"Their house is on fire":
the pension crisis sweeping the world
Posted By: MDConservative, 11/17/2019 9:48:05 AM
Jan-Pieter Jansan, a 77-year-old retiree from the Netherlands, had high hopes for a worry-free retirement after having saved diligently into a pension during his working life. “This is causing me a lot of stress,” says Mr Jansan, who retired 17 years ago and hoped to use his pension pot to treat his grandchildren and afford good hotels on holidays. Mr Jansan is not alone in experiencing pension pain. Tens of millions more pensioners and savers around the world face the same pension security as Jansan when he lowered interest rates since the financial crisis created havoc for the financing of systems.
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Comments:
The world is awash in cash looking for a profitable investment home, much in the hands of pension funds. As central banks try to manage their economy by playing with the fiat money interest rates, promised (and necessary) investment growth isn't happening near expectations based on historical returns. Pension funds and annuities, which have contracted outcomes, have a serious problem here, especially when compounded over time. Mr. Jansan may yet need to buy a tent...and not just for holiday making.