Government employee pension plans vanish, could structured settlements be threatened too?
In the recent past, it was not unusual for an aspiring employee to heavily consider the pension plan being offered by a prospective employer when making a final selection regarding choice of which company they want to work for. Some of the largest and most prosperous companies were almost seemingly attempting to “out do” each other when creatively developing and advertising the most complete and attractive guaranteed pension plans. Ultimately, these promised retirement packages were designed to provide piece of mind in the form of confident, regular, and easy financial support during the retirement years. Considering the secure nature of a pension plan package, it is not at all challenging to understand why so many employees were comfortable providing years of career service to a company ultimately offering this safe, consistent, and effective financial form of retirement.
Unfortunately, there were unforeseen global economic struggles approaching that would prove to be so malignant and dominate in nature that the very security of the pension became immediately threatened and increasingly more unstable. Smaller, private operating companies were the first employment sector to be massively affected by the recessive state of the economy, ultimately leaving these employers unable to find any feasible financial way to continue to provide pension packages for their employees. However, the far reaching negative consequences of the current economic condition continued to pose more negative threats to pension packages. Unfortunately, government employees are now being forced to confront pension plan eliminations.
Perhaps the group of employees feeling the highest levels of betrayal in this national pension elimination process are the ones who have devoted the agreed upon number of employment years, expecting to soon be rewarded with a previously promised pension. For instance, many state government positions require 20 committed years of quality professional service from an employee. At this point, employees who have already devoted the 20 years are now finding themselves with no means of financial support to even begin considering a retirement. Feelings of betrayal certainly seem warranted when it logically seems as if the employee has fully maintained their end of the bargain, but the formidable U.S. government seems to be faulting on theirs.
This national pension elimination has many people wondering what options exist for those employees who devoted years of service with the confident knowledge that a pension would supply them with the necessary financial security to retire? Unfortunately, there is no precise answer and, ultimately, these individuals are forced to find alternative means of financial support through their retirement years on their own.
Understandably, this national pension minimizing effect has been the impetus causing many recipients of structured settlements to begin to question the security offered in these government backed guaranteed payments. Given the seemingly overnight disappearance of pension plans, it is not challenging to understand why many structured settlement recipients are responsibly wondering how much longer their promised periodic payments will be maintained. In all actuality, no one can predict the future, but structured settlements could certainly begin to disappear too.
Many structured settlement recipients are beginning to look into the option of selling all or part of their settlement arrangement to ultimately obtain a large lump sum cash amount. Clearly, having the structured settlement money in your possession right now would provide you with much more financial control and security.
If you have found yourself struggling with the complicated and stressful decision making process attempting to ultimately determine if selling all or part of your structured settlement is the right decision for you, feel free to contact Genex Capital at 1-800-257-3110 FREE. Immediately, an experienced and professional long term financial planner will be available to help you discuss your individual situation and determine the best course of action for your needs.