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i read the link. it only included Illinois, which is notorious for pension problems. It tells us nothing about the frequency of millionaire teachers nationwide.
Okay... look at NY, NJ, CA, MA, etc., etc...
Public employee defined benefit pensions are WAY out of control. They're easily worth $1 million+ per retiree.
Oh, and about those police...
Quote:
A fifty year-old state cop with a $100,000 pension, including a 3% automatic annual increase, will receive more than $5 million in pension payments over his 31 year life expectancy, despite contributing only about $200,000 in pension payments.”
They're NOT going to like the failure they get - drastic cuts in social welfare programs, etc. ...so why the insistence on barrelling full throttle into it?
They're NOT going to like the failure they get - drastic cuts in social welfare programs, etc. ...so why the insistence on barrelling full throttle into it?
Implode and Collaspe the economy is the goal.
Obama is determined to make America like Argentina...bankrupt chaos.
A $1 million retirement pension saved up over a lifetime of working is not that much.
Running the numbers through a 401k calculator, if you made $40k and put way 5% from ages 20 through 60 while getting an 8% return, (and averaging 5% raises each year) you'd have roughly $1 million, even without an employer match.
$1 million is on the very low end of what I'd think people should have saved up right before they retire.
A $1 million retirement pension saved up over a lifetime of working is not that much.
Running the numbers through a 401k calculator, if you made $40k and put way 5% from ages 20 through 60 while getting an 8% return, (and averaging 5% raises each year) you'd have roughly $1 million, even without an employer match.
401k's don't guarantee an 8% return. The problem with the unions' defined benefit pensions is that when that 8% return doesn't exist, the money to PAY those pensions isn't there, either.
And 5% raises each year? What planet are YOU living on?
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