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Over 400,000 Americans are about to lose most of their pensions…
CNNMoney reports Central States Pension Fund—which supports Teamsters Union truck drivers—will be broke in 10 years.
It pays out $3.46 in pension benefits for every $1 it receives from employers. That equals a loss of about $2 billion each year.
The U.S. Treasury Department just rejected a “rescue” plan that slashed pensions by 60%. It said the plan would still leave the fund bankrupt.
Now a taxpayer-funded agency—the Pension Benefit Guaranty Corporation (PBGC)—is on the hook to backstop the pensioners. But the payout is still bleak… a miniscule $35.75 a month for every year worked. That means a driver with 30 years in the union would receive just $1,072.50 per month.
Millions of retirement-age Americans face a bleak reality: Social Security and pensions are no longer a reliable source of retirement income.
At PBRG, we’re in “crisis mode.” We’ve got our top researchers examining every safe conventional and alternative retirement income play known to man.
One of them could be an immediate “retirement saver” for you: reverse mortgages. If you have equity in your home, you may be able to pull it out as regular monthly checks… and still remain in your home for the rest of your life.
Mark’s team explores all the pros and cons of reverse mortgages in the June issue of Creating Wealth. Don’t miss it.