Underfunded Pensions

Terry Says

Save more!  It's not that you live in an affected "area" -- but many municipal pensions are in trouble and if they default in the future they will certainly impact their retirees who worked for the system, no matter where they retire.  I realize that the comment "save more" could be interpreted as unfeeling -- because many who will be impacted are already in or nearing retirement, with very little chance to earn and save more money.  This will be a national catastrophe if it happens.  And I'm hoping that cities like Chicago will take some immediate action to add contributions to their plans, or restructure the promises made to younger works who still have time to adjust their savings habits.   Become an activist in two ways:  talk to your children and grandchildren about the importance of saving.  And if your state or municipality is drastically underfunded (check out the link in this column), then write to your newspaper or get active politically!