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Pension problems and state budget woes

June 29th, 2017 at 11:50 pm

I live in Illinois. The land of Lincoln. I'm sure he is spinning his grave at this point. For over two years we haven't had a budget and it looks like it will be another year without one. The fiscal year ends June 30th and we are getting depressing news of what is going to stop or be delayed if there is not budget in place by midnight tomorrow. We have a governor and the speaker who are basically holding our state hostage because neither one wants to compromise. I would like to drive to Springfield and in my best teacher voice tell them to grow up and get along.

I'm not overly impressed with our news media. I have emailed our local television station complaining that there are so many "filler" stories and less local news or news that really impacts us. I'm not trying to be someone who doesn't want to know what is going on elsewhere, but I would like news about our community and nearby too. Each night they say we don't have a budget, but not much else. Today the state comptroller shared a video stating all the things that would be stopped or delayed if there is no budget. My pension is one of them that may be delayed come August. There are lots of teachers here in Decatur who get a teachers' retirement pension, not to mention around the state but not one news media has mentioned it. I found this little video on Facebook. I called teacher retirement to find out if it is true and was told that although we have to get our pensions, it is true that it could be delayed. I asked how much of a delay and was told they didn't know.

So, hubby and I are wondering if this is going to come to pass. He also has a state pension and has heard nothing about it. Fortunately all of our big bills have been paid (property taxes, homeowner's insurance, long term insurance, car insurance) so it will be the basic bills of power, water, phone, groceries, etc. that we will have. And we have money in the bank if we need to dip into it.

But I knew some folks who won't be so fortunate. One person makes a far bigger pension that we do and at this point he can't live on it and has to borrow money and put things on credit cards to buy everything he wants and thinks he needs. I emailed him about the possibility of the delay and said we were cutting back our July spending just in case. Haven't heard a word from him. Probably won't.

So, now the waiting begins. Will we or won't we get a budget? Will our legislative leaders learn to get along and work together? Personally, I'm not very optimistic.

Posted in Personal Finance | 5 Comments »

5 Responses to “Pension problems and state budget woes”

  1. MonkeyMama Says:
    June 30th, 2017 at 01:08 am 1498784913
    1498784913

    UGH!! We went through this in our state several years ago (for a very long time). Particularly living in the state capital, it takes such a toll on so many people. I'd say this is most of the reason my husband was unemployed for so long. Even if you don't work directly for the government (and never have), all the contracts and money dries up. Our city is so government dependent.

    I am glad you can weather the storm. Hang in there.

  2. creditcardfree Says:
    June 30th, 2017 at 10:04 am 1498817050
    1498817050

    Not good to hear your pension may be delayed. But it is good to know you are in good shape with some cash on had.

  3. Carol Says:
    June 30th, 2017 at 12:56 pm 1498827415
    1498827415

    I heard a replay of a national radio program ( The 1 A on NPR) about Illinois' woes last night. One telling question-- who's the grown-up in the room? It sounds awful. The consensus was that the state was rich enough but it would take real discipline to fix the problems.
    I am sorry you have to suffer though this!

  4. FrugalTexan75 Says:
    July 1st, 2017 at 04:21 pm 1498926081
    1498926081

    That isn't good news. I'm glad you'll be okay through it.

  5. rob62521 Says:
    July 2nd, 2017 at 08:46 pm 1499028401
    1499028401

    So far, no budget. I imagine tomorrow the folks in charge of these things will consider Illinois a Junk Bond state which will hurt the state's ability to borrow money.

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