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Retirees Getting Screwed — One Last Time

Goldhedge

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#1
Retirees Getting Screwed — One Last Time
BY JOHN RUBINO ◆ MARCH 26, 2020 0 COMMENTS

To understand the impossible situation in which most retirees find themselves, let’s begin with interest rates.

When governments raise or lower the cost of credit, they’re communicating with the rest of us. Higher interest rates send the message that “cash is more valuable, so save more and spend less.” Lower rates say the opposite: “Cash is cheap so borrow and spend.”

Over the past few decades, governments have borrowed ever-greater amounts of money to fund promises ranging from global military empire to cradle-to-grave entitlements. To make these mounting debts manageable they’ve lowered interest rates to encourage individuals and businesses to borrow and spend, thus generating higher tax revenues.

The resulting surge in borrowing has produced a series of ever-more-extreme booms and busts, with each bust requiring even lower interest rates to re-ignite growth.
Why does this hurt retirees? Because as a person approaches retirement age they naturally want to shift more of their nest eggs into fixed-income investments like bond funds and bank CDs. These instruments pay interest and carry relatively little risk, which makes them a safe way to generate income in retirement.

Most of today’s 70-year-olds were told back in their younger, high saving days, to expect an interest rate of 6% or so on their money. So they accumulated amounts that, when earning 6%, would produce enough to live on in retirement.

But a funny thing happened on the way to that perpetual income stream: Interest rates just kept falling as governments, even during economic expansions, needed artificially-low rates to stay solvent. So retirees who expected to live on fixed incomes found that that was impossible.

Not to worry, said governments and many financial advisors, just shift into assets like junk bonds and equities that are only slightly riskier but generate way higher returns, frequently 10% or more per year. Many retirees, seeing little alternative if they wanted to avoid going back to work, did as they were advised.

And now, of course, those “high return” assets are collapsing, sucking retiree nest eggs into a black hole from which they might never escape.

Meanwhile, about your pension

Teachers, firefighters and other public sector workers depend on (frequently very generous) pensions for their main retirement income. But the managers of those funds face the same dilemma as individual savers: They have a return target that they have to meet in order to pay out the promised amounts, but as interest rates plunge the fixed income part of their portfolios isn’t doing its job. In response, most pension funds have loaded up on stocks and junk bonds. And — because they’re institutions with more flexibility than individual savers — they’ve also embraced “alternative” investments that promised even higher returns. From a February Institutional Investor article:
Pension funds remain committed to increasing their exposure to private equity, real estate, and other alternatives, according to a new report from Willis Towers Watson’s Thinking Ahead Institute.​
“The asset allocation to real estate, private equity, and infrastructure in the 20-year period has moved from about 6 percent to almost 23 percent,” according to the report. “Alternatives have been attractive for return reasons, offsetting their governance difficulties.”​
Assets of the 22 pensions funds studied in the report increased in 2019, from $40.6 trillion to $46.7 trillion. The average global asset allocation for the seven largest pension markets was 45 percent in equities, 29 percent in bonds, 23 percent in other asset classes, and 3 percent in cash.​
When it comes to alternative investments, the Thinking Ahead Institute said pensions are getting more creative to better align interests between allocators and asset managers and to expand access. Many are doing more co-investments, for example, where they are putting up money alongside private market managers. Others are exploring innovative vehicle structures, such as interval funds, which offer investors periodic liquidity.​
“There is an acknowledgment that there is a way to get better access to private markets ideas,” said Delaney. “Historically, it’s been a relationship business, with the best PE funds always being oversubscribed. Broader access to these double-digit returns is a good goal.”​
Now, well…
(Reuters) – The market crash and the economic fallout from the coronavirus have led to nearly $1 trillion in investment losses for U.S. public pension funds, Moody’s Investors Service said on Tuesday.​
The credit rating agency said the funds are generally facing an average investment loss of about 21% in the fiscal year that ends June 30, based on a March 20 snapshot of market indexes.​
The severity of the spreading COVID-19, the disease caused by the virus, and government-ordered shutdowns in various U.S. states have weighed heavily on Wall Street, with the Dow Jones Industrial Average erasing over three years of gains in one month.​
“Without a dramatic bounceback of investment markets, 2020 pension investment losses will mark a significant turning point where the downside exposure of some state and local governments’ credit quality to pension risk comes to fruition because of already heightened liabilities and lower capacity to defer costs,” Tom Aaron, a Moody’s vice president, said in a statement.​
The big, horrifying takeaway here is in the pension fund allocation figures: 45% in equities, 29% in bonds and 23% in alternatives. Which means the relatively risky stuff — which is currently tanking — is nearly 60% of pension fund assets, while the fastest-growing category, alternatives, frequently contains the most illiquid assets. Imagine these pension funds trying to cash out of private equity deals or big pieces of real estate in this market. They may be able to escape, but only with big losses.

Many if not most pension funds are now unable to pay beneficiaries their full benefits. So today’s retirees — the people who worked hard, played by the rules, and took advice from the experts — lose coming and going. All so governments could keep borrowing.
 

TAEZZAR

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#2
Those 2 books that I mentioned, ( None Dare Call It Conspiracy None Dare Call It Treason & The Creature From Jekkel Island) in another thread, taught me to distrust banksters.
If they have their way, we shall be cashless soon. Then they own you, lock, stock & barrel !
SHAKE  DOWN.gif
 

bb28

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Funny, it's the older generation who has sold out the younger generation. I can't see any reason someone who expected a 6% return on their money and never had a college degree mortgage in order to get their working papers coupled with the outrageous price of housing can complain that they are being screwed over.

bb
 

anywoundedduck

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Funny, it's the older generation who has sold out the younger generation. I can't see any reason someone who expected a 6% return on their money and never had a college degree mortgage in order to get their working papers coupled with the outrageous price of housing can complain that they are being screwed over.

bb
What is a college degree mortgage?
TIA
Retired Old Guy
 

Aurumag

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BigJim#1-8

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#9
Talk to someone in their twenties or thirties who is working in a professional position and prepare to be shocked at how much college debt they have vs. what they are making.

bb
Who forced said 20-30 yr olds to take on these loans?
 

Goldhedge

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#10
Funny, it's the older generation who has sold out the younger generation. I can't see any reason someone who expected a 6% return on their money and never had a college degree mortgage in order to get their working papers coupled with the outrageous price of housing can complain that they are being screwed over.

bb
Funny? As in LOL funny??

Don't be blaming the 'older generation' for selling out anyone. We old farts were and are 'playing the game' just as you younger ones are. You think we had control, or power over what went on? LOL We had just as much 'power' as you have today. NONE! Once you learn that you'll realize how dumb your comment is.

Don't shit yourself with the thought of putting people in boxes because they are younger, or older than you. The "age" you are is meaningless... and reminds me of elementary school when an 11 yo says "I'm 11 and you're 10 so I'm better than you!" That is brainwashing designed to keep us "apart" because of a perceived difference in age as a measure of maturity... I'm here to tell you 'mature' it ain't!!


Talk to someone in their twenties or thirties who is working in a professional position and prepare to be shocked at how much college debt they have vs. what they are making.

bb
Who held a gun to anyone's head to make them go into debt? That they have paralyzing debt is more an indictment on how unintelligent one is after surviving 4+ more years of indoctrination. The 'proof' is that they didn't do their own due diligence BEFORE taking that journey... LOOK BEFORE YOU LEAP comes to mind.

You see? They were merely 'playing the game', just as everyone does. I suppose you could be lucky and live in Africa in a grass hut learning to chuck spears for dinner. That has to be so much better... right?

Stick around... you have a whole lot more to learn....
 

bb28

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#11
Don't be blaming the 'older generation' for selling out anyone. We old farts were and are 'playing the game' just as you younger ones are. You think we had control, or power over what went on? LOL We had just as much 'power' as you have today. NONE! Once you learn that you'll realize how dumb your comment is.

Don't shit yourself with the thought of putting people in boxes because they are younger, or older than you. The "age" you are is meaningless... and reminds me of elementary school when an 11 yo says "I'm 11 and you're 10 so I'm better than you!" That is brainwashing designed to keep us "apart" because of a perceived difference in age as a measure of maturity... I'm here to tell you 'mature' it ain't!!
Ok, there is certainly enough blame to be spread around to everyone. What I am saying is that when the ponzi schemes were just getting started and going through the generations that really benefited from them, you don't seem to see anyone wondering how we will actually pay for all of the spending.

My son did his college all on his own and paid it off in 5 years.
That's wonderful, although I would say that is extremely abnormal and probably financially impossible in a lot of fields/areas.

Who held a gun to anyone's head to make them go into debt? That they have paralyzing debt is more an indictment on how unintelligent one is after surviving 4+ more years of indoctrination. The 'proof' is that they didn't do their own due diligence BEFORE taking that journey... LOOK BEFORE YOU LEAP comes to mind.
Very true, however there are also a lot of lies being told by .edu and the establishment. You would consider any other big purchase would be subject to lawsuits and contractual issues if one party lied. Imagine buying a high-dollar car or a house with certain "features" that turned out to be fictional after you are on the line for the purchase. Not only that, instead of people speaking out against the system that is enslaving the younger generation, they just come up with a line like who made them go into debt? It really isn't a solution, especially when many of these loans will never be collected upon.

bb
 

the_shootist

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#12
Funny, it's the older generation who has sold out the younger generation. I can't see any reason someone who expected a 6% return on their money and never had a college degree mortgage in order to get their working papers coupled with the outrageous price of housing can complain that they are being screwed over.

bb
I've never held anyone else responsible for building a career and creating a solid financial base for myself and my family

I realize the younger folks here are struggling to attain success using their totally useless and fake $100K Gender Studies degree from their liberal college. When I was young I realized nobody was going to knock on my door and hand me a corner office and a 6 figure salary.

To set the bale here, when I bought my first house it cost me $47K. I put 5% down.I was making $218 week at my full time job and taking home about $78 week from my part time job. I didn't hold anyone accountable because I had to work my ass off making ends meet and making ends meet I did. That was always MY responsibility!

Today, if someone wanted to make a 6 figure salary all they would have to do is learn a trade...electricians, plumbers, carpenters are all making tons of dough because they've made themselves into someone valuable. Plan your work (career) and work your plan. Set your goals, work hard to achieve them and be willing to be flexible as things change. Don't blame others for your failures. Rather, learn from them.

The recipe for success hasn't changed son. The numbers have changed but they've changed on both the accounts receivable and the accounts payable side.
 
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bb28

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#13
Today, if someone wanted to make a 6 figure salary all they would have to do is learn a trade...electricians, plumbers, carpenters are all making tons of dough because they've made themselves into someone valuable. Plan your work (career) and work your plan. Set your goals, work had to achieve them and be willing to be flexible as things change. Don't blame others for your failures. Rather, learn from them.

The recipe for success hasn't changed son. The numbers have changed but they've changed on both the accounts receivable and the accounts payable side.
Please do not misunderstand what I am saying. I agree with you. I don't have any student debt and these are not my personal issues.

What I am saying is that we collectively decided it was ok to use the student loan bubble to re-inflate the economy and just like the other bubbles like the liar subprime loans and the subprime auto loans and the subprime credit card debt, it is bound to fail because it is just a temporary construct that will end up enslaving all of us even more.

bb
 

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#14
If you have $200k in student loans, and weren’t planning to have a $150k/yr job upon graduation, that’s just stupid. No amount of college can fix that.
 

the_shootist

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Please do not misunderstand what I am saying. I agree with you. I don't have any student debt and these are not my personal issues.

What I am saying is that we collectively decided it was ok to use the student loan bubble to re-inflate the economy and just like the other bubbles like the liar subprime loans and the subprime auto loans and the subprime credit card debt, it is bound to fail because it is just a temporary construct that will end up enslaving all of us even more.

bb
Define 'we'. I didn't do any of that. I've never borrowed a dime that I didn't need nor did I ever borrow a single dollar more that I knew I couldn't comfortably pay back. If you can't afford to pay the price find another direction. If the payments are bigger than you feel comfortable with, don't sign. Don't EVER let a lender tell you what you can afford. That's a responsibility that lies only with the potential borrower. These are the points I'm trying to make. My three kids all took out student loans. One is an NP and is paying them off pretty quickly. One is a teacher and still makes every payment and the third has paid off his loans. All 3 are in their mid 30's. None got degrees in Gender studies. Those who put themselves into crippling debt have only themselves to blame.

Success relies on your good decisions outweighing the bad ones. Too many people took stifling loans out without thinking things through. That's their fault, not my fault.
 
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bb28

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Define 'we'. If you can't afford to pay the price find another direction. That's what I'm trying to say. My three kids all took out student loans. One is an NP and is paying them off pretty quickly. One is a teacher and still makes every payment and the third has paid off his loans. All 3 are in their mid 30's. None got degrees in Gender studies
That's great. But, I am saying most of the college degree loans will be defaulted upon which means that we (as in you and me and everyone else who makes a living) will be subsidizing the people who got gender studies degrees.

Think about any other big ticket item you could buy and consider there are actual requirements for getting the loan money. You can't just go out and buy a Lamborghini or a boat or the like based on your promise to pay the monthly payment (at least I think you can't :-)

bb
 

OhWell

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#17
Funny, it's the older generation who has sold out the younger generation. I can't see any reason someone who expected a 6% return on their money and never had a college degree mortgage in order to get their working papers coupled with the outrageous price of housing can complain that they are being screwed over.

bb
Lets see, a long productive life working hard, scrimping and saving for 50+ years, playing by the rules and believing the lie of a 6% return during retirement seems infinitely less foolish than the child who attends a 4 to 8 year or more party that ends in a $200K+ educated idiot loan.

My son paid for his degree as he went and never accumulated student debt. My daughter eliminated her student debt in the first year after graduating (also paid off her car).
 

Goldhedge

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#18
you don't seem to see anyone wondering how we will actually pay for all of the spending.
Which tells me you don't understand fiat money.

Who cares how big the debt is? It's not 'my' debt. It's the corporation known as the US Government's debt.

What I am saying is that we collectively decided it was ok to use the student loan bubble to re-inflate the economy and just like the other bubbles like the liar subprime loans and the subprime auto loans and the subprime credit card debt, it is bound to fail because it is just a temporary construct that will end up enslaving all of us even more.
Like I said before... stick around you have much more to learn....
 

TAEZZAR

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Funny, it's the older generation who has sold out the younger generation.
The banksters & their "soldiers", the politicians/.gov, are the ones that have ruined the future of the younger generation(s). Colleges have raised their fees beyond ridiculous. We old farts had to play by the rules of the era & live within our means, to make ends meet. Then there were the few that hit it big by one means or another. The middle class, that we olde pharts built, has been all but destroyed by the banksters & their "soldiers", the politicians/.gov. Our legacy has been destroyed. Put the blame where it belongs ! :totally steamed: :totally steamed::totally steamed:
 

Buck

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#21
None of this is anyone's fault EXCEPT:
Once anything is 'vaulted' to the level of Professor, one becomes 'above reproach' and that was 'discovered', the art of a 'title', thousands of years ago...for our modern time, it just took the other components time to fall in line, and now the Communists own way more than I ever expected them to own, way more...too many people capitulated and simply 'took the money and ran', leaving a void the Communists filled...some of these 'voids' were created by actions of the Communists themselves.

etc

They also own the narrative, and i'll suggest to the younger ones here, if any here keep up with any thinking that old people are worthless, they'll soon enough find themselves to be of the group; 'the old people', and in the future, that position in life may be more costly than it currently is...you'd better hope it doesn't go that way...


Don't let the Criminals, the Communists influence you to believe any of this is any of our fault...none of it is
 

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#22
"Most of today’s 70-year-olds were told back in their younger, high saving days, to expect an interest rate of 6% or so on their money. So they accumulated amounts that, when earning 6%, would produce enough to live on in retirement."

Yeah, that was me. 20-30 years ago, that was the basis of my calculations. I've never been in a situation where I could expect a pension, it's always been whatever I get SS + my savings and investments. And then it got to the point that, not only could I not expect income from my savings, I had to take market risks to even keep up with inflation.

And now, there are these increasingly frequent black swan events.

Last week when the equivalent of a large piece a years worth of income was evaporating from my investments every day, I had to struggle to find some mental state. I had to settle on a state of dull mental flatness that sucked. The memory of the same economic thing 12 years ago didn't help.

I'm one of the people who are supposed to be the backbone of this country, though on this site I don't claim any particular credit . High school-college-military-family-life long worker-life long saver. Once people like me start getting consistently fucked, this country is over.
 

Goldhedge

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#23
"Most of today’s 70-year-olds were told back in their younger, high saving days, to expect an interest rate of 6% or so on their money. So they accumulated amounts that, when earning 6%, would produce enough to live on in retirement."
Hint... 'playing the game' so as to not be a BURDEN on their children....
 

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#24
Who forced said 20-30 yr olds to take on these loans?
The same people who forced these older people to rely on crappy investment advice. They made tons of money and lived in one of the most prosperous periods on earth. If they can't make a living in retirement that's pretty much on them.
 

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#25
I recall banks would give away toasters if u opened a new account. Saving was the thing to do. Now, maybe even then, it is just a vehicle to steal your wealth.


remember these?


Passbook Savings Account

National Bank of Tulsa gave away a piece of silverware for each $25 dollar deposit

good times



6B6F602B-641B-4A09-A92E-22A382437FA0.jpeg
 

newmisty

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#26
remember these?


Passbook Savings Account

National Bank of Tulsa gave away a piece of silverware for each $25 dollar deposit

good times



View attachment 159115
A few years ago I came across the old handwritten one from my first account when I was still a toddler.
 

Voodoo

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#27
I've got one from when I was a kid.
 

anywoundedduck

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#28
Hint... 'playing the game' so as to not be a BURDEN on their children....
Yes, for sure that is what I believed, but life's a shit sandwich, and then you die.
When one is in his seventies, and find his investments going to hell, and still work at a business that is going south, then one is ready to hand over the keys to their life to their children, and check out. That's the way it is for many of us retirees.
The young, on the other hand, have an opportunity to end this rat race and end the Central Bank Cartel, if they are smart enough to start backing Trump. I know some have seen the light, but others......
 

Evl Bnkr

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#29
Those 2 books that I mentioned, ( None Dare Call It Conspiracy None Dare Call It Treason & The Creature From Jekkel Island) in another thread, taught me to distrust banksters.
If they have their way, we shall be cashless soon. Then they own you, lock, stock & barrel !
View attachment 159078
The "Tower of Basel" by Adam Lebor is abother powerful piece of work.

Tower of Basel is the first investigative history of the world's most secretive global financial institution. Based on extensive archival research in Switzerland, Britain, and the United States, and in-depth interviews with key decision-makers—including Paul Volcker, the former chairman of the US Federal Reserve; Sir Mervyn King, governor of the Bank of England; and former senior Bank for International Settlements managers and officials—Tower of Basel tells the inside story of the Bank for International Settlements (BIS): the central bankers' own bank.

Created by the governors of the Bank of England and the Reichsbank in 1930, and protected by an international treaty, the BIS and its assets are legally beyond the reach of any government or jurisdiction. The bank is untouchable. Swiss authorities have no jurisdiction over the bank or its premises. The BIS has just 140 customers but made tax-free profits of 1.17 billion in 2011–2012.

Since its creation, the bank has been at the heart of global events but has often gone unnoticed. Under Thomas McKittrick, the bank's American president from 1940–1946, the BIS was open for business throughout the Second World War. The BIS accepted looted Nazi gold, conducted foreign exchange deals for the Reichsbank, and was used by both the Allies and the Axis powers as a secret contact point to keep the channels of international finance open.

After 1945 the BIS—still behind the scenes—for decades provided the necessary technical and administrative support for the trans-European currency project, from the first attempts to harmonize exchange rates in the late 1940s to the launch of the Euro in 2002. It now stands at the center of efforts to build a new global financial and regulatory architecture, once again proving that it has the power to shape the financial rules of our world. Yet despite its pivotal role in the financial and political history of the last century and during the economic current crisis, the BIS has remained largely unknown—until now.
 

TAEZZAR

LADY JUSTICE ISNT BLIND, SHES JUST AFRAID TO WATCH
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#31
Tower of Basel is the first investigative history of the world's most secretive global financial institution.
Bill Still has a 3 hour video, a great 3 hours at that, "The Money Masters"
Here is a link to it:
 

newmisty

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#34
Being po like me has its advantages. Not that I enjoy it but I never have to worry how much I'm losing in a bank account.
Yeah, our stress is worrying about our change jar tipping over.
 

newmisty

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TAEZZAR

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#37
These old timers, which I am one, voted for the politicians that caused all of the mess.
Incidentally one of my neighbors, who worked at a brick yard all of his working years, has had two knees, one shoulder, some kind of spinal fusion among the usual issues as one ages. His Medicare contributions were wiped out on his first knee replacement.I alwbut, ays find it so funny when he discusses how he "paid for the medical care" because of his Medicare contributions during his working years.
No point in trying to discuss it with him because, like so many seniors, they are math challenged but are totally demanding at the same time.
How sad they burden the younger generations, but feeding off of their young is the in thing these days.
 

newmisty

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#38
Thank you, sir. Please remember, I am growing older by the day & my thoughts & memory are slipping ! :mad::po_O:shit happens::rotf::dduck:
We Young Bucks got your back man.
 

TAEZZAR

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#39
His Medicare contributions were wiped out on his first knee replacement.I
I don't understand ! I am on Medicare only, no supplemental ins., :don't    know2:
I have had a hip & knee total replacement & an eye lens too. Medicare took care of 80% of all.:2 thumbs up::finished: