Don't expect any kind of safety net when you get old :-/ ..

[nam78_two]

My understanding of economics is kinda rudimentary but thats how I read this:

http://money.cnn.com/2005/11/27/markets/pensions_hedgefunds/


NEW YORK (CNNMoney.com) - Pension plans that are facing a growing number of retirees are seeking bigger returns by pouring billions of dollars into hedge funds, investments that may be risky, a news report said Sunday.

Hedge funds, the secretive investment pools once open only to wealthy individuals, are lightly regulated and often invest in instruments that make their risks hard to assess.

To me it seems like the problem with the endless growth-based economy as opposed to a stability based one, is you cannot let these hedge fund/derivative bubbles burst.
And so you need to keep shunting more money into them and I guess they would rather take risks with the money that would have gone towards retirees than anything "more important"? :(

Of course the WaPo has helpful suggestions for when that happens :sarcasm: - 47% of people over 70 have to work because they can't afford to retire?
Thats a dirty rotten shame IMO...why can't we treat our elderly better? They deserve so much more than this.

http://www.washingtonpost.com/wp-dyn/content/article/2006/07/26/AR2006072601814.html?sub=AR


While their article about retirees in the US is quite upbeat, not quite the same with Japan's elderly :
http://www.washingtonpost.com/wp-dyn/content/article/2006/07/27/AR2006072701856.html?nav=hcmodule


Its a damn shame...