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Why would anyone rely solely on a pension in their retirement years? Isn't one of the first things we are taught when it comes to money management that we don't put all of our eggs in to one basket?
Savings is vulnerable too. The FDIC could put pressure on the government and call them to change the payout of dollars deposited .. We could get pennies on each dollar because many banks can still go under. The FDIC is a promise too and this can all change through legislation. It is simply robbery of the depositors.
Savings is vulnerable too. The FDIC could put pressure on the government and call them to change the payout of dollars deposited .. We could get pennies on each dollar because many banks can still go under. The FDIC is a promise too and this can all change through legislation. It is simply robbery of the depositors.
History is full of that, even here in the US.
FDR closed the banks and confiscated all the gold didn't he ?
The government needed it more than they did.
In the end, no one is going to take care of you but you.
Savings is vulnerable too. The FDIC could put pressure on the government and call them to change the payout of dollars deposited .. We could get pennies on each dollar because many banks can still go under. The FDIC is a promise too and this can all change through legislation. It is simply robbery of the depositors.
Congress, not the FDIC, determines FDIC limits and FDIC insurance premiums.
Congress increased the limit to $250,000 per account.
Institutional funds greatly exceed limits and therefore are not protected.
Institutions represent pension plans, retirement accounts, insurance company capital and so on. it was a global institutional bank run that triggered the meltdown.
Imagine the outcome if there had been no bailout loans/ guarantees.
Congress, not the FDIC, determines FDIC limits and FDIC insurance premiums.
Congress increased the limit to $250,000 per account.
Institutional funds greatly exceed limits and therefore are not protected.
Institutions represent pension plans, retirement accounts, insurance company capital and so on. it was a global institutional bank run that triggered the meltdown.
Imagine the outcome if there had been no bailout loans/ guarantees.
Today the FDIC can take I believe 17 years to pay your deposited money if the banks don't have it to give you.... this was stated by my financial adviser. Many old people would be dead in 17 years.
FDR closed the banks and confiscated all the gold didn't he ?
The government needed it more than they did.
In the end, no one is going to take care of you but you.
By the time FDR took office, thousands of banks had failed. At that time, there was no FDIC insurance. People lost their meager life savings.
Within 36 hours of taking office, FDR temporarily suspended all banking transactions, including transfers of metal.
Banks representing the majority of consumers were able to reopen within 15 days.
Subsequent, it became temporarily unlawful for anyone other than government to own gold, beyond personal jewelry. Most people did not own gold bullion.
The US spot market price for gold was substantially increased to encourage other countries and those who held bullion to sell it to the FRB at a substantial profit.
By the time FDR took office, thousands of banks had failed. At that time, there was no FDIC insurance. People lost their meager life savings.
Within 36 hours of taking office, FDR temporarily suspended all banking transactions, including transfers of metal.
Banks representing the majority of consumers were able to reopen within 15 days.
Subsequent, it became temporarily unlawful for anyone other than government to own gold, beyond personal jewelry. Most people did not own gold bullion.
The US spot market price for gold was substantially increased to encourage other countries and those who held bullion to sell it to the FRB at a substantial profit.
FDR had to raise money fast and confiscating gold was the only way.
Will we have something happen again as drastic ? Probably not but we will be looking at bail-ins and negative interest rates should another crash happen. That's already made into law.
Today the FDIC can take I believe 17 years to pay your deposited money if the banks don't have it to give you.... this was stated by my financial adviser. Many old people would be dead in 17 years.
17 years? I don't think so. I believe the federal law established by Congress, not the FDIC, is along the lines of "as soon as possible " after a bank fails. In reality this has been hours- a few days.
Is it possible that this communication confused FDIC statute with recovery of unclaimed property laws set at the state level?
Why would anyone rely solely on a pension in their retirement years? Isn't one of the first things we are taught when it comes to money management that we don't put all of our eggs in to one basket?
Sometimes they don't have a choice. Everyone's situation is different - and remember that not everyone has a pension. What are they to do if they couldn't save enough?
Quote:
Originally Posted by HappyTexan
You don't ..it's one of the 3 legs of retirement finances.
A 25 year old hearing this has years to plan around it. A 70 year old is already retired and receiving their money. What new planning should they do now ? Go out and get a job maybe ?
Good questions. Even SS is eventually going to be included in means testing.
Why would anyone rely solely on a pension in their retirement years? Isn't one of the first things we are taught when it comes to money management that we don't put all of our eggs in to one basket?
why would millions of people rely solely on Social Security in their retirement years?
why would millions of people rely solely on Social Security in their retirement years?
There's an entire generation that was assured, repeatedly, that their Social Security would take care of them in their later years. It was a time when gov't was still trusted. People worked hard, put their kids through school (without loans) and knew that one day they'd retire on SS. Nobody predicted the country's debt or the raiding of the SS fund by both parties (to use for other purposes) never to be replaced. Gov't owes seniors the money it took from the social security fund. It wasn't a gift to the gov't. It wasn't even a loan. It was 'theft by unauthorized taking'.
With the advent of IRAs and other similar investment options, and education about it, awareness grew of possibly the need for additional safety cushion in retirement. Many sought employment *because* there was a pension at the end of service. That would take some 20 years in most cases, and there was a generation of workers that didn't have that long left anymore. Those who were in the middle of their careers worked for that pension, assured that it would be safe and always there for them. Well, guess what. The gov't is reaching for that, too. It's like a hungry parasite living off its host.
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