In Response to Re: NFLPA Vs NFL.. where do you stand?:
[QUOTE]In Response to Re: NFLPA Vs NFL.. where do you stand? : Where did the subject of football go? [/QUOTE]
When the CBA is being renegotiated football and finance are the same subject.
[QUOTE]The (about 15 year) baby boomer generation actually reached the average retirement age last year, so if their will be a retirement crisis it could be sooner than what you have mentioned. A good majority of the 17$ trillion in retirement plans are in that generation however. [/QUOTE]
The crisis may well come earlier. According to the Center for Retirement Research at Boston College, though, the typical 55 to 64 year old has just $78,000 in their 401(k) plan. That's pretty inadequate.
[QUOTE]Additionally, why do you think most people have retirement plans that are not sufficient? They were taught to rely on social security, a social program that is nothing like it was when created today. Like most social programs, it has proven to become a financial and economic burden while enabling people to rely on inefficient government programs. [/QUOTE]
Well, actually people used to rely mostly on their private-sector employer for retirement benefits. In the absence of decent private-sector benefits it's a good thing we have Social Security. We should do what we can to shore it up and preserve it.
[QUOTE]There are also plenty of pensions that still exist for current retirees, there just wont be any for retirees in 20 years, as you mentioned.[/QUOTE]
One reason I think the crisis is still a little down the road.
The main problem is that +70% of U.S. pensions are under-funded. If they are 80% under-funded the regulations disallow 50% of the employees lump sum option. 60% disallows the entire amount. [/QUOTE]
Yes, unfortunately the regulators allowed companies to use far too aggressive pension-funding assumptions, so companies stopped putting in enough to buffer against market declines like we had in 2007.
[QUOTE]Can we get back to football now?
Sure . . .