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5th June 2012, 13:29 #11
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Originally Posted by Malbec
Some governments have moved to the idea that the government should not be be in the business of providing services, and so we've seen in some countries a move to privatisation. The Superannuation System in Australia and the Self-invested Personal Pension program in the UK are as I see it, the first step to those governments abrogating their current responsibilities in those countries and given the tremendous turmoil over the debt ceiling in the US and future problems foreseen with Social Security, what's not to say that governments will abandon their current responsibilities there as well?
I suspect that government pensions will cease to exist in 30 years time, which is convenient because it means that I won't be getting any. So as far as I'm concerned I agree with Benmosche out of pragmatism, and I bet that AIG would like to manage those funds I'm setting aside too.The Old Republic was a stupidly run organisation which deserved to be taken over. All Hail Palpatine!
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5th June 2012, 13:36 #12
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Originally Posted by Rollo
Originally Posted by Rollo
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5th June 2012, 18:00 #13
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Originally Posted by Malbec
What do you think, why is that they are unable to give you back at least the money that you gave them during 40+ years of paying for your pension fund(s)?! It's not like you are going to live more than 30 years (in the best case) after you retire at 67 or 70!
Is it because they did sloppy work placing your money and now they do not have it?
Or is it because they pay out billions in bonuses to people who managed to produce record loses?
Originally Posted by Malbec
Originally Posted by Malbec
Is it not because they can not afford to raise more? Either because they are paid peanuts for their work or if they get enough money they do not have time to have and raise kids?!
Or is it because young people, who usually make kids, do not have jobs at all? What about most unemployed people being under 35?!
Originally Posted by Malbec
Originally Posted by Malbec
Originally Posted by Malbec
Originally Posted by Malbec
What about other people who have to do other kinds of jobs?
Let me tell you, generally (with very few exceptions) a healthy 70 year old person can not compete with a 25 year old one, no matter the difference he/she can bring based on their long experience, and that is for several reasons:
- they do not have the same attention span anymore
- they lose out on technology, or are often afraid of it when it first get's close to them
- they just don't have the energy to keep spinning for 8+ hours a day.Michael Schumacher The Best Ever F1 Driver
Everything I post is my own opinion and I\'ll always try to back it up! :)
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5th June 2012, 18:07 #14
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Originally Posted by Malbec
Making people pay a life time for something they would never get back, isn't that theft?!
Looks to me that the system was set up as a big scam just that it slowly turned around and now the scammers are the ones complaining.
Originally Posted by Malbec
With the money I pay for pension funds in 40 years of work I could buy 4 apartments that I could rent for a monthly rent way above what my pension will eventually be!
The question is who is profiting from all that money that we pay and never get back?
I don't think any politician will even try to answer this question, ever.Michael Schumacher The Best Ever F1 Driver
Everything I post is my own opinion and I\'ll always try to back it up! :)
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5th June 2012, 18:09 #15
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Originally Posted by gadjo_diloMichael Schumacher The Best Ever F1 Driver
Everything I post is my own opinion and I\'ll always try to back it up! :)
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5th June 2012, 19:53 #16
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Originally Posted by ioan
Originally Posted by ioan
Originally Posted by ioan
Originally Posted by ioan
Originally Posted by ioan
Originally Posted by ioan
Originally Posted by ioan
You fundamentally misunderstand the pension timebomb. It isn't about bankers stealing money, its purely demographics. Oddly enough though, you think insulting and attacking covers for your ignorance, do you realise it merely makes your lack of understanding more obvious?
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5th June 2012, 19:57 #17
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Originally Posted by ioan
You'd be a fool not to take a serious look at how you're going to finance your retirement carefully and diversify your risks.
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5th June 2012, 20:19 #18
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Originally Posted by Malbec
The fact that they collect the money at the source, before I even get it?!
Sure thing I aint paying a private pension fund on top of it, maybe after I manage to get my own house and an apartment to fund my old days.Michael Schumacher The Best Ever F1 Driver
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5th June 2012, 20:39 #19
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Originally Posted by Malbec
Originally Posted by Malbec
Originally Posted by Malbec
Again it is demographics which is basically no one's fault. How easy.
Originally Posted by Malbec
My parents have 4 children, by the time they were my age, yet they both had well paying jobs and worked 40 years each. I've got no kids and not planning to have any for the next 6 years.
See I am talking from experience, I wonder how you came to your conclusions that economy isn't the sole factor. Maybe it's something in the water?!
Originally Posted by Malbec
Every time I call for a skill hand worker of any kind I have to put up with crap work and high prices. I could do 99% of these so called 'skilled' jobs without a minute of training if I just had the time for it.
Breaking news: using a hammer and a screwdriver is not skilled job in my world, and no I am not in China.
Originally Posted by Malbec
Originally Posted by Malbec
Originally Posted by Malbec
It looks more like you are insulting me while I never insulted you, unless you are one of those I cited in which case I stand by my opinion.Michael Schumacher The Best Ever F1 Driver
Everything I post is my own opinion and I\'ll always try to back it up! :)
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5th June 2012, 21:30 #20
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Originally Posted by MalbecOriginally Posted by Malbec
AIG is a business; that means that firstly they have their interests at heart and not the general public. Assuming money is actually set aside to pay pensions, then it has to be invested somewhere and you can bet that AIG would be queuing up to get these funds under their management like any other financial company.
Those funds have to be invested somewhere and invariably they do/would end up in property/shares/bonds etc. which are all subject to varying amounts of risk. As we've seen in Australia over the past 5 years, many retirees have had great chunks of their investments wiped out and so have been forced to rely on the state-paid pension. Companies like AIG honestly couldn't give a rip if people suffer a loss.
In the mean time, superannuation firms still take their 1-2% management fees in spite of the funds under their management not generally even keeping place with inflation. In Australia at least the law allows you to set-up a self-managed-super-fund but the retail funds generally haven't done stellarly better than SMSFs on the whole. Most people I deal with usually have enough that they could set up their own SMSF but then again most people don't want the hassle. There is a break even point when it doesn't even make sense to set up your own SMSF because the audit fees would be more than 1-2% management fees which financial companies would have taken.
The point is that it actually is partially about bankers stealing money (they'd like to) and not just purely demographics.The Old Republic was a stupidly run organisation which deserved to be taken over. All Hail Palpatine!
Almost all Finn's since Paavo Nurmi who are fast in their sport have been called "Flying", particularly the 1960's rally drivers, but I was actually thinking of "Flying Finnish" - the timing line at...
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