Continued from previous BLOG

I should just mention that people that are receiving pensions prior to the enactment of ERISA (Employee Retirement Income Security Act…which made 401ks possible) are receiving their pensions under a Defined Benefit Plan.  It defines the dollar amount a person would receive upon retirement and that figure is a constant.  Some lucky people even have a COLA (Cost of Living Allowance) built in and their pension can increase each year, if the cost of living goes up.  These are the lucky ones.  Most of us are now locked into a ‘contribution’ plan as opposed to a ‘benefit’ plan.

Just think about that for a moment!  We are going to have millions of people selling off everything because they have to under the law.  The Government has been patiently waiting for their tax dollars and this will be the time to collect.  We all know that if there are more sellers than buyers, the market has to go down and it is going to drop fast and furious when this time comes.

Most people already know that they are in deep financial trouble but they don’t realize the full impact.  They are still being told that as long as they diversify they will be fine.  They are being told to sit tight and ride it out, because the markets always eventually go back up again.  The financial scene of this world has changed drastically.  Warren Buffet is quoted as saying “Diversification is a protection against ignorance.  It makes very little sense for those that know what they are doing”.

The answer is financial education.  It’s not too late to get a handle on your finances and make some intelligent decisions.  Seek out the education you need to fully undertstand your financial position and that will enable you to make prudent decisions to ensure your future financial security.

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