CSNbbs

http://www.cnbc.com/id/100929269

Quote:Detroit, you're not alone.
Across the nation, cities and states are watching Detroit's largest-ever municipal bankruptcy filing with great trepidation. Years of underfunded retirement promises to public sector workers, which helped lay Detroit low, could plunge them into a similar and terrifying financial hole.

A CNBC.com analysis of more than 120 of the nation's largest state and local pension plans finds they face a wide range of burdens as their aging workforces near retirement.

Thanks to a patchwork of accounting practices and rosy investment assumptions, it's not even clear just how big a financial hole many states and cities have dug for themselves. That may soon change, thanks to a new set of government accounting standards that could serve as a nasty wake-up call to states and cities relying on rosy scenarios and head-in-the-sand accounting.

Everyone needs to realize that they need to work until they die. Social security, your pension, and most like your savings(due to inflation and/or a market crash) won't be around to keep you afloat for 20-30 years. The best that you can hope for is Medicare, to help keep your bills down.

(08-06-2013 06:45 AM)firmbizzle Wrote: [ -> ]Everyone needs to realize that they need to work until they die. Social security, your pension, and most like your savings(due to inflation and/or a market crash) won't be around to keep you afloat for 20-30 years. The best that you can hope for is Medicare, to help keep your bills down.

Social Security needs a tweak Medicare needs a solution.

(08-06-2013 06:45 AM)firmbizzle Wrote: [ -> ]Everyone needs to realize that they need to work until they die. Social security, your pension, and most like your savings(due to inflation and/or a market crash) won't be around to keep you afloat for 20-30 years. The best that you can hope for is Medicare, to help keep your bills down.

Add to that the most important piece of advice: Live within your means and look for ways to add to your rainy day savings.

Buy a smaller house. Drive something more practical. Wait a few more years to have the kids. Hold off on the latest iPad. Take a few electives at a local community college before heading off to Big State U. Etc.

Stuff like that.

(08-06-2013 07:09 AM)Motown Bronco Wrote: [ -> ]

(08-06-2013 06:45 AM)firmbizzle Wrote: [ -> ]Everyone needs to realize that they need to work until they die. Social security, your pension, and most like your savings(due to inflation and/or a market crash) won't be around to keep you afloat for 20-30 years. The best that you can hope for is Medicare, to help keep your bills down.

Add to that the most important piece of advice: Live within your means and look for ways to add to your rainy day savings.

Buy a smaller house. Drive something more practical. Wait a few more years to have the kids. Hold off on the latest iPad. Take a few electives at a local community college before heading off to Big State U. Etc.

Stuff like that.

Oh hell no we can't have that. Thats called being responsible. The entitlement minded left doesn't want any part of responsibility. Hell it's much easier to wait for da gubment to start handing out freebies.

(08-06-2013 07:09 AM)Motown Bronco Wrote: [ -> ]

(08-06-2013 06:45 AM)firmbizzle Wrote: [ -> ]Everyone needs to realize that they need to work until they die. Social security, your pension, and most like your savings(due to inflation and/or a market crash) won't be around to keep you afloat for 20-30 years. The best that you can hope for is Medicare, to help keep your bills down.

Add to that the most important piece of advice: Live within your means and look for ways to add to your rainy day savings.

Buy a smaller house. Drive something more practical. Wait a few more years to have the kids. Hold off on the latest iPad. Take a few electives at a local community college before heading off to Big State U. Etc.

Stuff like that.

Personal responsibility. What a concept!!

(08-06-2013 06:45 AM)firmbizzle Wrote: [ -> ]Everyone needs to realize that they need to work until they die. Social security, your pension, and most like your savings(due to inflation and/or a market crash) won't be around to keep you afloat for 20-30 years. The best that you can hope for is Medicare, to help keep your bills down.

That would be a lot easier if progs wouldn't keep stealing big chunks of people's pay, all to keep their Ponzi schemes going.

Millions of people are just one paycheck from being homeless... homeless with one heck of a DVD collection.

We Americans have our priorities.

(08-06-2013 07:09 AM)Motown Bronco Wrote: [ -> ]

(08-06-2013 06:45 AM)firmbizzle Wrote: [ -> ]Everyone needs to realize that they need to work until they die. Social security, your pension, and most like your savings(due to inflation and/or a market crash) won't be around to keep you afloat for 20-30 years. The best that you can hope for is Medicare, to help keep your bills down.

Add to that the most important piece of advice: Live within your means and look for ways to add to your rainy day savings.

Buy a smaller house. Drive something more practical. Wait a few more years to have the kids. Hold off on the latest iPad. Take a few electives at a local community college before heading off to Big State U. Etc.

Stuff like that.

Living within your means sounds so reasonable but what does that actually mean. You may be very responsible and spend only 75% of your after tax income. What happens when you lose your job? (which in 35 years will happen) You are wiped out in only a few years. Personally, I think long-term credit is a trap. Try to buy everything in cash. You'll always get a better price for it, and be more ruthless in your negotiation. You also won't spend money on every new gadget. If you do have to use credit, try not to finance it longer than 5 years.

(08-06-2013 07:37 AM)DrTorch Wrote: [ -> ]

(08-06-2013 06:45 AM)firmbizzle Wrote: [ -> ]Everyone needs to realize that they need to work until they die. Social security, your pension, and most like your savings(due to inflation and/or a market crash) won't be around to keep you afloat for 20-30 years. The best that you can hope for is Medicare, to help keep your bills down.

That would be a lot easier if progs wouldn't keep stealing big chunks of people's pay, all to keep their Ponzi schemes going.

The leaches in big business are more responsible. Whether liberal or conservative, those in government want your money to support their projects, which support their business interests.

(08-06-2013 07:37 AM)DrTorch Wrote: [ -> ]

(08-06-2013 06:45 AM)firmbizzle Wrote: [ -> ]Everyone needs to realize that they need to work until they die. Social security, your pension, and most like your savings(due to inflation and/or a market crash) won't be around to keep you afloat for 20-30 years. The best that you can hope for is Medicare, to help keep your bills down.

That would be a lot easier if progs wouldn't keep stealing big chunks of people's pay, all to keep their Ponzi schemes going.

I got out of the Navy in 1979 and have yet to even file for my veterans benefits. (which I earned) I don't need Government assistance but it's not about me, it is about the poor, elderly and needy. I could be two of those three tomorrow and the third is only 10 or 15 years away.

(08-06-2013 07:44 AM)firmbizzle Wrote: [ -> ]Try to buy everything in cash. You'll always get a better price for it, and be more ruthless in your negotiation. You also won't spend money on every new gadget. If you do have to use credit, try not to finance it longer than 5 years.

Wise words.

(08-06-2013 07:38 AM)AngryAphid Wrote: [ -> ]Millions of people are just one paycheck from being homeless... homeless with one heck of a DVD collection.

We Americans have our priorities.

and cable tv, nice smart phone..............

(08-06-2013 07:52 AM)Mr. Peanut Wrote: [ -> ]

(08-06-2013 07:37 AM)DrTorch Wrote: [ -> ]

(08-06-2013 06:45 AM)firmbizzle Wrote: [ -> ]Everyone needs to realize that they need to work until they die. Social security, your pension, and most like your savings(due to inflation and/or a market crash) won't be around to keep you afloat for 20-30 years. The best that you can hope for is Medicare, to help keep your bills down.

That would be a lot easier if progs wouldn't keep stealing big chunks of people's pay, all to keep their Ponzi schemes going.

I got out of the Navy in 1979 and have yet to even file for my veterans benefits. (which I earned) I don't need Government assistance but it's not about me, it is about the poor, elderly and needy. I could be two of those three tomorrow and the third is only 10 or 15 years away.

Thank you for your service. You earned the assistance if needed. The issue isn't with folks like you. The issue is with people that fraud the system. There needs to be some system of checks and balances. That way the assistance is actually there for folks that deserve it and isn't handed out to fraudsters, etc.

(08-06-2013 06:55 AM)Mr. Peanut Wrote: [ -> ]

(08-06-2013 06:45 AM)firmbizzle Wrote: [ -> ]Everyone needs to realize that they need to work until they die. Social security, your pension, and most like your savings(due to inflation and/or a market crash) won't be around to keep you afloat for 20-30 years. The best that you can hope for is Medicare, to help keep your bills down.

Social Security needs a tweak Medicare needs a solution.

Sounds more like a problem than a solution. Enjoy your agonizing deaths, baby boomers.

(08-06-2013 08:11 AM)Jerry Falwell Wrote: [ -> ]

(08-06-2013 06:55 AM)Mr. Peanut Wrote: [ -> ]

(08-06-2013 06:45 AM)firmbizzle Wrote: [ -> ]Everyone needs to realize that they need to work until they die. Social security, your pension, and most like your savings(due to inflation and/or a market crash) won't be around to keep you afloat for 20-30 years. The best that you can hope for is Medicare, to help keep your bills down.

Social Security needs a tweak Medicare needs a solution.

Sounds more like a problem than a solution. Enjoy your agonizing deaths, baby boomers.[u

WTF?

(08-06-2013 08:13 AM)bevotex Wrote: [ -> ]

(08-06-2013 08:11 AM)Jerry Falwell Wrote: [ -> ]

(08-06-2013 06:55 AM)Mr. Peanut Wrote: [ -> ]

(08-06-2013 06:45 AM)firmbizzle Wrote: [ -> ]Everyone needs to realize that they need to work until they die. Social security, your pension, and most like your savings(due to inflation and/or a market crash) won't be around to keep you afloat for 20-30 years. The best that you can hope for is Medicare, to help keep your bills down.

Social Security needs a tweak Medicare needs a solution.

Sounds more like a problem than a solution. Enjoy your agonizing deaths, baby boomers.[u

WTF?

They piled $Millions into pushing the "Affordable Care Act" thru ARP. They wanted it, they got it, now they have to deal with it.

Just saying you have to lay in the bed you make (unless you're innercity, and then the gov't will send you $100/kid every week)

Anyone who didn't see that the boomers were going to crash out the system wasn't paying attention.

I'd just like to opt out of Social Security, since when I start collecting it, it'll be about $1.87 a month.

(08-06-2013 08:33 AM)Smaug Wrote: [ -> ]Anyone who didn't see that the boomers were going to crash out the system wasn't paying attention.

I'd just like to opt out of Social Security, since when I start collecting it, it'll be about $1.87 a month.

You don't understand how a Ponzi scheme works. If you were allowed to opt out the whole system would collapse....

(08-06-2013 09:00 AM)blah Wrote: [ -> ]

(08-06-2013 08:33 AM)Smaug Wrote: [ -> ]Anyone who didn't see that the boomers were going to crash out the system wasn't paying attention.

I'd just like to opt out of Social Security, since when I start collecting it, it'll be about $1.87 a month.

You don't understand how a Ponzi scheme works. If you were allowed to opt out the whole system would collapse....

Since nobody past the boomers is getting a dime, anyway, why not?