Pension crisis looms for retired railroad workers
A federal commission projects the railroad retirement system could exhaust its funds in about fifteen years if reforms are not enacted. The report aligns with the Railroad Retirement Board on remaining reserves above four billion dollars, while Congress debates privatized pension plans and tries to keep benefits in line with Social Security.
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Social Security payouts rise with retirement benefits
In Detroit readers ask for the average yearly Social Security payout. There is no average year. Last year total benefits reached 41.6 billion, up 4.4 billion from 1971. This year estimated at 52 billion. Retirement for a worker and wife rose from 141 to 810 a month. By 2000 pensioners may reach 442,000 vs 327,000 active workers. Pension fund could exhaust by 1988, becoming a debt near 12 million by 2000 without further benefit increases.
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