Orissa, California, IRA discussed on Rich Dad Radio Show

Automatic TRANSCRIPT

Well, performing well below any S and P five hundred index and the benefits. I don't view the benefits is generally being that high some people. Focus on that the benefits are too rich for for some people. They are but the overwhelming majority they're not moments overwhelming majority of policemen. Firemen schoolteachers are not retiring with a lot of money coming into. But certainly the mismanagement of the pension money is a big big issue and the one that's most often overlook, and that's what you're right about in some of the papers of read about you is that it's not just mismanagement. It's actually to penitent corruption by the by the fund managers, not the place office was not the firemen not the teachers, but the people that they trust their pension to the corrupt incompetent or complete have no idea what they're doing my summarizing that correctly. Yeah. I wrote an article called top ten reasons why feeling from public pension is is a smart idea. And when you look at public pensions one of the. Big problems is they are not subject to any comprehensive law. So risk the federal law that protects corporate pension for those who may not know Orissa protects your 4._0._1._K's, those a private IRA's. But if you work for the government, and you have a public pension like California's CalPERS, then there's no oversight. There's nobody watching what the so-called managers doing that. What you're saying? The Orissa does not apply. The huge loophole to Orissa is that public pension money who's not governed by Orissa. So that's a big big safeguard that the federal law that protects retirement savings does not.

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