Be Good To Your Money Bulletin http://ezezine.com
With Super Tuesday around the corner, we need to consider how this
Presidential election will affect us financially.
100% of our Social Security is at risk to pay for the war….now we have
to worry about the pension plan. The debt is approaching a "trillion"
dollar.
Many plans are in deep trouble. Companies are supposed to fund their
pensions each year to cover the benefits they're promising, but many
aren't funding them enough. The shortfall for corporate plans totals
more than $450 billion, according to the Pension Benefit Guaranty
Corp., a quasi-government organization that takes over pension plans
dumped on it by financially troubled companies.
The PBGC guarantees that workers will get the pensions promised them --
to an extent. It will pay the promised amount up to about $45,000 a
year for workers who retire at age 65. The cap is lower for younger
retirees, higher for older ones.
Public pensions are also in bad shape. These are the pension plans
promised to government employees -- firefighters, policemen, teachers,
etc. Some 90 percent of public employees are promised a pension for
life versus 20 percent of corporate employees. But public plans are
also short of funds, by as much as $760 billion, according to Barclays
Global Investors.
If nothing is done, who's ultimately going to bail out these public and
private plans? If you answered "the taxpayers," you are right. The
bailout is going to hit everyone-from seniors to newborn babies-hard.
Therefore, we need to push this issue with our candidates--what's their
plan for eliminating this "huge" debt (and yes, they need to be
specific)?
BE GOOD TO YOUR MONEY AND REGISTER TO VOTE!!
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