Why Detroit’s Pension Deal Is a Warning to Retirement Savers
Guaranteed lifetime income has become the obsession of retirees, policymakers and the financial industry. Yet as the public pension debacle in bankrupt Detroit shows, we may never find a solution that completely eliminates the risk of your money running out. The judge in Detroit’s closely watched proceedings said the recent deal the city cut with its retirees bordered on “miraculous,” as reported in The New York Times. …Read More
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