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Maybe you are a government employee, a teacher, police, a firefighter, or even retired military receiving pension for life, or expecting to receive pension, how secure do you feel about your pension to be there when you are ready to retire?
We all read the headlines, the "doom and gloom" of defined benefits. I hear Dave Ramsey on air sometimes say, "don't expect anything the government". I get all that and understand why many of feel this way about their pension to be not there.
However, my mindset is not all "doom and gloom". Yes, I know, several known cities in California like Stockton, Vallejo, or San Bernardino went bankrupt at some point. These are pretty headlines for those against government employees and their unions. I’m not here to argue this to you.
Ultimately when you read the headlines, I shrugged, because I know the directions of my pension board doing to mitigate risk. I feel the same with my wife's pension and equally with social security benefits.
One reason I feel confident and secure is because I follow the industry each and every day. I try to read as much I can on the vision and directions and their board's fiduciary role and its responsibility. What actions they are taking to mitigate risk, views on investment allocations to achieve market efficiency, ROI, stands on corporate governance. I read their annual financial statement and understand their positions. Having this information available gives me a high confidence and the knowledge and security my pension plan to be there when we are FIRE ready. So my second part question, how inform are you, or not about your pension to be there in the future?
(Please be civil and respectful with your response. I don't want this debate turn against public government unions or retired military. Stay on topic please)
We all read the headlines, the "doom and gloom" of defined benefits. I hear Dave Ramsey on air sometimes say, "don't expect anything the government". I get all that and understand why many of feel this way about their pension to be not there.
However, my mindset is not all "doom and gloom". Yes, I know, several known cities in California like Stockton, Vallejo, or San Bernardino went bankrupt at some point. These are pretty headlines for those against government employees and their unions. I’m not here to argue this to you.
Ultimately when you read the headlines, I shrugged, because I know the directions of my pension board doing to mitigate risk. I feel the same with my wife's pension and equally with social security benefits.
One reason I feel confident and secure is because I follow the industry each and every day. I try to read as much I can on the vision and directions and their board's fiduciary role and its responsibility. What actions they are taking to mitigate risk, views on investment allocations to achieve market efficiency, ROI, stands on corporate governance. I read their annual financial statement and understand their positions. Having this information available gives me a high confidence and the knowledge and security my pension plan to be there when we are FIRE ready. So my second part question, how inform are you, or not about your pension to be there in the future?
(Please be civil and respectful with your response. I don't want this debate turn against public government unions or retired military. Stay on topic please)
He can work on a golf course here in NC or we can move back to California. I told him those are his choices.
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