Public pension crisis has some bracing for worst

"A recent study of some 126 state-sponsored pension plans by the Center for Retirement Research revealed that assuming investment returns of 6%, the plans will run out of money by 2023 or 2025, depending on their framework.

Assuming an even more generous 8% investment return, the plans will run out of money in 2033 or 2041."

Should you take out your public pension funds and reinvest on your own?
Investment News
"The Ohio House of Representatives is weighing a slate of changes to the state's five public pension plans, including tying the cost-of-living-adjustment to the Consumer Price Index and capping it at 3%, instead of an automatic 3% increase.

Another part of the law would raise contributions by police officers and firefighters to 12%, from 10%, and raise the age at which employees could take their full pension to 52, from 48."

Although I retired at 60, it looks like today you should plan to work to 65 or 70, unless you've put aside other funds, as we had done. I don't regret a minute that I've had those 10 good years of activities and travel I enjoy--on the other hand, retirement is much more expensive than I imagined. I'm thankful I was able to sock away 15% in tax deferred plans, and for many years learned not to use my income which would have resulted in a more materialistic lifestyle.

You need really deep roots

during this time of life.

Wednesday afternoon at Lakeside on Lake Erie I attended a lecture about trees. The speaker told about the importance of a lot of water early in their growth; about the wrong way to mulch (volcano instead of donut--the roots will girdle the tree and strangle it); the danger locally of the Emerald ash borer; how to prune; invasive species (Norway Maple, Tree of Heaven); and the problem of the silver Maple. Our speaker said they grow fast, but their life expectancy is about the same as a human. Also, they require a lot of care. One specie I wasn't familiar with was the Chinkapin Oak, or Chinquapen. He said the leaf was similar to a chestnut and that it was urban tree of the year.

However, Thursday evening we had a terrific wind storm in southern Michigan and northwestern Ohio, and we lost power--some for several hours, others for 2 days. When I walked around the grouds, I saw many damaged and fallen trees, a number were silver Maples. One huge tree on the lakefront had fallen on another and sheared limbs off of that one. At 2nd and Plum at that park, it looked like another fallen silver Maple.

But up on 7th street (7 blocks from the lake) a saw a huge tree had fallen in the yard of the old Danbury school (now boarded up). The root circumferance was huge, maybe 7 or 8 ft., sheared off almost at ground level, but the depth of the roots was very shallow because it was growing on rocks. There have been quarries around here even before the town. Trees perhaps are like people. You can get so far, but if the wind really starts to blow, you'd better hope your roots of faith go really deep. I brought a leaf home; I think it is a Chinkapin Oak.

Think Again Grants

I saw an article in the Columbus Dispatch that Columbus State has $3 million in grants for older, new students but can't find them. Columbus State, which was just a tiny, little thing when we moved here now has 24,000 students. The $1,000 grant is for tuition, for a new (or almost new) student taking at least 6 hours, spread over 3 quarters. Maybe now is the time for you to think about taking that college credit class?