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Old 11-04-2015, 09:17 PM   #57
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Originally Posted by Jim & Susan View Post

Sorry if I offended you
You didn't offend me at all--sorry if I gave you that impression.

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Old 11-04-2015, 10:19 PM   #58
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billings , Montana
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I been receiving my check from SS for 2 years and also one from IBT, they are there the first of the month and I don't worry about either one stopping as I don't listen to the so called money managers and the doom and gloomers , my monies in the stock market have done very well, I never touched it when the market went down...So no worries..

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Old 11-05-2015, 02:54 AM   #59
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watch out for pension dumping too

Originally Posted by tjdonahoe View Post
I been receiving my check from SS for 2 years and also one from IBT, they are there the first of the month and I don't worry about either one stopping
It may all soon change. Many pension funds including union and public employees' are grossly underfunded (IBT's for example is only funded for 60 cents on the dollar). The Pension Benefit Guarantee Corp (PBGC) backing up pensions, is also underfunded by $26 billion. So read everything that you get in the mail from you pension fund very carefully.

My financial advisor told me to watch out for pension dumping because Dodd-Frank arranges for the establishment of annuity fund pools via the major insurance companies. Underfunded pensions can then transfer their assets and obligations to the pools and wash their hands of them. The annuity funds are then allowed to cut payments and obligations as needed to remain solvent.

Retirees in well funded pensions are not immune from payment cuts either as their healthy pensions may be pressured to move their assets into these pools to prop up the poor ones.

The reason to watch the mail is because you may be given options as these pensions are dumped...for example....taking a big cut and staying with the PBGC guarantee .vs. moving to an annuity pool with less of a payment cut but no guarantee.

Here is how pension dumping is played out at GM.

For people already drawing pensions it means a lose-lose scenario down the road.

For those getting ready to draw a pension - I say get as big a lump sum as you can, as soon as you can, and invest it yourself.
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Old 11-05-2015, 03:17 AM   #60
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What I decided to do...retire early

I did my own research and concluded that we are being lied to, that Social Security is hopelessly insolvent, and that Congress is preparing for cuts to it.

I also concluded that Congress' recent "consumer protection" legislation for pensions is anything but protection.

I decided that the longer I waited the worse these people will rig the game. So I rolled the dice, retired early and...
  • Took the largest lump sum allowed from my pension and invested it.
  • Am planning for an eventual cut to my remaining monthly pension payment when the pension gets dumped.
  • Drew money from my IRA to bridge my income to Social Security age.
  • Started drawing Social Security as early as I was allowed
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Old 11-05-2015, 04:44 AM   #61
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Originally Posted by nrgtrakr View Post
For those that don't like "socialism" ... fine. No roads, bridges, or public parks for you. No public schools, state universities or hospitals. No fire or police departments. The list continues.
Carry on ...
Simply not true!
1984 Avion 30p 9.1 meter. 2006 Dodge 3500 cummins srw short bed crew cab.
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Old 11-05-2015, 07:11 AM   #62
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I get my check every month. I am a good socialist. We, uh, well most, want SS to continue, yet when a loop hole is closed, we cry. As taxpayers we have all benefited by using funds from SS Trust to keep income taxes from rising.
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Old 11-05-2015, 07:15 AM   #63
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If you want to see what socialism has accomplished visit any of the Indian reservations out west.
And by the way. "I did build that"
I started collecting S/S at 62 and have no regrets 8 years later.

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Old 11-05-2015, 09:55 AM   #64
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Folks this thread has been closed as it's wandered in to outright political debate territory and not appropriate for Air Forums. Thanks for understanding.

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