Will Brexit affect UK cruise ports

[sail7seas]

Market instability, especially if it is longer term will most certainly impact retirees—including those on public pensions—because the foundation of the pension funds are financial investments in the stock market as well as contributions from the employees themselves, not just public taxes. The majority of public employees that I know also have retirement accounts in the stock market, whether they are Roth IRA's or 457 accounts, as well as taxable accounts.[/q uote]

 

Ols Salt

A growing numbers of US retirees today are public employment workers with guaranteed pensions, and quite attractive ones, which actually qualify them now as members of the "upper middle class".

 

This temporary Brexit market instability will not affect them. In many states, their defined-benefit pensions are back-filled by local taxpayers should their pension fund investments fall short.

 

Market instability, especially if it is longer term will most certainly impact retirees—including those on public pensions—because the foundation of the pension funds are financial investments in the stock market as well as contributions from the employees themselves, not just public taxes. The majority of public employees that I know also have retirement accounts in the stock market, whether they are Roth IRA's or 457 accounts, as well as taxable accounts.

 

Kindly do not add fuel to or start an anti-public employee rant. Let's get back to the topic at hand.

 

The topic of this thread is "Will Brexit affect UK cruise ports?"

 

My own opinion is that if the pound continues to drop it might mean that UK citizens will travel less; however, it will also be an incentive for other countries, especially from the U.S., to travel more to the UK. We will do so not only because of the financial advantage related to the dollar vs. pound, but because most Americans love the U.K. and will want to travel to U.K. ports specifically to help our favorite ally.

 

 

Kindly do not add fuel to or start an anti-public employee rant. Let's get back to the topic at hand.

 

The topic of this thread is "Will Brexit affect UK cruise ports?"

 

My own opinion is that if the pound continues to drop it might mean that UK citizens will travel less; however, it will also be an incentive for other countries, especially from the U.S., to travel more to the UK. We will do so not only because of the financial advantage related to the dollar vs. pound, but because most Americans love the U.K. and will want to travel to U.K. ports specifically to help our favorite ally.

 

 

f you don't wish to talk about the TOPIC. So, only you ncsancomment, resst of us are told to not comment. Why raise a sub ject, give your houghts and tell the rest of us we are not to comment?

Edited June 25, 2016 by sail7seas

[RDC1]

Absolutely! People, this is a buying opportunity! Might as well work these events to your advantage. The US stock market just went on sale. European cruises are coming down in price. Let's celebrate!

 

Don't think I would buy quite yet. The last three events that resulted in a greater then 3% one day sell of of the US market (Japanese Earthquake, US debt approval delay, European debt crisis) all had drops of at least 12% before the dropping was finished. Taking about 30 days in each case to bottom. This is a much more stretched out situation then those.

[wales4ever]

Although I voted to remain, I can see at least 2 positives from leaving. 1 The MEP's will have to get off their gravy train. 2 Scotland will have another referendum and will vote to break away from the rest of the UK.... meaning that we will not have to suffer that Scottish dwarf that reminds me of the bride of Frankenstein! But if the pound falls then it may well encourage more tourists to the UK

[Mynki]

Market instability, especially if it is longer term will most certainly impact retirees—including those on public pensions—.

 

In the UK the older generations tended to vote out where as younger people were tending to vote remain. So whilst those retirees in the US who have have their pension funds impacted by Brexit have my sympathy, not everyone else does.

 

The retirees in the UK who voted out can reap what they sow.

 

Yesterday was a very good day for you guys to buy pounds. Thankfully we bought all of our travel money for our next three vacations before Brexit just in case.

 

Yesterday I went on a shopping spree for stocks. i was hampered as my online share dealing account crashed due to everyone else having the same idea. Did the US experience the same problems?

 

I'd expect some volatility over the next few days. For those brave enough there's easily the opportunity to bad a cruise off this day trading.

 

Disclaimer

 

The value of shares can go down as well as up. :D

[dancourt]

Sorry it's the will of the people, they had enough of following the garbage in Brussels... France, Finland to follow, hip, hip, hooray

 

I totally agree with what you say.

 

I am one of those that voted OUT and do not regret my decision.

 

Also, I'm afraid there is more to this than just having the convenience of using a single currency when coming to Europe for a holiday.

 

Susan

[kazu]

I totally agree with what you say.

 

I am one of those that voted OUT and do not regret my decision.

 

Also, I'm afraid there is more to this than just having the convenience of using a single currency when coming to Europe for a holiday.

 

Susan

 

Of course there is much more to this than a single currency. A LOT more.

 

The sad thing is that with such a close vote no matter how it would have turned out, nearly 1/2 of the people in the United Kingdom would be unhappy.

[jhannah]

Yesterday I went on a shopping spree for stocks. i was hampered as my online share dealing account crashed due to everyone else having the same idea. Did the US experience the same problems?

 

 

Yes. At least I did. I could not get into my brokerage account last night. In fact, I found the Internet itself was quite sluggish all night, and some websites just wouldn't load. I'm sure it was because of the extra-heavy usage.

Edited June 25, 2016 by jhannah

[sail7seas]

I heard there are 'exit noises coming fromF rance and italy.

[smokinmike]

A growing numbers of US retirees today are public employment workers with guaranteed pensions, and quite attractive ones, which actually qualify them now as members of the "upper middle class".

 

This temporary Brexit market instability will not affect them. In many states, their defined-benefit pensions are back-filled by local taxpayers should their pension fund investments fall short. There are enough government defined-benefit pension recipients to fill many a cruise ship if this is how they choose to spend their retirement years.

 

Far more ruinous to other non-government pension retirees is the long stretch of virtually zero fixed income interest rates used to mask the full impact of growing and massive public debt in the US.

 

This is where many come up short when they might have planned a safe and secure 4% income stream generated by their retirement savings. And need to save their principal for potential long-term health care expenses.

 

Maybe "a safe and secure 4% income stream" isn't the best investment strategy these days. Also, government employees traditionally took jobs that paid less than those in the private sector with an anticipated generous pension plan as a counter-balance. With the uncertainty in the private sector these days, there is resentment towards those retirees with these defined benefit plans. Newer government retirement plans more closely mirror those within the private sector today. Slamming unions and government employees is an emotional knee-jerk reaction that is very common but blaming those groups for the employment disruption being felt in the United States is overly simplistic and trite.

[whogo]

Looks like Brexit has been called and UK will leave the European Community, though not all votes in. Wonder how this might impact UK cruise ports, value of dollar to pound sterling, port costs, regulations, etc, etc, etc.

I do not see much change for North American travelers. The dollar will go farther for at least the short term, changes to port costs, regulations, etc, etc will be insignificant. I can not speak to how Brexit affects EU residents visiting the UK.

[OlsSalt]

Maybe "a safe and secure 4% income stream" isn't the best investment strategy these days. Also, government employees traditionally took jobs that paid less than those in the private sector with an anticipated generous pension plan as a counter-balance. With the uncertainty in the private sector these days, there is resentment towards those retirees with these defined benefit plans. Newer government retirement plans more closely mirror those within the private sector today. Slamming unions and government employees is an emotional knee-jerk reaction that is very common but blaming those groups for the employment disruption being felt in the United States is overly simplistic and trite.

 

A bit of fact-checking is in order here. Government employees in the US are paid far more than the average worker, receive exceptional benefits and paid time off PLUS get tax-payer guaranteed pensions no matter what the stock market or their pension fund poor performance does.

 

Time to retire out dated myths about public worker compensation packages. There is a website called "Transparent California" that discloses all public worker compensation packages by title and name in the entire state.

 

The two wealthiest counties in the US are the ones surrounding Washington DC - which is populated mainly by federal government workers.

 

BTW: pointing out the facts about the massive unfunded liabilities US taxpayers face that have been run up by public pensions is slamming no one; only pointing out the huge debt burden we have created and passed on to future generations.

 

Plus underscoring why there never will be a "safe 4% fixed income" for the rest of us because that would be a devastating exposure of the public debt now rung up by our public worker compensation windfalls.

 

This whole issue needs more sunshine if we are to stop digging this debt hole deeper and create more government employee "upper middle class" at the expense of the rest of the country's workers and future generations who are now stuck with paying off this huge public pension debt.

 

Sorry, way OT but lets not throw such blatant misinformation around okay?

Cruise passenger demographics include a large numbers of retired persons. Those on public pension from entitles that are back-filled by the taxpayers (defined benefit public pensions) do not have to worry about the stock market. The rest will.

Edited June 25, 2016 by OlsSalt

[smokinmike]

A bit of fact-checking is in order here. Government employees in the US are paid far more than the average worker, receive exceptional benefits and paid time off PLUS get tax-payer guaranteed pensions no matter what the stock market or their pension fund poor performance does.

 

Time to retire out dated myths about public worker compensation packages. There is a website called "Transparent California" that discloses all public worker compensation packages by title and name in the entire state.

 

The two wealthiest counties in the US are the ones surrounding Washington DC - which is populated mainly by federal government workers.

 

BTW: pointing out the facts about the massive unfunded liabilities US taxpayers face that have been run up by public pensions is slamming no one; only pointing out the huge debt burden we have created and passed on to future generations.

 

Plus underscoring why there never will be a "safe 4% fixed income" for the rest of us because that would be a devastating exposure of the public debt now rung up by our public worker compensation windfalls.

 

This whole issue needs more sunshine if we are to stop digging this debt hole deeper and create more government employee "upper middle class" at the expense of the rest of the country's workers and future generations who are now stuck with paying off this huge public pension debt.

 

Sorry, way OT but lets not throw such blatant misinformation around okay?

Cruise passenger demographics include a large numbers of retired persons. Those on public pension from entitles that are back-filled by the taxpayers (defined benefit public pensions) do not have to worry about the stock market. The rest will.

 

 

Wow! Sensitive much? What I said was that public sector employees in the past traded a lower rate of compensation during their working life for a more generous defined benefit pension. That situation is no longer the case as public sector compensation and retirement benefits more closely resemble those packages in the private sector. As far as a desired rate of return on your investments, why not change your strategy? What was appropriate at one time isn't necessarily appropriate for all time and bemoaning the circumstances is not dealing with the problem. Oh - and I get the fact that you aren't enamoured with "government workers". That's fairly plain to see.

[sail7seas]

The U.S. dollar will go further but what about the Canadian dollarr ?

[Fouremco]

The U.S. dollar will go further but what about the Canadian dollarr ?

Since yesterday, the CAD is down versus the USD and EUR, but up versus the GBP. So, compared to earlier this week, a land holiday in England would be a better bet financially than a Med cruise.

[dancourt]

Since yesterday, the CAD is down versus the USD and EUR, but up versus the GBP. So, compared to earlier this week, a land holiday in England would be a better bet financially than a Med cruise.

 

...........and you would be more than welcome.

 

Susan

[Fouremco]

...........and you would be more than welcome.

 

Susan

Thank you Susan.

 

I lived in Sussex as a child and have returned to England many times for business or pleasure. My lovely young bride and I shared a wonderful three week honeymoon touring England and Scotland some 45 years ago, one of several holidays there. We'll be back! :)

[RDC1]

Wow! Sensitive much? What I said was that public sector employees in the past traded a lower rate of compensation during their working life for a more generous defined benefit pension. That situation is no longer the case as public sector compensation and retirement benefits more closely resemble those packages in the private sector. As far as a desired rate of return on your investments, why not change your strategy? What was appropriate at one time isn't necessarily appropriate for all time and bemoaning the circumstances is not dealing with the problem. Oh - and I get the fact that you aren't enamoured with "government workers". That's fairly plain to see.

 

Actually in general the packages for government workers in the US actually pay more then similar private sector jobs in the same area, with substantially better retirement. The government salaries caught up and passed private sector salaries about 20 years ago according to numerous studies on the subject. On top of that the generous retirement packages have remained, while private sector jobs have gone almost entirely to 401k type packages.

 

If you would like I can give you a rather long list of credible studies completed by either major academic institutions or major consulting firms that specialize in such subjects. One of the reasons why almost all negotiations these days on government contract tend to reference increases vs inflation and not comparisons to private sector workers doing similar jobs.

Edited June 25, 2016 by RDC1

[sail7seas]

Thank you Fouremco for info re: Canadian dollar. I wiswh ir was better news for our Nortrhern neighbors

Edited June 25, 2016 by sail7seas

[Fouremco]

Thank you Fouremco for info re: Canadian dollar. I wiswh ir was better news for our Nortrhern neighbors

Sail, I'd be happy just to claw back some of the losses against the USD that we've seen over the past three years. The two currencies were at par back in 2013 - heck, the Loonie was worth MORE than the USD at some points that year - but things have slipped away from us since then. :eek:

[kazu]

I do not see much change for North American travelers. The dollar will go farther for at least the short term, changes to port costs, regulations, etc, etc will be insignificant. I can not speak to how Brexit affects EU residents visiting the UK.

 

I think the "North American" travellers should be amended to travellers from the U.S. How it affects Canadian is a horse of a different colour and we are still waiting to find out. Well, I recognize Friday was a "knee jerk reaction" (at least I hope so) the loonie fell and doesn't seem to do well in times of turmoil.

 

So, for those of us in Canada, I don't know if our dollar will go further. I fear it will get less mileage, sadly.

[sail7seas]

I remember that brief momment in time when U.S. and Canadian $$$ were at parity

Edited June 25, 2016 by sail7seas

[smokinmike]

Actually in general the packages for government workers in the US actually pay more then similar private sector jobs in the same area, with substantially better retirement. The government salaries caught up and passed private sector salaries about 20 years ago according to numerous studies on the subject. On top of that the generous retirement packages have remained, while private sector jobs have gone almost entirely to 401k type packages.

 

If you would like I can give you a rather long list of credible studies completed by either major academic institutions or major consulting firms that specialize in such subjects. One of the reasons why almost all negotiations these days on government contract tend to reference increases vs inflation and not comparisons to private sector workers doing similar jobs.

 

 

I would be very interested in looking over any of those studies of which you made reference.

[RDC1]

I would be very interested in looking over any of those studies of which you made reference.

 

Here are a few, I stayed away from the ones from think tanks because you can find just about anything there, depending upon their political leanings:

 

https://www.princeton.edu/ceps/workingpapers/227rosen.pdf

 

This deals with federal employees

 

http://www.cbo.gov/sites/default/files/cbofiles/attachments/01-30-FedPay.pdf

 

Here is one from Boston College that is interesting that deals with local and state governments

 

http://crr.bc.edu/wp-content/uploads/2011/09/slp_20-508.pdf

 

 

In general federal employees are compensated better then private sector except for professionals such as Doctors, Lawyers, etc.

 

The gap is closer in state and local positions, where total compensation is closer and can bounce around depending upon the particular metrics in the study. For example in the Boston College paper the public sector comes out a bit lower if adjusted for large firms, but lower otherwise.

 

The best study that I have used in the past, but cannot locate at the moment is one by Price Waterhouse Coopers that compares a large number of specific titles at federal, state and local level. In that document you can look at specific positions such as accountant, clerk, etc and do direct comparisons by major population area.

[OlsSalt]

Website "Pension Tsunami" tracks various reports and findings regarding public compensation and the looming public pension unfunded liability crisis effect on supporting taxpayers - mainly in California but also includes articles about other states - estimate a one trillion dollar unfunded public pension bubble is out there, that needs to be backed by US taxpayers:

 

EG: A survey of 45 cities in Riverside and San Bernardino counties shows the average full-time city worker received $127,730 in pay and benefits last year, according to data released by Transparent California, which has ties to a conservative think tank.

 

Defined-benefit pensions in California are based upon last three years of compensation paid the public employee, which is always an unknown and floating number when doing pension planning today. In this case, the "average" full compensation package per public employee is $127,730 a year today. How will that "average" amount affect what is promised in later for that employee's defined-benefit pension, years down the road.

 

The gap between what is promised, what is invested ,what rates of return expected, and what is due at some time uncertain is the "unfunded liability" which in taxpayers in this state are required to back-fill. This will be your grand-kids problem to solve. But meanwhile public infrastructure maintenance in this state now gets badly short-changed to fill in this public pension gap. UC admitted the bulk of the student fee increases go to paying off their promised public pensions to retired UC staff.

 

Point is, some who are retired don't have to worry about the stock market or the current EU uncertainly. But those in the position to back-fill these public pensions promises, do. Sorry this has gone off topic, but retirement planning and cruise affordability depend upon which side of the pension program you are sitting on: private pensions or public pensions.

Edited June 25, 2016 by OlsSalt

[Keith1010]

It is way too early to know the impact.

 

Keith