Sunday, April 2, 2017

I hope your not counting on retiring

Math is hard

Are millions of Americans about to see the big, juicy pensions that they were counting on to fund their golden years go up in flames in the biggest financial disaster in U.S. history? When Bloomberg published an editorial entitled “Pension Crisis Too Big for Markets to Ignore“, it simply confirmed what a lot of people already knew to be true.  Pension funds all over America are woefully underfunded, and they have been pouring mind boggling amounts of money into very risky investments such as Internet stocks and commercial mortgages.  Just like with subprime mortgages in 2008, this is a crisis that everyone can see coming well in advance, and yet nothing is being done about it.

(snip)

So where are all of these pensions eventually going to come up with 6 trillion dollars?

That is a very good question.

Ultimately, even if financial conditions stay as stable as they are right now, a whole lot of people are not going to get the money that they were promised.

Most people have normalcy bias. They believe tomorrow will be like today or yesterday. They are unable to to shift their thinking even when provided with facts.

Most people in the US do not prepare for their future. They allow their biases to direct their thinking which directs their actions or lack of action.

I have written many times about the financial precipice that most people are on on yet I continue to see inaction.

If you are an adult you are responsible for you. Donald Trump is not going to bring industrial jobs back. If they come back robots will do them.

Bernie Sanders will not be able to steal enough wealth from the so called rich for free college and healthcare because there isn't enough wealth to steal.

I have political views but I do not let them cloud the facts. I need to earn and take care of the people who depend on me. Politics be damned.

Time to wake up and get your act together, the sand is running out of the hour glass.

What is your plan?

Remember Social Security will not save you.

2 comments:

Anonymous said...

In addition to math being hard, spelling is apparently, as well.

"Your" is not the same as "You're".

boubin2 said...

Thanks for the non response putz. Suffering from Asperger's?

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