Pensions unsustainable; Every one that looks at this agrees! August 18, 2009Posted by shaferfinancial in Finance.
Tags: government pensions, pensions unsustainable, prepare for a loss in your government pension
As regular readers know I have commented on this fact many times before. Here are some comments from California that are dead on. If you don’t live in California don’t think you are immune. This is a problem every place. I have contacted my local politicians and begged them to open up the discussion to no avail. The benefits for police and fire are bankrupting cities all over the US. Something will be done, but not until a crisis happens. There is simply no way most politicians are going to be able to increase taxes to cover these pension commitments, so the only other way to deal with it is to break promises. If you are relying solely on a pension from a city or county or even a state in some cases you need to be prepared for this possibility. The numbers don’t lie!