gcgang
Thinks s/he gets paid by the post
- Joined
- Sep 16, 2012
- Messages
- 1,571
I saw from a poll a couple of years ago that showed about 40% of FIRE participants say that their pension or defined benefit plan (not Social Security) is their most significant source of income.
While Detroit is a special case (single industry problems), I think it is the tip of the iceberg for underfunded benefits. The idea that one could work for 20-30 years, and then collect about 80% of your pay for the rest of your life, is being exposed as the ponzi scheme it is.
Everyone, especially elected officials, love to make promises now, that someone else has to pay for later. Later is here.
If you are receiving benefits, in light of what is happening in Detroit, do you feel worried about continuing to receive benefits?
How do you feel about beneficiaries having to settle for less than they were promised, because funding of benefits was not adequate?
While Detroit is a special case (single industry problems), I think it is the tip of the iceberg for underfunded benefits. The idea that one could work for 20-30 years, and then collect about 80% of your pay for the rest of your life, is being exposed as the ponzi scheme it is.
Everyone, especially elected officials, love to make promises now, that someone else has to pay for later. Later is here.
If you are receiving benefits, in light of what is happening in Detroit, do you feel worried about continuing to receive benefits?
How do you feel about beneficiaries having to settle for less than they were promised, because funding of benefits was not adequate?