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No way in hell you're getting your pension

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posted on Aug, 8 2010 @ 04:25 PM
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The FINAL COUNTDOWN has begun. And by final countdown to what, it's the final countdown before people riot in the streets.

NO PENSIONS ARE GONNA BE PAID.

Page 2


* Unfunded pension liabilities are approximately $2.5
trillion, compared to the reported amount of $493 billion.

* Unfunded liabilities for health and other benefits are
$558 billion, compared to the reported $537 billion.

* Thus, total unfunded liabilities for all benefit plans are an
estimated $3.1 trillion — nearly three times higher than
the plans report.


Those numbers are insane. They lied on such a scale it's insane.

To explain clearly from the same link..

To put these liabilities in context, state and local govern-
ments’ reported unfunded obligations under pension and
other benefit plans amounting to 7.1 percent of U.S. gross
domestic product (GDP) in 2008. When adjusted using a
more appropriate discount rate, however, states’ unfunded
obligations were 22 percent of U.S. GDP. All but 10 states
and the District of Columbia have total adjusted unfunded
liabilities above 15 percent of their state GDP, and four states
— Alaska, Hawaii, New Jersey and Ohio — have adjusted
unfunded liabilities above 35 percent of their state GDP.

Now if those were to be paid, you know what that would mean? 3.1 trillion/year just to pay for pensions.

Total income for the US government in 2010 were around 2.38 trillion.


I think no word exists in the english language or any language for that matter to explain how screwed the US is.

Pensions? What pensions?


As a result of this, more people will have to work past their ``retirement`` age, meaning more people are gonna be unemployed, especially the young ones entering the job market. Or people will be retire... with no income... more homeless people. Or they gonna have their income cut or their medical benefits cut.

This is just bad all around.

Or Obama could raise taxes by 30% all across the board.


[edit on 8-8-2010 by Vitchilo]




posted on Aug, 8 2010 @ 04:36 PM
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Sad. But then why would government workers expect to be any different that all the rest of the millions of Americans who lost their pensions? I hope it doesn't happen to them, that they find the money somehow or things pick up, but it's a cloud we're all living under. Everyone's Social Security is a big ? too.

Along these lines too, more and more people I know are taking their 401K money out, taking the penalties, and stashing it. Wonder if that's a growing trend too. It's all a huge downward spiral.



posted on Aug, 8 2010 @ 04:48 PM
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Originally posted by ~Lucidity
Sa

Along these lines too, more and more people I know are taking their 401K money out, taking the penalties, and stashing it. Wonder if that's a growing trend too. It's all a huge downward spiral.


Where are they stashing it? In their mattress? Or cd's at the bank? It is terrificly stupid to pay penalties on money you don't need to spend. Most 401'k plans are required to have a stable value option. What you describe is simply stupid panic.



posted on Aug, 8 2010 @ 04:54 PM
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reply to post by sligtlyskeptical
 



What you describe is simply stupid panic.

Yeah panic that saved them tens of thousands of dollars if they did this pre-crash in 2008 as many did.

In other news, this whole thing will create a big mess for the economic, political and sociological stability of the country.

[edit on 8-8-2010 by Vitchilo]



posted on Aug, 8 2010 @ 04:57 PM
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ATS retirement investment plan:
  • Gun - and adequate personal training
  • Food - 2 month supply
  • Cash - 1 year of living expenses
  • Gold - equivalent of 2 years of living expenses
  • Bonds - 5 years of living expenses
  • Stocks - Personally maintained portfolio

Start with the first item; don't invest in the next item until you've completed the previous ones.

Nowhere on this list is: "trust collective organizations to have our best interests in mind, and expect they'll keep their promises."



posted on Aug, 8 2010 @ 05:03 PM
link   
reply to post by Ian McLean
 


Good list.

Only 2 months food supply? I have a year. You could also add medical supplies... any that's another topic.



Nowhere on this list is: "trust collective organizations to have our best interests in mind, and expect they'll keep their promises."

Indeed. That would make you a sucker, a sheeple, an ignorant fool.



posted on Aug, 8 2010 @ 05:09 PM
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i don't plan on living long enough to see a pension. if i have money I'll spend it, after all you could be hit by a bus tomorrow. and by the time I'm old enough the pension age will probably be a hundred anyway or gone completely. my best hope is winning the lottery and if i did my life expectancy would lower to a week but it would be one hell of a party



posted on Aug, 8 2010 @ 05:33 PM
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What usually happens to pyramid schemes?
I don't think that they intend to let most people live long enough to collect.
IMHO bills like Obamacare and S510 are ultimately designed to make sure that people don't make it to the required age.
Unless of course, you are in that special group that deserves a long happy life.


The life expectancy gap between rich and poor people in England is widening, despite years of government and NHS action, a hard-hitting National Audit Office report reveals



Michelle Mitchell, charity director at Age UK, said the big gap in life expectancy had to be tackled in the light of the government's intention to increase the age at which people can draw the state pension.



socialismoryourmoneyback.blogspot.com...
S510
www.rense.com...

[edit on 8-8-2010 by Danbones]

[edit on 8-8-2010 by Danbones]



posted on Aug, 8 2010 @ 05:56 PM
link   

Originally posted by Danbones
What usually happens to pyramid schemes?
I don't think that they intend to let most people live long enough to collect.
IMHO bills like Obamacare and S510 are ultimately designed to make sure that people don't make it to the required age.
Unless of course, you are in that special group that deserves a long happy life.


The life expectancy gap between rich and poor people in England is widening, despite years of government and NHS action, a hard-hitting National Audit Office report reveals



Michelle Mitchell, charity director at Age UK, said the big gap in life expectancy had to be tackled in the light of the government's intention to increase the age at which people can draw the state pension.



socialismoryourmoneyback.blogspot.com...
S510
www.rense.com...

[edit on 8-8-2010 by Danbones]

[edit on 8-8-2010 by Danbones]


Are you doubtful that 'obamacare' is in your best interests?

I have a very dim view of the medical community in general. This thing must be like standing up under machine gun fire, at basic. New tech, new diseases.



posted on Aug, 8 2010 @ 06:06 PM
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Incorrect! The $3.1T is the lifetime benefit of the sum of those eligible contributors in the fund, not the annual shortfall . Example: John is fully vested in his state pension and will receive $20K a year from pension. According to actuarial tables, John should live for 17 years collecting pension. The liability for John from the state is therefore $20K a year multiplied by 17 years equalling $340K. This is done for every "employee" vested in the system. The "Total unfunded liability" represents the total shortfall of the pension fund to pay out based on amortized time value of money given a specific annual interest rate (usually around 3 to 5%) and NOT the annual shortfall.

Make sense?

At any rate, still HORRIBLE news!


Thank God for my 401K which has lost more than have its value since beginning contributions in 1994. I would have been better burying my money in a coffee can in the backyard!



posted on Aug, 8 2010 @ 06:16 PM
link   

Originally posted by sligtlyskeptical

Originally posted by ~Lucidity
Sa

Along these lines too, more and more people I know are taking their 401K money out, taking the penalties, and stashing it. Wonder if that's a growing trend too. It's all a huge downward spiral.


Where are they stashing it? In their mattress? Or cd's at the bank? It is terrificly stupid to pay penalties on money you don't need to spend. Most 401'k plans are required to have a stable value option. What you describe is simply stupid panic.

Actually, a lot of it has to do with how much money people lost on them. In addition, word got out that some people who got in trouble on their mortgages did not qualify for any of the programs if they had any assets, like savings and even 401Ks. Loopholes or the mortgage companies or banks misinterpreting guidelines? I don't know. But these people decided that they didn't want their money there anymore. Some are actually stashing in under their mattresses, so to speak. Others are going for CDs in small local banks. A few gave the money away to relatives. Stupid panic or not, sounds like it's happening.



posted on Aug, 8 2010 @ 06:32 PM
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I've had time to read deeper in the document...

From June 2008 to December 2009, the whole pension thingee lost 13% of it's assets. Less assets : less interest : less total payouts.

Of course if the stock market takes a dive again, it's gonna happen again.

And the 3.1 trillion unfunded liability is just one of the models. It could be as much as 5.2 trillion according to another model...

But of course the FEDs could do a bailout... after all, what's a few more trillions?


They gonna raise taxes on private businesses, self-employed people and people working at private jobs to pay their government pensions... just you watch.

Let's do maths for a second...if someone is contributing 5% with his salary of 75.000$ per year, it means it puts 3.750$ in the pool. He works for 25 years, that makes 93.750$. If you put it at 5% interest for 25 years, you end up to around 200.000$.

Now when you take your retirement at 80% pay, you get all your contributed in less than 3 years. After that, it's on the taxpayer... so yeah this whole thing is a scam.

The question is... why people bought in this BS in the first place?

But eh, don't worry, China will be happy to pay for the retirement of americans.

People will start to sue for fraud, judges will make the states pay, states will go bankrupt. Or a bailout. Or hyperinflation. Or multi-trillions deficits.

[edit on 8-8-2010 by Vitchilo]



posted on Aug, 8 2010 @ 06:42 PM
link   

Originally posted by Vitchilo
The FINAL COUNTDOWN has begun. And by final countdown to what, it's the final countdown before people riot in the streets.

NO PENSIONS ARE GONNA BE PAID.

Page 2


* Unfunded pension liabilities are approximately $2.5
trillion, compared to the reported amount of $493 billion.

* Unfunded liabilities for health and other benefits are
$558 billion, compared to the reported $537 billion.

* Thus, total unfunded liabilities for all benefit plans are an
estimated $3.1 trillion — nearly three times higher than
the plans report.


Those numbers are insane. They lied on such a scale it's insane.

To explain clearly from the same link..

To put these liabilities in context, state and local govern-
ments’ reported unfunded obligations under pension and
other benefit plans amounting to 7.1 percent of U.S. gross
domestic product (GDP) in 2008. When adjusted using a
more appropriate discount rate, however, states’ unfunded
obligations were 22 percent of U.S. GDP. All but 10 states
and the District of Columbia have total adjusted unfunded
liabilities above 15 percent of their state GDP, and four states
— Alaska, Hawaii, New Jersey and Ohio — have adjusted
unfunded liabilities above 35 percent of their state GDP.

Now if those were to be paid, you know what that would mean? 3.1 trillion/year just to pay for pensions.

Total income for the US government in 2010 were around 2.38 trillion.


I think no word exists in the english language or any language for that matter to explain how screwed the US is.

Pensions? What pensions?


As a result of this, more people will have to work past their ``retirement`` age, meaning more people are gonna be unemployed, especially the young ones entering the job market. Or people will be retire... with no income... more homeless people. Or they gonna have their income cut or their medical benefits cut.

This is just bad all around.

Or Obama could raise taxes by 30% all across the board.


[edit on 8-8-2010 by Vitchilo]


The public pensions both federal and state are underfunded big time. In fact if you want to see the first cracks there's a county in Alabama or Tennessee that has stopped paying county retires because of bad investments they don't have anymore money. What I see happening in the very near future is that the states will cut benefits an layoff people, and this will also happen to the federal govt. too. You see the federal govt. can't bailout the states on this because it's just to much damn money. We have pushed this fiscal trainwreck down the road for so long, now we are at the end and it's going to happen. You even have mike pence on television today talking about cutting Social Security benefits for future retirees. What he may or may not know is that SS won't last for another 3 decades. What he really meant to say but wouldn't because it's political, is that benefits for retirees across the board will be cut.

We are going to be forced to take our fiscal medicine and it will be nasty, truly nasty.



posted on Aug, 8 2010 @ 06:46 PM
link   
reply to post by kozmo
 


Now you should read that little article from CNN from last year.
Commentary: Why your taxes could double

To help put things in perspective, the Peterson Foundation calculated the federal government accumulated $56.4 trillion in total liabilities and unfunded promises for Medicare and Social Security as of September 30, 2008. The numbers used to calculate this figure come directly from the audited financial statements of the U.S. government.

56.4 trillion$ in unfunded promises. That was in 2008. Just before the crash. What do you think it is now?

From the same website the data came from this thread...
Social Security and Medicare Projections 2009
Liabilities of around 107 trillion$ for this.

This problem ain't just about pensions, it's also about social security and medicare.



posted on Aug, 8 2010 @ 06:55 PM
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reply to post by Vitchilo
 


Oh, believe me, I KNOW!!!
I was merely attempting to stay on topic with respect to pensions. Yes, our under-finded liabilities number upward of $50T - that "T" as in TRILLIONS of dollars!!!

See what happens when you buy into a ponzi scheme? Early in and get something out, last in and get screwed!!! We are truly and completely screwed. Not only will my generation not see a dime of what we have put in, but my generation will continue to fund the hubris of previous generations. Quite frankly I find it pure and unadulterated Bull[snip]!!!



posted on Aug, 8 2010 @ 07:17 PM
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reply to post by kozmo
 


Indeed it's all a joke and no way our generation is getting anything.

My point with this whole thread is that, if they lied about the government pensions numbers by 3 to 5 times the real amount of unfunded liabilities... what are the real numbers of medicare and social security unfunded liabilities? Instead of a hundred trillions it's 125-150 trillions or worse?

I'm kinda scared now.




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