02-20-2018, 06:53 PM
The difference is the federal govt can print however much money it needs to pay its bills. The question is how much you can print before inflation becomes a serious problem. And at some point they will lower the benefit and increase the withholding, extending it at least a few more decades.
Many states have serious pension issues. I saw a proposal to break-up IL into three states mainly because the state constitution prohibits the restructuring/changing of pension benefits. I know it sucks if your benefit is reduced, but why is it the responsibility of a taxpayer today for an unrealistic benefit promised 20-30 years ago? Like all of us non-pensioners, if the markets don't do well you might have to accept a lower standard of living in retirement and/or work a few more years.
Many states have serious pension issues. I saw a proposal to break-up IL into three states mainly because the state constitution prohibits the restructuring/changing of pension benefits. I know it sucks if your benefit is reduced, but why is it the responsibility of a taxpayer today for an unrealistic benefit promised 20-30 years ago? Like all of us non-pensioners, if the markets don't do well you might have to accept a lower standard of living in retirement and/or work a few more years.
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