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Frence pension problem is real, and it's going to be a US issue soon.

Mai72

Mai72

Lifer
What most people don't know is we have a real pension crisis happening today. WallStreet has siphoned off billions of dollors in exorbitant fees, and they are making risky investments with people's pensions. Politicans who know nothing about money are giving the vault keys to hedgefund managers who are laughing all the way to the bank with your money. Billions are being siphoned off, and most people don't even realize what's happening. They think that they are guaranteed that money for life, but the reality is they are going to be in for a rude awakening. Rhode Island is currently going thru a very big pension issue as well. https://www.providencejournal.com/opinion/20190504/editorial-unfathomable-pension-debts

So, I've always been a proponent of not relying on the government for anything. Most people are just ignorant about investing, and it's a shame because we are headed for a crisis. WallStreet destroyed the subprime market back in 2007/08. The truth is Wallstreet is going to do the same with the pension program as well. It's funny how many police and firemen support Trump, but he's very good friends with the crooks who are stealing pension money right from under thier noses. Trump's buddy Rod Blagojevich stole millions from the pension system and will probably be pardoned by Trump in the near future. The truth is Wallstreet wants your pension. Period. And, they will get it especially if Trump is reelected.

You can watch this video by Robert Kiyosaki (Rich Dad Poor Dad) with Ted Siedle who wrote a book together "Who Stole My Pension." Yea, the video is a big push to sell their book but it's still a very interesting watch. They also talk about the disadvantages of having a 401k as well. Truth is most Americans with a 401k only have on average $50-60k saved. That was shocking to hear. Whether you hate Robert and think he's a scam artist or like his work, I think the video is worth checking out IMO. Thanks.

www.theguardian.com

France strikes: nurses, teachers and lawyers join pension protests

Dozens of schools close and rail services severely hit as demonstration enters 36th day
www.theguardian.com www.theguardian.com

 
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Many years back when I was first forced to create a Pension savings account, the company I worked for had this deal A or deal B .. both of them was including x y and z insurances ... I mean I could not opt out of these extras and I could not opt out of the deal altogether (on top of that they charge an annual fee to "handle" your account). So I went with B and withdrew the whole thing the day I left the company. Fuck that. I dont roll a pension savings account to this day. I have other savings but not pension. I smelled scam back then I smell scam today. Nope. Nope nope nope nope nope nope nope nope nope .
 
cytg111 said:
Many years back when I was first forced to create a Pension savings account, the company I worked for had this deal A or deal B .. both of them was including x y and z insurances ... I mean I could not opt out of these extras and I could not opt out of the deal altogether (on top of that they charge an annual fee to "handle" your account). So I went with B and withdrew the whole thing the day I left the company. Fuck that. I dont roll a pension savings account to this day. I have other savings but not pension. I smelled scam back then I smell scam today. Nope. Nope nope nope nope nope nope nope nope nope .
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Yea, I work in a school system and it just amazes me that no one understands this. You should be aware of the issues that we are facing now. The issue in France should be a real wakeup call for anyone who has a pension. What also I'm amazed at are the people who manage the pensions. I'm not talking about WallStreet hedge fund managers, but the average school teacher, police officer, fire fighter who knows NOTHING about money. Hell, I probably know more about money then they do. They have the financial IQ of a 10th grader, and WallStreet knows this. So, they are preyed upon by unscrupolous hedge fund managers who only want to line their pockets. They enact ungodly fees and make risky investments. In the mean time your money is being squandered away. Crazy IMO.
 
Indeed. Fund managers jobs is to make money, just not for you, well as a secondary byproduct it is, and would be, if supply and demand worked in this business. Government oversight and regulation. Its all common folks have vs. mega corps intrinsic moneymaking designs.
 
The concept of retirement should be covered through Basic Income, and the affordable living that would follow if we deal with housing. Anything above that should be the sort of gravy that the private sector works out, for better or worse. I love the free market, I just want it balanced so when people screw themselves over there is still a robust safety net in place to ensure they NEVER go homeless or hungry.
 
401Ks are probably safer than pensions if you are able to invest in low-fee index funds, mainly because the Fed will keep the stock market levitated through low rates. I'm worried about pensions because it aint the 70s or 80s anymore. You can't invest in treasury bonds and get a easy 15+% annual return.

The pension funds are so yield starved in this low interest environment they are investing in asset backed securities which have all kinds of crap packaged up like auto loans, which is just a giant bubble ready to burst.
 
Jaskalas said:
The concept of retirement should be covered through Basic Income, and the affordable living that would follow if we deal with housing. Anything above that should be the sort of gravy that the private sector works out, for better or worse. I love the free market, I just want it balanced so when people screw themselves over there is still a robust safety net in place to ensure they NEVER go homeless or hungry.
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And it will happen when cute unicorns can carry us to the other end of the rainbow for that magical pot of gold called basic income,

but here is the real reason of why you never have and never will attain such a nirvana through any type of man made system,

profit only matters and greed is good along with the rampant polluting throwaway, self entitled consumerism mentality that is brainwashed into the populace so they can feel rich buying the latest and greatest while actually enriching the few and polluting the planet while sinking into perpetual debt.

The closest imperfect society I have seen of people looking out for their neighbors and achieving something close to what you think you want is the Amish and even they let their children go out to the world during rumspringa to decide if that is what they really want because they realize the denial of self for the good of society is too much for some.

Unless you are willing to wash your neighbors feet when needed and they in turn wash yours when needed, this type of Star Trek Shangri-la utopian society is nothing more than a fantasy along with the kinder gentler trickle down known as basic income, and beware the politician that tries to sell it to you as reality.
 
alcoholbob said:
401Ks are probably safer than pensions if you are able to invest in low-fee index funds, mainly because the Fed will keep the stock market levitated through low rates. I'm worried about pensions because it aint the 70s or 80s anymore. You can't invest in treasury bonds and get a easy 15+% annual return.

The pension funds are so yield starved in this low interest environment they are investing in asset backed securities which have all kinds of crap packaged up like auto loans, which is just a giant bubble ready to burst.
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What about S&P500 backed annuitys?

I'm sensing a bubble.
 
1prophet said:
profit only matters and greed is good along with the rampant polluting throwaway, self entitled consumerism mentality that is brainwashed into the populace so they can feel rich buying the latest and greatest while actually enriching the few and polluting the planet while sinking into perpetual debt.
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I disagree. You can enjoy capitalism and still be socially conscious. Its possible. Scandinavia is doing it.
 
I don't know why it is even allowed to "invest" in anything other than high quality bonds with pension funds.
 
My employer has ties to the state govt retirement system. I was offered to be a part of it, but you had to be vested. I was 21 and didn't think I'd be working for the same outfit that long...so I took the corporate option.... basically a 401a savings plan they drop 10% in. I have a 401k as well that I invest in.

I was also afraid the pension would be mismanaged and it wouldn't support the boomers as they take life-long annuities. Just seemed too good to be true to last 50 years....but maybe I was wrong. They seem to be thriving compared to other state systems.
 
Jaskalas said:
The concept of retirement should be covered through Basic Income, and the affordable living that would follow if we deal with housing. Anything above that should be the sort of gravy that the private sector works out, for better or worse. I love the free market, I just want it balanced so when people screw themselves over there is still a robust safety net in place to ensure they NEVER go homeless or hungry.
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That sounds suspiciously like something Jesus would support.

LOL, just kidding, if they were worthy they wouldn't be poor in the first place!

/s
 
nakedfrog said:
That sounds suspiciously like something Jesus would support.

LOL, just kidding, if they were worthy they wouldn't be poor in the first place!

/s
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Wrong

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Pension dependence is essentially for the mentally retarded.

"I'll trust YOU to do with my money as you best see fit. I trust you!"

Sure bud, sure.



It's the same thing as depending on social security for your retirement. In this case (and plenty of other pension problem cases) it's problems related to money that is promised that was essentially never there. They were never paid by the employees, but were promised interest rates that no reasonable investor would ever promise.

Listen to this video around ~33:30. It's exactly what I'm talking about.
 
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Jaskalas said:
The concept of retirement should be covered through Basic Income, and the affordable living that would follow if we deal with housing. Anything above that should be the sort of gravy that the private sector works out, for better or worse. I love the free market, I just want it balanced so when people screw themselves over there is still a robust safety net in place to ensure they NEVER go homeless or hungry.
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Except people that depend upon such would always complain.

Who defines what homeless is? People these days are demanding that minimum wage be enough to affordably have a 2 bedroom apartment complex to yourself. As someone that had to do it during harsh times - I think living in a shared 4 bedroom apartment is entirely reasonable. God forbid you live with other people.

Who defines what hungry is? If we give someone a mulch sized bag of rice and a mulch sized bag of beans - any reasonable person could live off that for... literally months. It requires this crazy thing called "cooking" but it is still very well be true.


I'm not saying what the right caliber is, but that's what I'm asking you - what is "enough" for food? what is "enough" for housing? Would it be nuts to say that REGARDLESS of what you provide, you will forever continue to receive complaints? Regardless of how financially irresponsible it might be?
 
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