Jul 17, 2019

The number of pension plans in crisis in America continues to grow, according to research by a prominent pension analysis firm. The annual survey, based on several sources of plan data for all multi-employer plans, found the number of plans declaring themselves likely to be insolvent within 20 years grew to 121 with a collective $48.9 billion dollars in under-funding. The 121 plans have total assets of $40.7 billion dollars and liabilities of $89.6 billion dollars. Another 67 plans already have terminated but have not yet run out of cash. They will run out eventually, leaving people who paid into pension plans without their planned-for-source of lifetime income. The size of the State of Illinois' pension obligation is $214 BILLION dollars, yet the state's pension funds have only $85 billion dollars available for payouts to retirees. Today, we'll identify exactly why its happening, and what smart retirees are doing to avoid running out of money. Then Shelley Grandidge joins us for the Q &A. You don't want to miss today's show, MASTERING MONEY is on the air!!