Don't expect any kind of safety net when you get old :-/ ..

[nam78_two]

My understanding of economics is kinda rudimentary but thats how I read this:

http://money.cnn.com/2005/11/27/markets/pensions_hedgefunds/


NEW YORK (CNNMoney.com) - Pension plans that are facing a growing number of retirees are seeking bigger returns by pouring billions of dollars into hedge funds, investments that may be risky, a news report said Sunday.

Hedge funds, the secretive investment pools once open only to wealthy individuals, are lightly regulated and often invest in instruments that make their risks hard to assess.

To me it seems like the problem with the endless growth-based economy as opposed to a stability based one, is you cannot let these hedge fund/derivative bubbles burst.
And so you need to keep shunting more money into them and I guess they would rather take risks with the money that would have gone towards retirees than anything "more important"? :(

Of course the WaPo has helpful suggestions for when that happens :sarcasm: - 47% of people over 70 have to work because they can't afford to retire?
Thats a dirty rotten shame IMO...why can't we treat our elderly better? They deserve so much more than this.

http://www.washingtonpost.com/wp-dyn/content/article/2006/07/26/AR2006072601814.html?sub=AR


While their article about retirees in the US is quite upbeat, not quite the same with Japan's elderly :
http://www.washingtonpost.com/wp-dyn/content/article/2006/07/27/AR2006072701856.html?nav=hcmodule


Its a damn shame...

[Lowell]

1. The way things are set up now

the government, and private companies with pensions, are hoping we all die before we ever get to draw a dime. My company ceased their pension plan last year saying that we already had a viable 401K plan that would take care of our retirement, if we managed it well. This is a cop out. It also an example of privatization. They want everyone to invest heavily in the market with the expectation of making a bundle on our "strong economy". We are simply lining the pockets of the Wall Street Money Barons at the expense of traditional pensions. Fortunately in my own case I have my pension and the 401K plan to fall back on. They could quit offering the pension plans, but they couldn't figure out how to take it all back. Fuck em.

[demosincebirth]

2. Unless you belong to a union, be prepared to live on SS, only

Thank God for my union!

[mcscajun]

3. Unless you contribute to your pension plan, it's Imaginary Money

unless and until you start collecting it.

[nam78_two]

4. good point/nt