My neighbor is a retired gubmt worker at 58 (retired at 60 but had two years worth of sick leave accrued that he was credited with). He is now 74. Will likely live until 90+. He gets a six figure pension. Healthcare covered for life. He retired as a mid level manager. He started working for the government at age 20. His pension was 3% @ 30... so after 30 years on the job he retired with 90% of his pay for the rest of his life. Inflation adjusted of course.
So he put in 28 years on the job, and will likely be retired for 42 or more years. The present value of that pension and his healthcare benefits are over $5 million.
Sure he paid $5 million into his retirement benefits over those 28 years.
YouтАЩre right. Most people go into local government work for the money. Also please note someone retiring now has a very different benefits picture than people who were hired since the 90s passed into the mists of time.
Yeah because they paid a larger than typical percentage of their paychecks into a pension and retired after 30 years.
LOL. No. That is a myth and a half.
My neighbor is a retired gubmt worker at 58 (retired at 60 but had two years worth of sick leave accrued that he was credited with). He is now 74. Will likely live until 90+. He gets a six figure pension. Healthcare covered for life. He retired as a mid level manager. He started working for the government at age 20. His pension was 3% @ 30... so after 30 years on the job he retired with 90% of his pay for the rest of his life. Inflation adjusted of course.
So he put in 28 years on the job, and will likely be retired for 42 or more years. The present value of that pension and his healthcare benefits are over $5 million.
Sure he paid $5 million into his retirement benefits over those 28 years.
His story repeats all over the country.
YouтАЩre right. Most people go into local government work for the money. Also please note someone retiring now has a very different benefits picture than people who were hired since the 90s passed into the mists of time.