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73,000,000 Retiring Baby Boomers Face a Perfect Financial Storm

Americans anticipating a stable comfortable retirement may be in for the shock of their lives whether they are public employees with state and municipal pensions, private employees with a 401k or IRA, or even Social Security beneficiaries.

PRLog - Nov. 14, 2012 - DELRAY BEACH, Fla. -- The American Enterprise Institute estimates that public pensions are underfunded by Three Trillion dollars! The Pew Research Center, advises that, “If the new public pension accounting standards (set to begin in 2013) had been in effect in 2010, State pension plans' funding levels would have dropped from 77 percent funded to 53 percent nationally”.  Or, as The National Bureau of Economic Research more bluntly forecasts, “States are unlikely to be able to keep their pension promises”.

     Further, only 18 of the S&P 500 companies have fully-funded defined benefit plans.  Even Social Security benefits can be called into question when the Trustees’ assessment of the stability of benefits is predicated upon the assumption that (catch this one and don’t laugh), there will be no recession in the United States for the next ten years!

     This malignant financial cancer has spread and metastasized throughout the nation’s body: public retirement plans, private plans and Social Security.  The retirement population is going to be totally blindsided by this approaching financial mega-storm.

    Believing that the years immediately ahead may prove the most perilous in generations, Kyber Cabot has written the definitive book, Retire on Social Security – How to Live Large on a Small Budget, to guide people in planning, coping, and living through economically turbulent times.  


If you would like more information, excerpts on this topic, or to schedule an interview with the author, please email: kybercabot@gmail.com  or visit our website: www.retireonsocialsecurity.com

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Source:Retire on Social Security
Location:Delray Beach - Florida - United States
Industry:Lifestyle, Finance
Tags:social security, retirement, cheap living, money saving tips, pensions
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