How would YOU solve a $300 billion pension funding gap? By reducing the retirement age from 57 to 55?

Photo above – Sri Lanka is the ONLY place in the world where you can retire on pension at age 55. California just matched it.

If you guessed it would be California reducing the retirement age for government workers to 55, go to the head of the class. After all, this is the state which has added a $30 minimum wage to the mix, and has a $21 billion gambler bullet train to Vegas in the works - (full disclosure: approval was granted in 2005, when it was named DesertXpress. No tracks have been laid yet. If it ever is built, the train will run 218 miles from Rancho Cucamonga, CA to Las Vegas, at about $100 million per mile.)

Back to that retirement thing: no other US state has a public employee retirement age below 60. California is dropping theirs from 57 to 55. Maybe the $265 billion pension funding gap already has a secret solution nobody is telling us about? (see link below).

$265 billion in unfunded pensions means each California resident ALREADY owes $6,600 to close the pension gap, even before the new lower retirement age. But not every California resident has a job, or pays taxes. Can someone subtract the children, stay at home parents, unemployed, etc to figure out the real unfunded debt per person? I’m guessing it’s somewhere between $15,000 to $20,000 for each taxpayer.

Most nations have a MUCH higher retirement age. Even progressive places like Sweden (67) and the UK (66). The only country which still has retirement at 55 retirement is Sri Lanka. The average income for a Sri Lankan is $180 a month, so let’s hope they don’t find out about California’s $30 an hour minimum wage too, eh?

I’m just sayin’ . . .


https://www.msn.com/en-us/money/markets/california-s-pension-expansion-bills-will-burn-taxpayers-investors-opinion/ar-AA21l137?ocid=msedgntp&pc=HCTS&cvid=69e7534e8eba479db3459880de3842b8&ei=67


California's pension expansion bills will burn taxpayers, investors | Opinion