It’s kind of scary, but the top corporate pension plans are underfunded by over $225 billion. That’s the private sector, and how about various State plans? Illinois pensions for retired workers is only funded by 43%, and it owes $82.9 billion to make it whole. Other states are similar. So here a man or woman has given their working life to a big company or corporation, and when it comes to retirement, the piggy bank is half full or less. That piggy bank was contributed by the retiree usually by 50% with the company giving another half. Will a retiree’s pension last as long as they live? And many times a retiree’s death transfers the pension to the mate. Will they outlast the pension?
UPS recently screwed its employees over with their pension plans. I know, because Phil, a wonderful fellow in our church, was with UPS for many decades, and when he took his retirement, he was making well over $100,000 a year, driving double trailered tractors in fair weather or foul for many decades, with never an accident or ticket. His pension is about $30,000 a year. He worked for very little appreciation, it seems to me. I am certain that other corporations treat their employees as well, and I have heard of many cases, where an employee with many, many years of faithful service, has been replaced with a person making half, just before retirement, and they lose all the retirement they have contributed to for decades. Appeal? They will find some absurd reason for denying it. I’m glad I never have had a job, but am responsible for myself, and am not depending on a company or corporation.
Social Security isn’t much better. I am getting less than half of what I should be getting. I appealed it a few years ago, and the outfit said that I had not contributed before 1974. I screamed that in 1974, I was 40, and had owned two hotels in Silverton Colorado, had been in the theatre business for 11 years with six movie theatres, and developed a chain of ice cream parlors in Philadelphia and became the largest seller of bulk (hand dipped and scooped) ice cream in Philadelphia in 1971, and I never contributed to Social Security???. Know what they said? “Where are your tax returns for all those years?” I save my tax returns for five years, as most do, and you can bet the feds have a record of every penny I have earned, but they claim it is my responsibility to save tax returns for umpteen years, when I have never been audited or questioned about them. I was supposed to have tax returns for 60 years?
The whole point of this, is that you must look out for yourself, as no one else is going to do it, and this includes government at all levels, as well as corporations and businesses. Going to retire? Being offered a buy-out? Take it and put it into gold and silver. In the 41 years I have been dealing with gold and silver, both have more than quadrupled.
One thing about Trump’s starting the government for three weeks: The Demos have been crying over and over again, “Start the government and then we will negotiate.” Well, he did it, and this now has the blame removed from Trump, and placed on the Democrats. They’ve already said “No” to a wall, meaning they will refuse to negotiate. They will be driving nails into their own coffins now, and Trump is home free. That’s my opinion anyway. Don Stott. don@coloradogold.com, or 1-888-786-8822