It's time for a pension update from the pension apocalypse center here in Maddogslair at Stately Maddog Manor . . .
"One of the nation’s largest pension funds could soon cut benefits for retirees" - Newmark's Door
"What’s driving Illinois’ $111 billion pension crisis" - Newmark's Door
What happens in Puerto Rico won’t stay there
Pensions today are on the rocks, it really doesn't matter whether they be public, or private, they are pretty much in a state of collapse, and will leave millions with insufficient funds for retirement.
The solution is not to make retirement federal but to make retirement a blend of personal through IRA's and the like, employer through things like 401(k)'s, and 403(b)'s, and then add in the amounts paid into Social Security.
Social Security, or Savings, or a Little of Both
Those are fine ideas.
The real point here, however, is that pensions are in a shockingly dismal state, and even if you have a pension and it seems stable, you should take actions today to help protect yourself in case it suddenly finds itself in the same position as many of these other pensions.
We have written about this before.
Central States Pension Fund is essentially broke, and will need to cut payments to retirees . . .
"Government as we know it is likely coming to an end. We will need to replace it with something more functional, and soon. Please stay abreast of the blue model articles, you will need to make informed decisions on how to proceed, and they will allow you to be informed as you ponder the way forward."