If you are one of the millions of Americans who plan to rely on government pension benefits following retirement, it is extremely important that you check your plan to make sure that no adjustments have been made and above all else, take very little for granted going forward.

While it is true that most state and local pension plans have yet to be affected, a growing number of plans have already begun to make structural changes to ensure that they are able to fulfill future obligations or, simply put, make good on their pension payouts after you retire. Not surprising when you consider some reports claim that government pensions in this country are currently only 75% funded, meaning that much of the money you are expecting to receive upon retirement simply does not exist. So where will the remaining 25% come from? Well, the easy answer is to increase what you pay in to the system while decreasing what they ultimately pay you (many would argue that the easy answer would be to start phasing out public sector pensions altogether, but that is a different article for a different time).

Regardless of what state you work in, the odds that new employees will one day be able to enjoy the same pension benefits as those already retired are next to zero.

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