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Missed Fortune – It’s Time To Get Pensive About Pensions

Posted on | July 23, 2010

If you’re relying on a pension fund to get you through your retirement, you may need to look for alternatives.

Employees of the state of Maine are just learning that their state –- which until now has covered retirement benefits with its pension program –- is looking at offsetting its burden by having employees participate in Social Security for the first time.

Maine is among a handful of states that have prohibited participation in Social Security in an effort to save on Social Security costs, which are 6.2 percent of the payroll for employers and the same for employees, according to a New York Times article.

Maine’s shift is yet another example of the strain the country’s failing economy is putting on traditional retirement strategies. Both public and private employers are struggling to maintain retirement plans for their employees (that is – for the employees they haven’t had to lay off already!).

And with the country’s skyrocketing Social Security debt – and national debt – there’s little comfort that Social Security will be there when you need it.

Times like these make it more clear than ever that relying on an employer or the government to provide for you is not enough. And it’s clear that the same-old, same-old traditional financial planning advice can’t always protect you.

It’s imperative that you take charge of your own financial future. It’s important to identify retirement planning strategies that can keep your retirement money safe, liquid, at a good rate of return – and with tax advantages.

Find out more about how you can protect yourself through the Missed Fortune strategies.

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*Life insurance policies are not investments and, accordingly, should not be purchased as an investment

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