Tag Archives: retirement

Business/Economics, International

What Economic Recovery? & Corporate Evil: Nearly 1 million retirement plans destroyed, small companies could go bust

An investigation has revealed that investment firm, AIJ Investment Advisors Company, has lost most, or all, the money in retirement plans that affect more than 880,000 people!

More than half those plans are for people who’re still working.  The loss could actually force the companies they work for out of business!

Japan’s Labor Ministry says the Tokyo based investment firm lost the money belonging to 84 corporate retirement plans!  The majority of those plans  actually belong to medium and small businesses.

AIJ has been ordered to pay back those companies.  However, the Labor Ministry says if it can not, then under Japanese law those companies would have to come up with the retirement money on their own, and that could shut down some of the medium and small sized companies.

 

Business/Economics, U.S.

What Economic Recovery? Proof that most U.S. citizens will never be able to retire

According to AARP, for the Baby Boomers that are still in the workforce, 40% of them plan to work “until they drop.”

A recent survey of U.S. workers, that included all age groups, found that 54% plan to keep working when they hit retirement age, and 39% plan to either work past age 70, or never retire at all.

A CESI Debt Solutions survey found that 56% of U.S. retirees still had outstanding debts when they retired.

The University of Michigan found that people 55 years of age, or older, now account for 20% of all bankruptcies in the United States.  In 2001, they accounted for only 12% of all bankruptcies.

Between 1991 and 2007 the number of people between the ages of 65 and 74, that filed for bankruptcy rose by 178%!!!

The American Journal of Medicine reports that medical bills are a major factor in more than 60% of personal bankruptcies in the United States.  Approximately 75% percent of the people who file bankruptcy due to medical bills have health insurance!

More than 30% of all U.S. investors, currently in their sixties, have more than 80% of their 401k retirement plans invested in the volatile stock markets.

According to the Congressional Budget Office, the Social Security system paid out more in benefits than it received in payroll taxes in 2010. That was not supposed to happen until at least 2016.

The University of Chicago, and Northwestern’s Kellogg School of Management,  calculated the combined pension liability for all 50 U.S. states. They found that  all 50 states are collectively facing $5.17 trillion in pension obligations, but they have only $1.94 trillion set aside in state pension funds. That means, collectively, the state governments are short $3.2 trillion.

The U.S. government now says Medicare will run out of money five years sooner than they were projecting just last year.


Business/Economics, Opinion, U.S.

What Economic Recovery? Military Retirement Pay to be sacrificed on the 401k altar

In the name of providing more funds for weapons systems and combat operations, the Defense Department has decided it’s time to end their traditional retirement plan, and force military personnel into risky 401k plans.

The plan is described in the publication “Modernizing the Military Retirement System”.

Government officials say that current military missions can not be continued without cutting funding from other military programs, like retirement.  Hello, that’s a clear sign that you’re military is overextended! (That’s what happened to NAZI Germany and Imperialist Japan in World War 2)

Promoters say the good thing about using 401k is that a veteran can collect on the money even if they do not serve the full 20 years.  But all those people out there, trying to get by on their crashing 401k plans, will tell you the 401k is no guarantee you’ll have enough money to live on.

 

 

 

 

Business/Economics, International

Senate Passes Retirement Reforms People say Strikes will Continue

The French Senate passed the controversial bill to increase the retirement age, as well as other rules.  At last count there were 250 amendments to the bill.  President Sarkozy issued a directive which allowed the Senate to vote without further deliberation.

General view inside the French Senate where debate on the government's pension reform bill continues in Paris October 22, 2010. French unions hardened their stance on Friday ahead of a final vote on the French government's pension reform raising the retirement age which is expected later in the day. REUTERS/Charles Platiau (FRANCE - Tags: POLITICS EMPLOYMENT BUSINESS CIVIL UNREST)

Most university students, and union members, voted to continue strikes.

French university students raise their hands to vote during the General Assembly at the Tolbiac University in Paris October 22, 2010. Elsewhere refinery labour unions hardened their stance ahead of a final vote on French government's pension reform expected later in the day. REUTERS/Julien Muguet (FRANCE - Tags: POLITICS EDUCATION BUSINESS)
Striking workers of French oil giant Total vote to continue the strike during a general assembly in the oil refinery of Donges, near Nantes, October 22, 2010. French police cleared access to the main refinery supplying fuel to Paris early on Friday as unions hardened their stance ahead of a final vote on French government's pension reform expected later in the day. REUTERS/Stephane Mahe (FRANCE - Tags: EMPLOYMENT BUSINESS CIVIL UNREST ENERGY)

Part of the reforms include the number of years a worker must contribute to the retirement plan; increased to 41.5.  The French reforms are still not as drastic as other countries, such as Greece or the United Kingdom (Britain).

Business/Economics, International, Opinion, U.S.

French Strikers Kickin’ Ass, viva Nouvelle Révolution Française!

French strikes continue, should we dare call it Nouvelle Révolution Française?  Even French high school students are going head to head with riot police!  Today, the students have blockaded schools and set fire to cars.  Strikes actually started more than a month ago, and have only gotten bigger, viva les Français!

ATTENTION EDITORS - FRENCH LAW REQUIRES THAT THE FACES OF MINORS ARE MASKED IN PUBLICATIONS WITHIN FRANCE. High school students shout slogans as they block the entrance of the Thiers high school to demonstrate over pension reform in Marseille October 18, 2010. The banner reads High school students on strike . REUTERS/Jean-Paul Pelissier (FRANCE - Tags: EMPLOYMENT BUSINESS EDUCATION CIVIL UNREST)

According to the French news agency, AFP, around 1500 gas stations have run out of fuel.  Workers at 11 of France’s 12 oil refineries have joined the country wide strike, protesting a two year raise in retirement.

French striking workers block the entrance of the oil refinery of Grandpuits, east of Paris, October 18 , 2010. France started to tap its industry strategic reserves as a growing number of pumps in French petrol stations were drying up on Monday at the start of a second week of action by refinery and port strikers to block fuel supplies over an unpopular pension reform bill. REUTERS/Benoit Tessier (FRANCE - Tags: CIVIL UNREST EMPLOYMENT BUSINESS ENERGY)

On Sunday French truck drivers joined the strike, blocking the country’s major highways.  Half of all airline flights in and out of France have been canceled.

French striking truck drivers demonstrate over pension reform on a motorway near Fresnes-les-Montauban, northern France, October 18, 2010. French truck drivers staged go-slow operations on highways, rail strikes intensified and petrol stations ran out of fuel on Monday as protests gathered pace ahead of a Senate vote on an unpopular pension overhaul. REUTERS/Pascal Rossignol (FRANCE - Tags: CIVIL UNREST EMPLOYMENT BUSINESS TRANSPORT)

This is a major event taking place in Europe, with implications for the United States, yet, the U.S. Media is barely covering it.  Why?  Maybe it’s because the Corporate Controlled U.S. Media, and our Government, doesn’t want us getting any ideas?

The amazing thing is that the French are striking over a proposed two year increase to their retirement age, it hasn’t even become law.  Actually the retirement age issue is the final straw for most French.  They’re tired of constantly getting screwed over by their leaders.  Which brings me to my point, again, what’s up America?  We’ve endured so much more hyperbole here in the United States, yet where is the public outrage?

Maybe Americans are waiting for November elections to see change.  Idiots!  How many generations of Americans have played that losing game?  History shows that we the People have only gotten screwed over and over by our so called leaders!

Thomas Jefferson, a founder of the United States, and our 3rd President, warned:  “Single acts of tyranny may be ascribed to the accidental opinion of a day; but a series of oppressions, begun at a distinguished period and pursued unalterably through every change of ministers, too plainly prove a deliberate, systematic plan of reducing [a people] to slavery.” —Thomas Jefferson: Rights of British America, 1774. (*) ME 1:193, Papers 1:125

Wake Up America!