Will baby boomers get their pension?

  • Thread starter Thread starter morganist
  • Start date Start date

Will baby boomers get their pension.

  • No they will get nothing.

    Votes: 8 22.9%

  • They will get next to nothing but something.

    Votes: 17 48.6%

  • They will have enough to live on.

    Votes: 6 17.1%

  • They will get everything they paid for.

    Votes: 4 11.4%
  • Total voters
    35
Quote from morganist:

I have been building a SHTF kit over the last couple of years. Do you think that gives me a better chance of survival?
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Morgan, just go and read the book "Wealth War and Wisdom" by Barton Biggs. He covers all bases of historical events when the SHTF whether you're wealthy or poor.

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"Biggs is no paranoid survivalist. He was chief global strategist at Morgan Stanley before leaving in 2003 to form hedge fund Traxis Partners. He doesn't lock and load until the last page of this smart look at how World War II warped share prices, gutted wealth and remains a warning to investors. His message: Listen to markets, learn from history and prepare for the worst.

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"The rich get complacent, assuming they will have time ``to extricate themselves and their wealth'' when trouble comes, Biggs says. The rich are mistaken, as the Holocaust proves.
 
Will baby boomers get their pension?

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Let me ask you this. Will Welfare continue for the poor? Gov't checks? Of course it will. People in Section 8 housing and getting welfare checks. Free rent and free money to keep the poverty industry busy.


If retirement pensions are middle class welfare, the pensions pay the property taxes, mortgages, auto repairs and new purchases. You think the gov't will end the pensions? This country would grind to a halt.
 
Quote from morganist:

I am 28 what will happen to me?
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Fer chrissakes, don't sit around saying what will happen to me.

YOU make things happen. Act not react. As you did post you sound like you're preparing.

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I am 28 what will happen to me? -------- You're going to go out into the middle of it and get first hand news, not hunker down and wait for shid to happen. Not at 28, maybe when you're 50 or something you can hunker down. You're life's just begining. Ha 28 -must be fun.:cool: :D
 
To all the baby boomers that sat back and let the corporations ship jobs overseas, not pay taxes like corps should, rape the grunts on the production lines by taking their bennies and destroying the Unions with scab labor that get paid dog shit wages............ And least we not forget the tax policy for the fat rich crooks that stole the money from society in general.

The baby boomers have no room to bitch, they made their own bed. If they get screwed, TOUGH SHIT!!

I will agree though that some muni, state, gov workers were way out of line by assuming the property and local taxes could always be raised to support bennies that are not in line with other workers in general. They just thought the cow could always be milked for more and more...............housing prices are in a deflation of severe magnitude with no end in sight, so the cow is running dry.
 
If you're worried where to invest. Go buy an annuity from the RC church. The Pope's been around a long time and ain't heard about Moody's down grading the Vatican.
 
Pre tax dollars for 401ks will be the thing of the past here shortly.

The possible NATIONALIZATION of the 401k may be the next move but not sure as that could spark the Revolution.

Federal Employees who are retired are, BY LAW, guaranteed their retirement. That will not change.

If your one of the many fools who have a 401k and have not cashed out to move the money, or continue to contribute to the 401k from your companies "choices" your fucked and a fool.

Plenty of ways to create an retirement account outside any worthless 401k, that is un- touchable by the US GOV through a umbrella of a trust. It is all post tax dollars in contribution however but who cares. The 401k game is over. But most are to stupid to see the writing on the wall.
 
Quote from shfly:

Close to 15 trillion dollars in private retirement accounts here in the US. Couldn't that money be "nationalized"? Or would the push-back from such a plan be too much, even for the democrats?

I'm now thinking about the millions coming into retirment age here in the US, with very small 401K/retirement accounts...The government will want to keep the masses passive, so take/re-distribute form the investing classes...

The democrats first aired this idea in the 1990's under President Clinton, but the republicians shut it down...

On May 18, 2011, a similar idea was introduced. Both democrats and republicians are sponsoring this new bill...



Wanted to add this info: (I don't know/follow the writer of this newsletter...It's from "Liberty's Outlook", May 31, 2011...Mainly about gold/silver etc.)...I copied this out of this newsletter:

US Government Takes Two More Steps Toward Nationalization Of Private Retirement Account Assets!

The slow process of the US government to eventually nationalize (seize) private retirement account assets recently took two more significant steps.

Many of you are already aware that back in the early 1990s there was discussion about changing private retirement accounts so that the US government could accelerate getting its hands on some of these assets. Back then the idea was to impose a onetime 15% tax on existing private retirement plan assets and a 15% tax on any new contributions to such plans in return for making later retirement distributions exempt from income taxes. This plan was being pushed by the White House and the Democrat-controlled Congress early during President Clinton’s first term. After the Republicans gained control of Congress following the 1994 elections, no further progress was made on this plan.

As long as a Republican was in the White House or at least one chamber of Congress was controlled by the Republicans, the idea of seizing private retirement account assets stayed dormant. However, I have continued to warn my readers that this multitrillion dollar pile of assets was too large for the US government to keep its hands off of forever.

The dormancy ended in anticipation that the Democrats would gain the White House and control of both chambers of Congress in the 2008 election. On October 7, 2008 the House Committee on Education and Labor held hearings titled, “Saving Retirement in the Face of America’s Credit Crisis: Short and Long Term Solutions.” The focus of the hearing was a presentation by Teresa Ghilarducci, an economics professor from the New School for Social Research.

Professor Ghilarducci advocated that, in the short term, “Congress let workers trade their 401(k) and 401(k) – type plan assets . . . for a Guaranteed Retirement Account composed of government bonds (earning a 3% return, adjusted for inflation).”

For her long term solution, she said, “I propose Congress establish universal Guaranteed Retirement Accounts.. . . Every worker (not in an equivalent defined benefit plan) would save 5% of their pay into their Guaranteed Retirement Account to which the government pays a 3% inflation-indexed guaranteed return.”

As part of the plan, at retirement the assets of the plan would be turned over to the US government, which would then pay an annuity to the retiree. The retiree’s heirs would not receive the residual assets upon the death of the retiree. To overcome public resistance, Ghilarducci advocated that this program begin as an optional and voluntary conversion to government accounts and annuities.

In effect, Ghilarducci was advocating a series of small steps that would eventually result in the US government seizing all private retirement account assets and replacing them with US government bonds, under the guise of “retirement income protection.”

The Democrats did take control of Congress and the presidency in 2008. So, in mid-September 2010 the Departments of Labor and Treasury held hearings on the next step toward achieving Ghilarducci’s goals. The stated purpose was to require all private plans to offer retirees an option to elect an annuity. The “behind-the-scenes” purpose for this step was to get people used to the idea that the retirement assets they had accumulated would no longer be part of their estate when they died.

Then the 2010 elections brought the Republicans back in control of the House of Representatives. As part of my Ten Fearless Forecasts for 2011 in the January 2011 issue of Liberty’s Outlook, I predicted “I suspect that further progress on nationalizing private retirement accounts will be slowed, but will not stop entirely.”

That prediction has now come true. In the political wrangling over raising the federal debt ceiling, the Treasury borrowed so much money that it exhausted its authority to borrow additional funds. In a purely political move, the Treasury has started borrowing funds from the federal employees’ retirement program in order to continue deficit spending in anticipation that the debt ceiling will be raised by August.

I can see the political argument now. “Why should federal employees be the only workers whose retirement assets are ‘temporarily’ loaned to the US government to help avert a fiscal crisis? Why not force private retirement plans to carry their ‘fair share’?”

But that isn’t the only new development towards the US government controlling private retirement account assets. On May 18, Senators Herb Kohl (D-WI) and Mike Enzi (R-WY) introduced the “Savings Enhancement by Alleviating Leakage in 401(k) Savings Act of 2011”, referred to in short as the SEAL 401(k) Savings Act. It is now Senate Bill 1020.

Senator Kohl noted that the 401(k) plans in total are currently underfunded by $6.6 trillion dollars needed to provide reasonable retirements to the retiring workers. This problem is getting worse because approximately 28% of the retirement plan assets consist of loans made to the beneficiaries. In today’s difficult economy, more people are seeking such loans and a growing number for these debtors are defaulting on repayment of these loans. These defaults are described as “leakage” that is reducing the amount of assets available to pay retirement benefits.

While this new legislation provides some extended repayment relief for those borrowers from their 401(k) plans who have lost their jobs, the basic point of the Bill is to restrict the ability of retirement plan beneficiaries to borrow against their future retirement benefits. For instance, Section 4 of the Bill prohibits making loans through the use of credit cards and other similar arrangements.

Make no mistake, the provisions of this Bill, under the pretense of supposedly helping to protect future retirement benefits, are really making it more difficult for people to gain access to what is supposedly “their assets.” If this Bill becomes law, it will be one more step toward putting private retirement plan assets under the control of the US government. Unfortunately, such a move is just one more bit of evidence of the US government’s bankruptcy and shakiness of the value of the US dollar.

The governments of Argentina and, I believe, Hungary have already nationalized (seized) private retirement accounts, so don’t think it can’t happen here.

These two steps toward nationalizing private retirement account assets are simply more reasons to do what you can to move your assets out of the US dollar and beyond the reach of the US government. Physical gold and silver in your direct possession are perfect alternatives to gain this self-protection.

It is legislation like this that is just one of the reasons I have advocated that people not establish Precious Metals Investment Retirement Accounts (IRAs). You are far safer holding your physical precious metals in your direct possession and control, rather than leave it in an account that I am concerned may be seized by the US government in a few years. If you hear of any coin dealer suggesting that you establish a precious metals IRA, that could be sufficient reason to avoid doing business with that company.

Here is another rather lengthy link, but just focus on the 401K talk...

http://www.financialsense.com/contributors/jim-willie/us-hurtles-toward-system-failure
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