7 Steps to Protect Your Baby Boomer Pension

A Baby Boomer Pension may not be there for many baby boomers when they need it for a variety of reasons, including the obvious of not saving for their retirement. But there are many other issues that may result in the pension not being there or not lasting as long as you do.

Baby Boomer Pension may run out

A new video with Mr Forbes interviewing Olivia Mitchell, Head of the Pension Research Council is worth watching for what the experts think about the longevity of baby boomer pension. The tag line is “Will we be even able to retire, or will we just “work ’til we drop?” There is some great information in the video that you should find of value.

Protect Your Baby Boomer Pension

  • If you have not saved enough for your retirement, risking it all in the stock market is gambling and futile right now. You will need to find other sources of income until the debt crisis is faced and resolved.
  • If you have an employer supported baby boomer pension you need to get control of it yourself, as you have no way of knowing if the retirement money will be there when you need it. at the very least organise regular meetings with the employer and the fund manager to get financial statements of the fund.
  • If you are in a State with a large state government with defined benefits for its employees you are going to be taxed much higher to pay for those defined benefits and this will be taken out of your pension. You need to move to a State more fiscally responsible and with much lower public worker retirement benefits if you can.
  • If you do get control of your own retirement money there is nothing wrong with keeping it in cash right now until the world financial markets and governments finally realise they have to resolve their debt problems and live within their means. This may mean deflation but that will make your cash buy more not less.
  • Because of the possibility of deflation get out of debt as soon as you can and get cashed up for what may be the opportunity of a life time.
  • Have some silver or gold stored where you can use it if you have to if civil unrest breaks out as those who do not prepare try to take from those who do.
  • Trust no one because right now. Whilst financial advisers may be sincere, most of them have been taught Keynesian economic views and believe debt is good and savings are bad,  and risking your money on companies and countries with large debts is okay.

There is only one person who should be held accountable for a baby boomer pension and that person is you. Allowing your eyes to cloud over at the mere mention of your retirement fund is an abdication of your responsibility. Don’t leave it to others as, even with the best of intentions they might destroy it. Always remember most people in the financial markets have been trained to believe you can fix a debt problem by taking on more debt, especially if you have a money printing press (like Bernanke) under your control and the law on your side.







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