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.
California's nonpartisan Legislative Analyst, the state office responsible for analyzing the impact of proposed ballot measures, sent up a large red flag. It said that an initiative that would eliminate the Constitutional vested rights of public employees to retirement and retiree health care could cost "billions of dollars."