The pension crisis is barreling down the tracks and there’s no way to stop it or get out of the way. From Simon Black at sovereignman.com:
If your retirement plans consist entirely of that pension you’ve been promised, it’s time to start looking elsewhere.
As you probably know, pensions are giant pools of capital responsible for paying out retirement benefits to workers.
And right now many pension funds around the world simply don’t have enough assets to cover the retirement obligations they owe to millions of workers.
In the US alone, federal, state, and local governments, pensions are about $7 TRILLION short of the funding they need to pay out all the benefits they’ve promised.
(** And that doesn’t include another $49 trillion in unfunded Social Security obligations…)