When the Senate approved the omnibus spending bill to prevent the government from shutting down, it also delivered a blow to some retirees who collect pensions. In a little-discussed provision of the bill, certain multi-employer pension plans were given the go-ahead to reduce pension checks to current recipients by up to 60 percent. Didn't see that coming, did you?
With the Ken Burns docu-series The Roosevelts: An Intimate History airing shortly on PBS, this seems a good time to share a snippet of their family history. Specifically, the pages that follow are excerpts from Edith Kermit Roosevelt's file regarding a widow's pension for the service of her husband, Theodore Roosevelt.
Investment types often trot out the cautionary phrase, "past performance does not necessarily predict future results." And for good reason. Clients must understand that their financial tomorrow is no guarantee. Yet when it comes to the question of whether we are doing enough to ensure that we won't outlive our resources in retirement, we can learn a lot from history.