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I have a darned good pension formula (before it was changed for new employees in 2012) and I don't see how one could retire at 40 with a six figure pension.
Certainly there have been some outliers (look up Robert Rizzo and the city of Vernon) but the vast majority are hard working individuals who earned their keep.
I simply googled "public union generous". Here is one:
You used to hear much more of it a few years ago then now, taxpayers have complained and made there complaint known at the ballot box, changes have been made, etc. Even Democratic mayors have been forced to cut public pensions at the expense of union votes. New public employees don't get as generous of a pension. To be fair, it should also be noted that much of these pension costs are eaten up by rising healthcare costs as part of the pension benefits.
no doubt, vast majority of public workers are hard workers and have modest and well-deserved pensions. But there are exceptions and there has been abuse.
Give specific examples of teachers, firemen, police officers, and garbage collectors who have retired at 40 with six figure incomes, sir. Links please.
Here is another I found via a quick google search in a matter of seconds, plenty like this...
"The New York Times reports: In Yonkers, more than 100 retired police officers and firefighters are collecting pensions greater than their pay when they were working. One of the youngest, Hugo Tassone, retired at 44 with a base pay of about $74,000 a year. His pension is now $101,333 a year...Thirteen New York City police officers recently retired at age 40 with pensions above $100,000 a year; nine did so in their 30s. .."
Be aware that you are asking, and I am providing, the link. Yes again so I don't get beat up - these are examples of possible abuse and do not represent common public pensions. I don't want this to be a thread about public pensions and have no further comment, good or bad, on the matter since the point of this thread isn't to debate possibly inflated public employee pensions, but just to take care in some states in mentioned it if you are on one.
"The New York Times reports: In Yonkers, more than 100 retired police officers and firefighters are collecting pensions greater than their pay when they were working. One of the youngest, Hugo Tassone, retired at 44 with a base pay of about $74,000 a year. His pension is now $101,333 a year."
Be aware that you are asking, and I am providing, the link. Yes again so I don't get beat up - these are examples of abuse and do not represent common public pensions. I don't want this to be a thread about public pensions and have no further comment, good or bad, on the matter.
I don't think it is abuse for people to take the pensions they were promised; some may have passed on what were potentially better jobs because of what they were promised. I think it is very poor planning for these pensions to be offered to people.
I don't think it is abuse for people to take the pensions they were promised; some may have passed on what were potentially better jobs because of what they were promised. I think it is very poor planning for these pensions to be offered to people.
Often these large pensions included the overtime they worked because the city found it cheaper to pay them overtime then hire and pay additional benefits to another new employee.
Often these large pensions included the overtime they worked because the city found it cheaper to pay them overtime then hire and pay additional benefits to another new employee.
Some people had a fit when they found out that some city bus drivers in san Antonio Texas were making over 100K. But like you said, paying them overtime is cheaper than paying another person a salary + benefits. My BIL was a bus driver for the city and they had very good benefits.
I can't tell you how often people have told me this after I was asked where I work and what I do for a career. I retired from full time work at about age fifty after some success in the stock market, an inheritance and lots of saving. Now that I am older I am also collecting Social Security along with my passive income from my investment assets.
I have many friends who were not able to retire until their bodies and minds went out in their 70s. They don't think it was fair that I had such a life of leisure.
Shortly after retiring, I would walk around and notice all the people working and the expression on their face said- "I HATE THIS and CAN'T WAIT TO GET OFF WORK!"
Maybe early retirement in scheme of things is not really fair, when other people are working until their 70s. I am feeling guilty. I wake up and more money comes in and I did nothing. It's crazy!
I hear ya!
This is how people react when i tell the i woke up at 3pm. "Oh, must be nice!" No, actually it SUCKS since i have a severe sleep disorder!!!
I can't tell you how often people have told me this after I was asked where I work and what I do for a career. I retired from full time work at about age fifty after some success in the stock market, an inheritance and lots of saving. Now that I am older I am also collecting Social Security along with my passive income from my investment assets.
I have many friends who were not able to retire until their bodies and minds went out in their 70s. They don't think it was fair that I had such a life of leisure.
Shortly after retiring, I would walk around and notice all the people working and the expression on their face said- "I HATE THIS and CAN'T WAIT TO GET OFF WORK!"
Maybe early retirement in scheme of things is not really fair, when other people are working until their 70s. I am feeling guilty. I wake up and more money comes in and I did nothing. It's crazy!
Give specific examples of teachers, firemen, police officers, and garbage collectors who have retired at 40 with six figure incomes, sir. Links please.
What she said.
The average California government worker retires with a pension around 35K. That's pretty much basic sustenance if you live in California.
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