Still Preparing In Case Our Pension Fund Runs Out Of Money By 2027 or 2028

Check out this site for information on the various state pensions and how well or lousy they are funded.

https://www.pewtrusts.org/en/resear...gap-plans-have-stabilized-in-wake-of-pandemic

At the bottom is a list of states and how well their pension system is funded. If you depend on a pension from Illinois, New Jersey, or Kentucky, prepare an alternative now. Perhaps you might consider a part time job to build up your retirement stash.

IMO, I don’t think it’s wise to work for any institution that does not fully participate in the Social Security program, unless you are very disciplined and will wisely invest every cent you don’t have to pay into SS.
 

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Brookswood said:
Check out this site for information on the various state pensions and how well or lousy they are funded.

https://www.pewtrusts.org/en/resear...gap-plans-have-stabilized-in-wake-of-pandemic

At the bottom is a list of states and how well their pension system is funded. If you depend on a pension from Illinois, New Jersey, or Kentucky, prepare an alternative now. Perhaps you might consider a part time job to build up your retirement stash.

IMO, I don’t think it’s wise to work for any institution that does not fully participate in the Social Security program, unless you are very disciplined and will wisely invest every cent you don’t have to pay into SS.
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I saw the list and it is very enlightening. However, what if you cannot, or unable to go back to work? Shop at cheaper stores, etc.
 
fancicoffee13 said:
I saw the list and it is very enlightening. However, what if you cannot, or unable to go back to work? Shop at cheaper stores, etc.
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Then I would suggest taking advantage of very money saving option available to seniors. For example, I know a guy who cut his property tax bill by 80% by taking advantage of a state and county plan for low income seniors. He also picks up a Surprise Box of food at the local senior center several times a month. Sometimes they through in free samples of other things like toothpaste and pain meds. Mostly its veggies, beans, baked good, and some dairy products.

I guess my real advice is to continue working, even if its part time for a few more years. If possible, of course. The time will come when you and me can't work, period. No matter how much we are willing to do so.
 

Brookswood said:
Then I would suggest taking advantage of very money saving option available to seniors. For example, I know a guy who cut his property tax bill by 80% by taking advantage of a state and county plan for low income seniors. He also picks up a Surprise Box of food at the local senior center several times a month. Sometimes they through in free samples of other things like toothpaste and pain meds. Mostly its veggies, beans, baked good, and some dairy products.

I guess my real advice is to continue working, even if its part time for a few more years. If possible, of course. The time will come when you and me can't work, period. No matter how much we are willing to do so.
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That's good advice. I have been retired now for almost 12 years and in no way did I see this stuff coming. Debt ceiling, covid, etc.
 
Brookswood said:
Check out this site for information on the various state pensions and how well or lousy they are funded.

https://www.pewtrusts.org/en/resear...gap-plans-have-stabilized-in-wake-of-pandemic

At the bottom is a list of states and how well their pension system is funded. If you depend on a pension from Illinois, New Jersey, or Kentucky, prepare an alternative now. Perhaps you might consider a part time job to build up your retirement stash.

IMO, I don’t think it’s wise to work for any institution that does not fully participate in the Social Security program, unless you are very disciplined and will wisely invest every cent you don’t have to pay into SS.
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Very good article Brookswood, albeit a bit lengthy. Thank you for posting it. I meant to mention in the OP that the State of N.J. did take out for Social Security, so that would become my main income source if there is a severe cut or pension payments stop. I can't see it going to the latter extent, however.

Also you are right about people needing to be proactive as far as finding ways to spend less. This could include not only senior discounts but freebies. Sometimes one has to but call and ask for discounts.
 

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