The Retirement Crisis Balloons

According to Bloomberg, “New York City’s pension costs will rise by about $6 billion over the next three fiscal years as high inflation and fears of a recession have hammered the city’s retirement plans.” Today’s guest explains how this could have prevented if with proper planning and oversight.  Ted Siedle, co-author of “Who Stole My Pension” says, “When the American or your state pension says they lost 6%, that’s not true. The number is probably double or triple that.” CALpers, the largest government pension in the United States, which used to be known as the best-run pension in the U.S. has been faced with scandal and controversy. It’s no longer the gold-standard for anything. Siedle says, “It’s the gold standard for mis-behavior.” Host Robert Kiyosaki and guest Ted Siedle discuss the ballooning pension crisis and what that means for future generations.