My best friend and I are retiring together; how is this fair? (pension plan, state)
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We are the exact same age and are retiring together. Ed worked in private sector for 10 years and for the state for 25. I worked 36 years for the private sector. We had the same income and Ed had better
benefits. I will receive through SS approximately 1100 per month; and Ed will receive 1800 per month.
I have to pay 990 for Health ins per month for me and he pays $380 for a family. How can the government support this inequality. Especially for 30 to 40 years. His is guaranteed and mine isn't?
This post is very confused. If you and Ed had he same income throughout and are retiring at the same age, you will receive the same SS payment. Are you confusing SS for you with SS plus a state-government pension for Ed? It's not Ed's fault that you worked for a cheesy employer who didn't have a pension plan.
Here are some more possibilities: Ed gets more in retirement because he was better-educated than you, smarter, harder-working, and had a higher-level job than you.
Regarding the cost of medical care -- you are evidently retiring early (before age 65). If you can't afford it, don't do it.
Ed drove a bus; and yes he did work for ss for 10 years. I have a better education, etc. Same income. Did I have a 'cheesy' employer - no! He gets 10 years ss benefits and a public pension for the other 25.
Its the pension that makes the difference. You choose a job that did not have a pension. Possibly you had a 401K or could have setup an IRA for yourself. Maybe you did or maybe you didn't. that is the importance of preplanning and maximizing the amount of income you get when you retire.
We are the exact same age and are retiring together. Ed worked in private sector for 10 years and for the state for 25. I worked 36 years for the private sector. We had the same income and Ed had better
benefits. I will receive through SS approximately 1100 per month; and Ed will receive 1800 per month.
I have to pay 990 for Health ins per month for me and he pays $380 for a family. How can the government support this inequality. Especially for 30 to 40 years. His is guaranteed and mine isn't?
Welcome to the real world. You made your decisions, he made his.
We are the exact same age and are retiring together. Ed worked in private sector for 10 years and for the state for 25. I worked 36 years for the private sector. We had the same income and Ed had better
benefits. I will receive through SS approximately 1100 per month; and Ed will receive 1800 per month.
I have to pay 990 for Health ins per month for me and he pays $380 for a family. How can the government support this inequality. Especially for 30 to 40 years. His is guaranteed and mine isn't?
The missing information is each or your careers and education comparisons and job performance/promotions within them. If all of that is equal my candid response is he made the better career choice. He also if he had a different career path might have made more in the private sector but with less benefits. Did you contribute as much to your private 401 as he did to his public pension? Obviously because of the difference in SS benefits he earned much more over his working years then you did so that is certainly part of the reason for the outcome. Certainly even within the private sector you salary and benefits would have varied depending on your employer and how long you stayed with him. You suggest Ed was with the state for 25 years and his time in the private sector was divided by how many employers? Your 35 years in the private sector was with how many employers? All of that makes a difference in the final result. Seems like all of the responses are similar.
We are the exact same age and are retiring together. Ed worked in private sector for 10 years and for the state for 25. I worked 36 years for the private sector. We had the same income and Ed had better
benefits. I will receive through SS approximately 1100 per month; and Ed will receive 1800 per month.
I have to pay 990 for Health ins per month for me and he pays $380 for a family. How can the government support this inequality. Especially for 30 to 40 years. His is guaranteed and mine isn't?
65 minus 36 leaves 29, or 62 minus 36 leaves 26, so what were your salaries for those years? I worked from the time I was a young teen, how about you or Ed?
The problem is that maybe Ed got lucky, or he was smart enough to work for the govt, or you made the wrong choice by not working for the govt, which would then be your fault since you both had a choice to make and his turned out to be the correct one and now you blame someone else for the results of your bad choice.
I grew up with lots of friends who also made the wrong choices in life, I made the right choice twice in my life and then later on saved like heck to make sure I would have something for my future, while friends bought fancy cars and fancy houses and blew their money on lots of unnecessary toys and they now somehow blame me for being able to be retired while they still have to work.
Without trying to insult you or others who took their own route (that is not what I wish to do), we all have choices in life and some of us make the wrong ones and others either get lucky or make the right ones. When I was 18 and working 16 hours or more a day and 7 days a week, I knew then that I needed a structured job with benefits and searched one out and got one at 21. I feel playing the blame game is why things are so messed up nowadays. Too many people blame others rather than take personal responsibility for our own actions. I built my future, no one built it for me, just as Ed had the foresight or luck to build his. Maybe time to lick your wounds and just go on with your life, now had you put away a bunch of money over the years and had the foresight to invest in say Apple, then you might have way more income then Ed since most govt employees know they have a pension and defined benefits, so they do not bother to save much during those years, I know I never did until my after years.
First equal salary does not jive with him getting more in SS really during time counted towards SS. Then private and public sector is different between employers and jobs. Some private and public get paid heathcare in retirement.Others get nothing.It alll depoends on terms of employment.
Public sector work has lower income during working years but better pension/health benefits later on.
That's the choice you make early in life.
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