Think about Social Security. When you get your annual statement form, it
comes with an asterisk. This is to inform you they “might need to
reduce benefits”. With any retirement account you are relying on the
custodian to make payments to you upon retirement. Think about state and
municipal retirement accounts promising the good life, they are nearly
ALL underfunded. Meaning there is not enough money in there to make
(promised) future payments unless some sort of magically higher returns
are realized. These are underfunded by the TRILLIONS of dollars!
