Of course, this post cannot possibly live up to the hype of the headline. No, this is not an archive of “all sides” of the looming pension crisis.
But it is another account of what our world is facing with this topic. See the slide show above for an introduction with links to story content.
Authors Richard A. Marin and Robert H. Frank Global Pension Crisis is a lively, entertaining, yet terrifying book. Before you read very far into it you’ll realize that looming Boomer retirements are a ticking time bomb that threatens even those who have saved prudently for most of their lives. That’s because many millions of others will enter retirement with virtually no private savings. The second group, which is far huger than the first, will face unmet needs that governments will find politically impossible to ignore. And to meet those needs, we’ll need lots of additional tax revenue, which can only come from those in a position to provide it As Willie Sutton replied when asked why he robbed banks, “that’s where the money is.”
California’s state and local public pension crisis has festered for many years. PRI study California’s Pension Crowd-out (Winegarden 2016), traces the root causes of this crisis.) Simply put, California has consistently failed to make the required contributions to its public pensions while offering current and former employees costly benefits that grow faster than the state’s ability to afford them. The result is the persistent unfunded liabilities associated with California’s public pensions. This large, and growing, unfunded debt problem is visualized in these REPORTS.
There is a looming pension crisis in the U.S. that unless addressed quickly by the federal government could jeopardize the retirement security of hundreds of thousands—if not millions– of Americans. Multi-employer pension plans provide pension benefits to over 10 million Americans in industries as diverse as construction, mining, trucking, and retail and a significant number of these plans find themselves in seriously stressed financial condition. If these funds become insolvent—and the timeframe for that insolvency ranges from 2 to 8 years—the results could be devastating for retirees, for current employees, for the companies that contribute to the plans, and for the communities in which companies and beneficiaries reside. ▶ MORE
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