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Economic Insecurity Is Becoming The New Hallmark Of Old Age

Discussion in 'Central States Pension Fund Discussion' started by Freightmaster1, Apr 1, 2019.

  1. Freightmaster1

    Freightmaster1 Well-Known Member

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    Check this out!

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    "In the United States, economic security in old age was seen, for a long time, as both a social issue and a national obligation. From the birth of Social Security to the end of the 20th century, the common assumption has been that we have a shared responsibility to secure a decent retirement for our citizens. Yet that notion is weakening rapidly. Instead, we have started to hear echoes of the mantra of self-reliance that characterized welfare “reform” in the 1990s: You alone are in charge of your retirement; if you wind up in poverty in your old age, you have only your own inability to plan, save, and invest to blame.
    This is an unacceptable conclusion. To reverse it, we must ensure that workers who have spent decades saving for retirement through pension contributions—based on promises made to them by their employers—can rely on those commitments. Companies that go bankrupt should not be able to put their shareholders first and their employees last when debts are settled. The fiduciary responsibilities of banks and brokerage houses that supervise the investment portfolios of pension funds must be elevated, and the supervision over them by federal regulators made more robust."

    Economic Insecurity Is Becoming the New Hallmark of Old Age






    Economic Insecurity Is Becoming the New Hallmark of Old Age
    It’s time to face this country’s looming retirement crisis.

    :hissyfit:
     
    00mustang likes this.
  2. Jaloc

    Jaloc Well-Known Member

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    When my grandfather retired from Illinois Bell in 1984 he retired with a pension with COLA and company paid health insurance through retirement once common benefits what happened? Now everything keeps getting cut and age to collect pension increased you get a 401scam instead of a pension. All my parent's friends without pensions are stuck living in one bedroom apartments barely getting by on just social security or forced to live with their adult children.
     
  3. jimmy g

    jimmy g Kook

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    One major thing that happened was the IRS didn't like fully funded or overfunded pensions, shielded from taxation until collected. So the IRS had Congress change regulations that funds could not be overfunded. Plus, as companies closed, and modern medicine allows people to live longer, there are more retirees and less companies paying into the funds.
     
    buffalobill likes this.

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