Pensions lose $2 trillion

Congressional budget analyst says many workers may need to delay retirement

This is absolutely scary for anyone who is slated to retire in the next five to ten years . . . Link to story

WASHINGTON (AP) -- The top congressional budget analyst says pension plans have lost as much as $2 trillion in the past 15 months.

and so economy begins to slip from our feet.

Wow! Now I fear that I must warn my family, they will roll there eyes and ignore me of course..., but I still have to warn them about this.

[edit on 7-10-2008 by Maxmars]

Here's the thing . . . you've got Beck saying not to count on social security, your pension is devaluating by the day, there is talk of hyperinflation . . . you won't have enough money for groceries because a can of cat food will cost you half your weekly income, you won't have a car because you can't afford the gas and you can't get a car loan anyway, and you'll be SOL for a mortgage because, well, we all know what's going on there.

So, what's going to happen to our aging baby boom population?

Ah, nice way to make slaves out of people.

The politician: 'You won't be able to retire'
The serf: 'But... but, I worked HARD for 47+ years!'
The politician: 'Sorry, had to help out a few of my friends.'
The serf: 'But I'm 65 years old! I'll probably only live another 5!'
The politician: 'Back to work you go.'
The serf: 'Noo, I'm tired, I might die.'
The politician: 'You lose your home and food then. 47 years for nothing, eh? Off on the streets you go'

Unless people start seizing their vast trillions of ill-gotten wealth, be prepared to work until you die.

I can't believe there aren't more people out there scared out of their gitchies over this . . .

The American Dream is to retire young and enjoy the ride out . . . not work until you drop.

That's what it is going to be for anyone born in the boomer years. Mark my words . . . retirement just became as elisive as the Powerball Lottery.

I've been thinking of 'retirement' as a 20th-century concept, obsolete in the 'new era', for a couple of years now. The writing has been on the wall.

'Pension'? What's that? I would venture that most under-40 workers, with the exception of those working for the government, have never heard of an offer of 'pensions' from employers. If you're 'lucky', you get to buy into a corporate-sponsored 401K scheme.

Several times, in the last few days, I've been reminded of when I was railing against the 'Social Security Private Investment' plan a few years ago. I thought, at the time, it was in fact, more a government-sponsored insurance policy for Wall Street, to link public well-being to the necessity for a massive bailout, should one be necessary. Trimming the tail of concentrated chaos off a derivative unwind, so to speak.

I now think that was the plan, all along. Imagine the panic there would be right now if the Social Security 'Trust Fund' were currently heavily booked into Wall Street, sharing the slide. Yikes.

I'm on the tail end of the boomers, kind of figured that would be the case anyways...
I mean....as they reach the age of retirement, they will start drawing out of the social security, their IRA's and such....
and well, the younger generations just ain't gonna be able to "invest" the kind of money that would be needed to keep it all afloat.
just like well, by the time that I got to the age to work.....the labor market was filled with my older siblings and their friends....so work was hard to come by...

at least I have three kids who will probably look out some for me...

You mean they've already got 2 trillion bagged? Only 5 trillion more to go! Oh wait. I wanted to retire in 5 years.