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Except many of them are public sector retirees who get paid from NY’s coffers and spend it elsewhere.
that is okay . most who get these public pensions except for a few types of jobs have taken a lifetime of lower pay from the state or locality then they could have in the private sector in exchange for those pensions . many pensions are contributory too like a 401k would be. everything is generally a trade off when a compensation package is calculated .
that is okay . most who get these public pensions except for a few types of jobs have taken a lifetime of lower pay from the state or locality then they could have in the private sector in exchange for those pensions . many pensions are contributory too like a 401k would be. everything is generally a trade off when a compensation package is calculated .
My wifes a teacher in NYC. If she works to 60 she will make back every cent she ever put in in 2.5 years when she starts collecting. Its garbage but I benefit from it and I still think its nonsense. It's a true defined pension.
teachers in nyc do get pretty decent pensions along with fire and police . the typical office worker gets nothing close . my wife gets 20k ... she actually gave up quite a lot of pay in the private sector for her city pension .
That is not happening anywhere you live. Unless you are a business owner, surgeon or something along those careers.
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Originally Posted by MikeyKid
It's funny because my Dad would tell me that my financial goal was always to cover my "monthly nut" with 1 paycheck. A bit looser than your Mom, but still a thing of the past nowadays.
The "load guarantees" still exist and help prop the market. All the HUD loans require PMI, it's just a matter of who is paying for it. In the case of VA, I think the government still pays the PMI for the veteran. Those programs definitely continue to promote "home ownership". FHA is insanely popular. Fannie and Freddie are monstrosities - everyone talks about the banks and the bad mortgages during the last meltdown, but they are the RE market.
To bad its 7% now I wish my wife was getting 8.25%. This is on top of the defined pension plan. Only NYC teachers get this! They have other funds that are not fixed rate, 7% is to good to roll the dice. We max that sucker out after 30 years it will be 1.1m in profit.
that is okay . most who get these public pensions except for a few types of jobs have taken a lifetime of lower pay from the state or locality then they could have in the private sector in exchange for those pensions . many pensions are contributory too like a 401k would be. everything is generally a trade off when a compensation package is calculated .
Except of course that a private sector teacher on LI makes LESS than a public sector one. Same for anything else that is covered by a public pension.
There is no more "lifetime of lower pay" excuse.
But the point is less about pension benefits than the fact that these same people can retire and move to Florida and still be paid by the state, with the same guaranteed returns.
Just wait until Cuomo introduces an exit tax. But I'd bet that union pensions are exempt
SALT deductions just encouraged state/local governments to keep raising taxes. It is a nonsense deduction that has wrong incentives and resulted in less money going to fed gov. If you live in a high local tax environment, that your local community voluntarily voted for, that is fine, but you get to pay into Fed gov like everyone else. It is not Federal government's business that your local community decided to tax you to death.
Except of course that a private sector teacher on LI makes LESS than a public sector one. Same for anything else that is covered by a public pension.
There is no more "lifetime of lower pay" excuse.
But the point is less about pension benefits than the fact that these same people can retire and move to Florida and still be paid by the state, with the same guaranteed returns.
Just wait until Cuomo introduces an exit tax. But I'd bet that union pensions are exempt
private school teachers are like working in private industry . they have their own compensation deals . we were talking public sector here if you remember
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