Survival and Emergency Preparedness

The percentage of workers in the private sector whose only retirement account is a defined benefit pension plan is now 4%, down from 60% in the early 1980s. About 14% of companies offer a combination of both types.
https://money.cnn.com/retirement/guide/ ... index7.htm

https://www.bls.gov/opub/mlr/cwc/public ... arison.pdf

The numbers vary, the the message is clear. The vast majority of workers don't have a pension.

Also, 401k don't work either.
All that said, not everyone who's offered an employer-sponsored plan actually takes advantage of it. Of those 79% of Americans who get the choice to fund a 401(k), only 41% opt to participate. As such, just 32% of the total workforce is saving in a 401(k).
https://www.fool.com/retirement/2017/06 ... -401k.aspx

This all means there there will be a lot of people living in poverty starting at about 58. A lot of people get fired at that age because they make more money then a younger person brought in to do the job.

Like I said - streams of income. Any money promised by a government is at risk, any money in a market is at risk.

If I am unable to produce, I am at risk.

It's a bit too late for some of us to worry about where our money is. My pension is through the govt, my investments are in the market. The good news is that my state govt and the stock market have a long track record of staying solvent.

when the govt funded pension monies and stock market collapse, it will be the time we all need our prepping supplies

tom mac wrote: ↑Sat Mar 06, 2021 7:42 am when the govt funded pension monies and stock market collapse, it will be the time we all need our prepping supplies

Agreed. If that all goes bye-bye then western civilization, and perhaps all civilization will be in collapse so none of it will matter anyway.

Government funded pensions go belly up all the time. Just not everywhere at once.

It doesn't have to be "total economic collapse"

If you have multiple state pensions going 'belly up' then your private funds are going to go the same way.

David wrote: ↑Fri Mar 19, 2021 11:21 am If you have multiple state pensions going 'belly up' then your private funds are going to go the same way.

Very few would notice.

https://money.cnn.com/retirement/guide/ ... th%20types.

my son's company doesn't have a pension plan, it's strictly 401K. My other son works for a large hospital in west Michigan as does his wife. Strictly 401K. My daughter works for a local township. She has a pension and a 401K with matching funds contributed by her employer.

Like the article above says, private companies are doing away with pensions. I suppose that trend will eventually show up in the public sector as well. Public entities have cut back on health care benefits etc, pensions are next. I will say that when they do cut back usually existing employees tend to be grandfathered and only new employees are affected.

The reality is that everything by way of a promised retirement has been at risk.

A few years ago a new federal law was passed that will affect many retirees. Here is an example. There is a a concept of multi-employer retirement trusts. I will give you a hypothetical. A bunch of automobile manufacturers get together with the union representing most of the workers. The employers and the unions both have representatives as trustees. The problem comes up that an actuary tells the trustees that there will not be enough money to pay all of the promised retirement benefits. Doesn't why this is so. But there is a solemn contract to pay specified benefits. What can be done:
1. raise the price of cars and put more money into the retirement fund and lose sales;
2. raise union dues and drive out members; or, as was done;
3. change the federal law to permit breaking the contract so that benefits can be lowered to retirees.

The government can change social security taxes. It can tax more of social security. The state can tax your social security. The federal government can and has changed how it calculates inflation that affects social security benefits.

My state exempted the first few years of IRA contributions from taxation at retirement and then changed the law!

You stay altert. That is all you can do besides living within your means.