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For those who believe the National debt is no problem you may think again, especially if you're are a federal employee.
"I will be unable to invest fully" the federal employees retirement system fund beginning Tuesday, Treasury Secretary Timothy Geithner said in a letter to Democratic and Republican leaders in Congress.
Treasury dips into pension funds to avoid debt - Yahoo! News (http://news.yahoo.com/treasury-dips-pension-funds-avoid-debt-limit-202850021.html - broken link)
People nned to wake up. What further proof do they need that there is no social secirity lockbox? If you rely on a pension, be it federal (miltary included), state, or union, have a contingency plan that it may not be there for you but absorbed and stolen when you go to collect. If you can get it under your control now, consult the necessary financial planners and do it!
People nned to wake up. What further proof do they need that there is no social secirity lockbox? If you rely on a pension, be it federal (miltary included), state, or union, have a contingency plan that it may not be there for you but absorbed and stolen when you go to collect. If you can get it under your control now, consult the necessary financial planners and do it!
It won't be *stolen* because of voter backlash. However, they can make it worth a whole lot less by printing money.
One older guy I worked with in my first job had been a successful exec at one company but kept working at the second company to an old age.
When asked why he hadn't retired yet he indicated that his first pension was based upon wages prior to the double digit inflation of the 70's and as such....was worth squat.
So, I'm not disagreeing with some of your advice but merely getting it out of the govts hands will not protect it unless you have it in inflation sensitive type investments but that comes with risks.
An annuity from some life insurer is IMO no better than a govt. pension. so don't go incurring transactional costs just to move your deck chair from the port to the starboard end of the titanic.
And those in DC will not even flinch at the thought of using Federal pension money to pay the bills.
They have a pot to syphon from now (they did this last time we ran out of money last year).
For those who believe the National debt is no problem you may think again, especially if you're are a federal employee.
"I will be unable to invest fully" the federal employees retirement system fund beginning Tuesday, Treasury Secretary Timothy Geithner said in a letter to Democratic and Republican leaders in Congress.
Treasury dips into pension funds to avoid debt - Yahoo! News (http://news.yahoo.com/treasury-dips-pension-funds-avoid-debt-limit-202850021.html - broken link)
The national debt isn't a problem because there is no actual debt. Da guberment prints money, just like the banks. The problem is what da guberment spends its money on. Taking money from Federal employees is actually a tax cut in real terms because real consumption for Federal employees will fall.
How soon before they actually start thumping the idea of grabbing OUR privately invested 401K, etc. retirement funds, and forcing them into Govt. Securities?!
Not to worry. The Republican's will find some way to cheat those workers out of their promised pensions anyhow, just as they've done in Wisconsin, Ohio and Indiana, among other places.
Oh, no ya don't! It's the Subversive communists in the White House that will do the cheating folks out of our pensions. They are the redistributors of money, remember? They'll take from us to give to some of the lazier among us.
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It's the Subversive communists in the White House that will do the cheating folks out of our pensions. They are the redistributors of money, remember? They'll take from us to give to some of the lazier among us.
