I'm shocked, shocked...............

WRM cites a story in the Economist suggesting that any of us counting on pensions....shouldn't.  Those greedy corporations have almost been as feckless as state and local goverments in setting aside enough cash to fund their obligations.  Who would have believed that?

The bad news is that corporate and public pension plans are horribly and perhaps irredeemably underfunded. Years of lies, accounting sleight of hand and unrealistic assumptions about returns have now reached the point where private final salary pension programs in the US are now underfunded by about half a trillion dollars. Small change compared to US public sector pensions, where the pension gap at over $4 trillion is eight times the size, but it looks increasingly as if a lot of people aren’t going to have the money they’ve been told to expect.

WRM suggests we all start saving, and then save some more.  Full post is here