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Thursday, November 28, 2013
These two cities are very similar about how they have operated. Each of them had development projects for downtown and other areas that they borrowed money for. Along with growing pensions that have been underfunded. With the economic downturn of 2008 hitting these cities hard with high crime rates as well as some of the highest foreclosures in the nation these cities lost a lot of business and people.
The fact remains, as these two cities dealing with these debts they have had to choose on how to eliminate these liabilities and pensions are usually the first thing to be reduced. So there is a fight going on between cities and pensioners: on one side a city making the only decision left it can make and retirees fighting to save what has been promised to them.
The first question this raises, is your retirement absolutely safe? The second question if pensions aren't safe then is there anything for retirement that is?
Both of these questions, if you have a pension at one point have crossed your mind. The fact is there are retirement vehicles out there that can provided you a similar guarantees of safety of principle and income such as a pension so that you can know what your retirement will look like.
The challenge today is that politicians have promised what economist and financial advisors know isn't likely ultimately putting retirees in a place of worry. Retirees are asking themselves the question will I have to go back to work if I lose a quarter of my retirement.
Detroit and Stockton may be the start of what could be an uphill road not just for retirees, but for america. These pensions are becoming the only way to relieve financial burden on cities putting the guarantee of retirement possibly on hold.
Josh is the Associate Advisor of Aaron Matthews Financial Resources Simply click here to get contact information and to learn more about Aaron Matthews Financial Resources. CA Ins Lic#0h14287