Another Financial Ass-kicking?

apple0154

apple0154

MEOW
State budgets are busted. Hide your wallet!

I tried to post the URL for the "60 Minutes" video but CBS had other plans. :-(

Anyway, for those interested, Google "Steve Kroft/60 Minutes". It looks like another financial crisis is looming.

There is talk about pensions running out of money which prompted me to check out the cost of "assisted living" apartments. They're for older folks who are unable to live independently. Sort of between a retirement community and a nursing home. Individual apartments but offering meals, laundry service, etc.

Anyway the average cost is $3,000/mth. which I believe many will not be able to afford if they lose their pension and with the low interest rate on savings...... So, what do folks think about investing in something similar to a rooming house? Reasonable sized bed-sitting rooms and large, common areas.

Good investment? Yes or no?
 
Last edited:
apple0154 said:
State budgets are busted. Hide your wallet!

I tried to post the URL for the "60 Minutes" video but CBS had other plans. :-(

Anyway, for those interested, Google "Steve Kroft/60 Minutes". It looks like another financial crisis is looming.

There is talk about pensions running out of money which prompted me to check out the cost of "assisted living" apartments. They're for older folks who are unable to live independently. Sort of between a retirement community and a nursing home. Individual apartments but offering meals, laundry service, etc.

Anyway the average cost is $3,000/mth. which I believe many will not be able to afford if they lose their pension and with the low interest rate on savings...... So, what do folks think about investing in something similar to a rooming house? Reasonable sized bed-sitting rooms and large, common areas.

Good investment? Yes or no?
Click to expand...

Depends on whether you are running it (assuming you are qualified) or having to pay someone else to run it. If it is the latter, you probably won't be able to do it as you would have to pay someone who is qualified to assist those who failed ADL's, pay for the insurance, etc...

The insurance is what will kill you.
 
evince said:
There will be a need
Click to expand...

that's why we've come up with a low cost alternative....unassisted cubicals....
article-1188658-051A4684000005DC-626_468x286.jpg
 
Take a look at this article.....

http://www.nytimes.com/2010/12/17/us/17bcbenefits.html

Retiree Care to Cost City $4.4 Billion

After months of delays, the San Francisco controller’s office announced Thursday that it expected the city to pay $4.4 billion to provide municipal retirees and their dependents with lifetime health benefits.

The city has set aside $9.7 million to cover the costs.

The estimate of San Francisco’s unmet health care liability has been closely watched by ratings agencies, labor unions and other groups concerned about the city’s long-term finances. Moody’s Investors Service downgraded San Francisco’s debt rating in November, citing the enormous retiree health-care obligations, among other factors.

In an interview, Benjamin Rosenfield, the city’s controller, said that the situation would be worse if the city had not enacted changes that went into effect last year. New city employees must pay 2 percent of their salary into a health care trust fund. Requirements to receive lifetime coverage were also tightened.

But Mr. Rosenfield said tens of thousands of employees are still entitled to lifetime coverage, and they pay nothing into the fund. “The bad news is the liability associated with the employees hired before” 2009 who contribute nothing, Mr. Rosenfield said.

He said the city’s liability will grow to $9.7 billion by 2033 if no further measures are taken.

To put the $4.4 billion liability in perspective, San Francisco has borrowed $2.6 billion through general obligation bonds in its entire history.

All city employees hired before 2009 were promised lifetime health care after five years of work. The coverage includes all dependents, and it does not matter how long before retirement the employee stopped working for the city.

WTF..

Public employees sucking the life out of cites across America.
 
webbway said:
Take a look at this article.....

http://www.nytimes.com/2010/12/17/us/17bcbenefits.html

Retiree Care to Cost City $4.4 Billion



All city employees hired before 2009 were promised lifetime health care after five years of work. The coverage includes all dependents, and it does not matter how long before retirement the employee stopped working for the city.
.
Click to expand...


Who in the hell negotiates these 'deals'????

Lifetime health care after just FIVE years of work?

yeah.... CA is fucked.
 
Superfreak said:
Who in the hell negotiates these 'deals'????

Lifetime health care after just FIVE years of work?

yeah.... CA is fucked.
Click to expand...
The people that "negotiate" this crap are the same people that will beneift from the deals....
Every time a city, state or federal worker gets a new costly benefit, its another city, state, or federal worker that is giving it to them....and of course themselves......

We have lost control of our own government....Congressmen give themselves outrageous pensions, healthcare packages, perks by the hundreds, etc. and the voters just keep voting them in year after year because they got a morsel along the way.....

And just look at some of posters on here,....pinheads that still don't get it....still want to give more and more entitlements to everyone and anyone....even people here illegally....and they'll blame everyone but themselves when the bills come due.....
 
You must log in or register to reply here.
Back
Top