble for years.....although I think they didn't cut the pensions.

The city of Detroit cut pensions for their retired workers....and removed health care benefits totally for those retired.

The Teamsters had/has pension problems....although I don't think anyone got their checks cut.

a reply to: DontTreadOnMe

www.nydailynews.com...

California has no problems raising the cost of doing business or anything in their state and borrowing more money so they just roll with it

Most pensions in the country have unfunded liabilities there's about 1000 articles written on it. IBEW, Carpenters, Public pensions the list goes on and on

originally posted by: toysforadults
a reply to: queenofswords

yeah, hence why I want my money in my pocket and not some group I've never met managing my future

/ scammed

Always ask who is managing your money.
Go to the meetings pertaining to discussions re pension funding.
Research the company and their associations that were chosen to handle and manage your investment.

Public pension funds (educational systems, public/government systems, etc.) should always be watched closely. Some of these asset/equity managers get the contract because of connections.

It just "LOOPS" all around the country.

originally posted by: toysforadults
a reply to: ZombieZygote

The fact that people can pay into a pension for their entire career, only for deceptive and greedy governments to yank it before they can even receive it is appalling and criminal.

why are 18 year old students alleged to be responsible enough to know that they are getting sold a false bill of goods but you're not responsible enough to do the math on your pension to know it's not going to work?

who gives up their power ($$) to the state so they don't have to actively invest themselves? why?

I would much rather you put that money in my pocket and let me determine my own future

There are some really good reasons to bargain for an employer funded pension. One is that you get to invest tax free money. If the employer pays in $100 toward your pension, the whole $100 gets invested for you. If you take the $100 as pay to invest yourself, you pay taxes on it. So, federal tax, state tax, FICA and employment taxes are taken out and you have maybe $65 to onvest, instead of the $100. Another reason is that big money usually gets big returns. You get to pool your $100 with the $100 of, say, 100,000 other employees. So you go to invest 10 million dollars instead of 100 dollars. People pay attention to millions and will pay more to borrow it. The problem is that $10 million is very attractive to theft minded legislators. They can bray about balanced budgets balanced on the backs of the employees whose money they stole.

a reply to: F4guy

so is that better than buying a house, turning it into 3 apartments and renting it out?

how do you know where the money was spent, have any links?

originally posted by: CharlesT
Not Ky. but it's no wonder pensions are going bust. The Parkland school resource officer is only knocking down $8,700.00 a month in retirement pension. Governments have been giving away the farm for years now without any regard to the long term ramifications of their unrealistic financial policies. The guy knocked down $101,000 his last year including overtime and enjoys a lucrative pension now. Stupid politicians!

www.cnn.com...
Parkland school resource officer decried as coward gets princely pension of $8,702 a month

The same was happening in California. People are moving over to California for their final years, maxing out their pension fund payments, then going out of state to retire. This was set up by Gray Davis with the best of intentions, no cronyism, or attempt to bankrupt the state, but just something that seemed fair.

We had the same problems in the UK over decades. First the stockholders demanded that the companies let them "skim off" the pension fund surpluses (which back then were actually reinvested into the stock market). So both the stock market and the pension schemes collapsed. Then what pension funds were still left, were raided in the name of "wealth redistribution". They too collapsed. Now only the public sector employees have pension funds.

a reply to: toysforadults

On the right track there mate.

Cant go wrong with gold. just keep in mind that the value of gold does not increase.

Only the price does and when it does, its telling you by much the currency has deflated.. meaning it takes more dollars to buy one once of gold.

That's the good thing about gold. its a store of value, once you own it you never have to worry about inflation.

originally posted by: toysforadults
a reply to: F4guy

so is that better than buying a house, turning it into 3 apartments and renting it out?

/quote]

It is if the house is in a location where tere are no operating schools because all the teachers quit when the legislature stole their pensions.

originally posted by: Azureblue
a reply to: toysforadults

On the right track there mate.

Cant go wrong with gold. just keep in mind that the value of gold does not increase.

Only the price does and when it does, its telling you by much the currency has deflated.. meaning it takes more dollars to buy one once of gold.

That's the good thing about gold. its a store of value, once you own it you never have to worry about inflation.

oh for sure that's why I'm not into currency investments I want real physical assets that you can see taste and touch, it needs to hold or produce value if it's none of those I'm not buying it

a reply to: toysforadults

If memory serves, even with new teacher hires going on a 401(k)-style system versus a pension, the state is still willing to match their contributions up to (I think) 18%.

They're still throwing stupid fiscal decisions in there, even if the swapping of the system is appropriate.

Government: Always half-assing good decisions.

All 4 of my grandparents retired in the 80's with full pensions. I don't see how cutting benefits for the working man is a good thing. My grandparents fought and worked hard for the rights they had in the workplace. Too bad most American's now won't know what it's like to retire. Over the past 30 years I watched everything my grandparents fought for get systematically destroyed.