Pensions Timebomb In America – “National Crisis” Cometh
– America’s underfunded pension system is “not a distant concern but a system already in crisis”…
– Tax may explode as governments seek to bail out insolvent pension plans
– Illinois, California, New Jersey, Connecticut, Massachusetts, Kentucky and eight other states vulnerable
– The simple mathematical mismatch at the heart of the pension crisis…
– Why the pension crisis really is “America’s silent crisis”…
– Pensions timebomb confronts Ireland, UK and most EU countries
http://news.goldseek.com/GoldSeek/1498827600.php
So why are you not stacking precious metals?
The uk has a state pension, provided for from future taxation. As demographics change and people live longer, it will be harder and harder to maintain. There have been steps to increase the age at which you are entitled to it, but decreasing the value or delaying it is a really hard political sell and all parties are now shying away from this!
Sorry I could not get back to this but y'all are doing a great job. This is how a community should work everybody working together. Thanks a lot for taking care of things here.
Sounds like social security here in the US. I don't expect the program to even be around when I retire.
In the UK it used to start aged 65 for men and 60 for women. It is now being adjusted to 67 for all:
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/310231/spa-timetable.pdf
But this wont be enough. I expect it to continue to rise, however, any reduction in value is a real difficulty. Pensioners vote, more than any other age group, so for any political party to cut their benefits is extremely difficult. Possibly a cross part imitative would work, but as the left wing did much better than expected in the recent election, this is unlikely in the foreseeable future!
Thanks for all your input David @dwhntx
Thank you @grizgal for starting this great conversation.
NP. I think the issue is the same across the developed world and is a by product of a debt based economy. Money seems to be free, so Govts borrow more (or print more), burdening the next generation with how to pay for it all. Its an issue for right and left, but politicians need to borrow to pay for all the goodies they promised, which got them elected!
I just read this morning that Illinois is buying art as they are in the middle of this huge budget crisis.
cant stop leftists and corruptocrats from BEING leftists and corruptocrats
Thanks you also @stevescoins for all your input.
So true. As long as they can keep doing what ever the hell they want then it doesn't matter what is going on around them.
politicians have always been corrupt, but there was a time when they didn't leech their society to death
I can't tell if this generation of political parasites ( and the one before it) are too stupid to realize what they are doing, or too greedy to give a damn
I believe it is a total lack of morals and they probably know damn well what they are doing.
Why am I not stacking precious metals?
I'm too busy...
paying rent
buying food
paying bills
supporting my family
dealing with life
working every hour I can
stacking precious metals is a luxury many of us can't afford.
All we can do is hope the retirement scheme last long enough that we are dead before it implodes.
I am one of the aging Americans with insufficient 401K due to being a homemaker & divorced after 20 years of marriage. Im very concerned about my future income. Resteemed.
Yeah, many of us are caught in that. You are doing one thing by getting involved in the conversation. all of this stuff is so complicated and knowing what to do to best prepare for your needs is very difficult. Just stay involved and I do wish the best for you.
Thank you... I really don't know what to expect...
Great post
Thanks truthseAker!
Command, you shall have silver copper and gold. How then could you make for me a meeting spot? Ha ha
Precious metals are just that! Precious. Everyone should have a reserve no matter what.
Exactly! That is why the #steemsilvergold community is here. Welcome to the neighborhood. I looked at your blog and it is very nice. I am now following you.
ncie upvoted @anothervoice
:-)