Planned for Your Retirement?

So, if you’ve been hiding your head in the sand and still believe that somehow you’ll receive Social Security or state retirement benefits (for those of you under 45) new proof is here that you might want to begin planning for an alternative.

It appears that Congress is working on another bailout, but this time instead of spending money, they are looking for ways to wave a magic wand and make states’ debt disappear. How? Looks like Congressional leaders want states to be able to declare bankruptcy and allow them to be protected from paying the pensions they’ve promised their government employees.

Welcome to the new world of making bad choices and then just having the consequences vacated by the Federal Government. Banks got bailed out by President Bush. Car companies got bailed out by President Obama.

Now, will states get to abdicate their responsibility for bad choices, not making difficult decisions, and will these state employees unions (in other states) get caught by their unwillingness to work with their governments to help fix the problem?

South Carolina is not nearly in the dire straits of some of these states, but the warning signs are there. Keep an eye on your pocketbook, their promises, and our future.

Very good article on these new bailout machinations behind the scenes, here.