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dfelt

Ford's Leaky Pension should have people Nervous!

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dfelt    1,782

Forbes has released a story that touches many people in that it brings to light the pension short fall that is affecting Ford.

http://www.forbes.com/sites/joannmuller/2013/01/31/fords-leaky-pension-boat/

To quote the story: "Last year, Ford contributed $3.4 billion to the plan, yet the shortfall grew to $18.7 billion, up from $15.4 billion. It’s planning to contribute another $5 billion this year."

The story goes on to talk about how the top 100 companies in this country have a shortfall of $417 Billion due to the pension funds and most if not all are looking for ways to get out of having to deal with it. GM was able due to their bankruptcy and moving the pension over to Prudential Insurance turn it into a yearly basic payment of 2.6 Billion to purchase the Annuity plan to cover and manage pensions, far less than the estimated 3.5-4 Billion and far less than a company has to pay when owning and running the pension plan. This allowed GM to get out of a 25 Billion amount due to the pension plan.

With Half a trillion dollars due to pension plans to cover peoples retirement, one must ask what will happen to the US economy if these companies default like Airplane companes have done and leave it to the GOV?

Can this country afford these pension plans?

The politicians using the funds in Social Security to fund Defense and other pet projects, just what is the future for Retirement in America?

How safe is it really to continue to pay into Social Security when the Politicians continue to spend with no let up and for companies to offer pension plans that they do not properly fund?

Are we looking at two time bombs that are going to explode and destroy America?

Sounds Off!

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riviera74    178

Unfortunately, the answer is yes. Ever since Studebaker died and left its workers with no pension in 1963, this has been a growing problem. The long-term correct answer is simple (and very painful for those who expected to work 30 years and are on pension now): save for your own retirement and once retired, move to someplace cheap to live. Despite some problems, Mexico is still a cheap place to live. I personally doubt that any corporate pension will survive to 2025 or so because there are simply too many old people and not enough young workers to make up the gaps. The federal government and the states' pensions also face the exact same problems. As for those currently retired, I have no answer for them.

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daves87rs    330

Watch....they'll simply stop paying them. Sounds crazy? Yep, but when you think about it, who is going to stop them? Wall Street? The government?

Please.....

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regfootball    234

i lost any retirement i had built up in the last 4 years. have no confidence i will ever have any. 40% of Americans hit retirement with nothing.

Here is a big problem. Our population does not replenish with enough numbers, and they cannot produce enough to make up for all those coming due on retirement.

I think really it's a pipe dream or it will be for people to have any amassed wealth at retirement. I think also one trip to the nursing home and its wiped out anyways.

It's just reality that like 50% of our population will have to survive only on social security. I think a lot of folks will get screwed out of their pensions somehow.

What is needed in this country is sensible employment opportunities for retired folks. We need to lose this only young employees model and try somehow to fit in experienced older people with skills and want to do part time work.

My mom is finally retiring at 70 this year. that's too freaking long to wait to retire. And she is deathly afraid of the costs of being a retired senior.

Edited by regfootball

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dfelt    1,782

Sadly to many companies are willing to throw away senior experiance for a young programable bot who will not challange them and work faster since the seniors do slow down.

This sad fact of employeement shows the lack companies have in the benefits of experiance. Not all seniors work out well, but there are many who are still willing to put in a hard days work.

I also see nothing wrong with working till 70. Retirement is not about sitting around watching TV and waiting for death, but the abitlity to not have to worry about an income and to work on things you have a passion for or to help others. What ever that drives you to still enjoy getting up every day and going and making a difference in the world.

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