Baby boomers who are already trying to retire are finding themselves in real trouble. Most, along with younger workers, don't have any idea how much they've already lost, or if they will even have a pension.
http://www.pyrabang.com/view.php?ref=retsey&post_id=5050 (SNIP) In the nine months to the end of September, the average state and municipal pension fund lost 14.8% of its market value. The loss has deepened as global financial markets fell sharply in October. The loss has more than doubled the previous highest loss for state funds, which registered 7.9% for the full year in 2002. Few market analysts expect equity prices to bottom any time soon, let alone a recovery, and many are resigned to the prospect of years of asset deflation and economic stagnation. California's Calpers, the biggest public pension fund in the US, in the week ending October 24, reported a loss of 20% of its asset value, or more than $40 billion, in the quarter between July 1 and October 20, 2008. State and local pension funds comprise a patchwork of 2,700 funds that manage $1.4 trillion on behalf of 21 million public employees, including teachers, firefighters, policemen and other municipal workers. About 40% of these funds are under-funded, meaning that they would not be able to pay the future pensions promised to public employees. (SNIP) Read the full story here: http://www.pyrabang.com/view.php?ref=retsey&post_id=5050 --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
