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So there are lots of people here with big retirement incomes. Just wonder where you're getting it from. Private savings (or pensions - public or private). Please us know. Robyn
Is both a possibility? There are three possible legs.
Investments
Pension
Social Security
Actually, federal bankruptcy courts may reduce current pensions. Read any of the articles on Detroit. Federal law trumps state laws.
Quite true, but people who have a pension from a state, as opposed to a municipality or a county, can rest a bit easier because states cannot declare bankruptcy. Yes, Detroit is a scary case.
Detroit is nowhere near at a final conclusion either. I read the initial proposal is that pensions are paid out at 97%. Some think that the State of Michigan might be required to make up any difference also,
Quite true, but people who have a pension from a state, as opposed to a municipality or a county, can rest a bit easier because states cannot declare bankruptcy. Yes, Detroit is a scary case.
And we do! Stockton, CA and Vallejo are also cautionary tales. It is scary for those workers/retirees who are or may be impacted.
Quite true, but people who have a pension from a state, as opposed to a municipality or a county, can rest a bit easier because states cannot declare bankruptcy. Yes, Detroit is a scary case.
If any state/local government entity runs out of money - it runs out of money - whether or not it can declare bankruptcy. The old you can't get money out of a stone thing. After all - only the US government can print money - states can't. Which is not to say I have a clue what will happen - and I still own state GO muni bonds. Just saying...
Detroit is nowhere near at a final conclusion either. I read the initial proposal is that pensions are paid out at 97%. Some think that the State of Michigan might be required to make up any difference also,
The State of Michigan might do something voluntarily - but is under no obligation to do so. E.g.:
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. I personally have 2 out of 3 (SS and investments). Robyn
