How much was your private sector pension worth? (payments, single, benefits)
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My father worked for Pan Am for 40 years. Everything they ever though about retirement was lost. Mom went to work for the DMV so they could have health insurance. They sold their beautiful home with a swimming pool and gardens in an upscale neighborhood and moved into a 55+ community that was a step above a trailer park.
Definitely go with a public sector job.
My advice to anyone starting a public sector job would be to also start a sideline business. Teachers should set up tutoring, accountants should get a small practice etc.
We are 2 retired teachers receiving combine pensions of a little over $12,000/ month. Plus these have a COLA so will increase in future years. Public sector pensions , for those that are "grandfathered", are definitely more lucrative.
We are 2 retired teachers receiving combine pensions of a little over $12,000/ month. Plus these have a COLA so will increase in future years. Public sector pensions , for those that are "grandfathered", are definitely more lucrative.
What percentage of your pension did you contribute and how many years did you work/
Not all public pensions are the same there are well over 100 plans and not all have COLA.
??? Not sue what ^^^^ means? 401k is not a pension, but a defined benefit plan that at least allowed some kind of defined savings for the future. Last time I checked, my company had pitched in well over $100k in matching funds to my account. I wouldn't call that false hope. If anything, false hope is assuming that the value of a pension is not seriously eroded by inflation, or forgeting that having $500k tax deferred, really means you only have $375k to spend, and only in small amounts per year. But $375k in a Roth means $375k anytime you want it.
Don't plan on any private pensions in 20 years! Many previous such plans have already been converted to a 401(k) only for recent hires (those with under 15 years), and the old timers such as me had ours frozen with the funds converted to annuity plans.
Your retirement will need to be self-funded/self-managed - just like your great-grandparent's was.
What percentage of your pension did you contribute and how many years did you work/
Not all public pensions are the same there are well over 100 plans and not all have COLA.
Over the years , my wife and I contributed 9.0% to our pension plans. We both worked 40 years teaching. We both have MAster's degrees and were department heads so this gave us a bump up in pay and pension benefits.
Remember, we never had a choice as whether to contribute or not to the pension plan. You were part of a union....you contributed. If we live past 80, I am sure we will have been paid far more than what we contributed especially with future COLA increases. But also, when we both die, our pensions die with us. If we had contributed that 9% every year to an Index 500 fund in an IRA for the past 40 years, we both would probably have accumulated close to $2 million. And that money would be part of our estate to be passed on to our heirs. It is what it is.
Interesting that no one is on here trashing those with private sector pensions like they do those with public sector ones. I guess there is a double standard. And the taxpayer, either through taxes or through the purchase of goods or services is funding both, regardless of how you look at it.
And how many of these private sector companies are subsidized by the government in some fashion? These comments are not meant to denigrate those with pensions of any kind, I have a couple myself, just pointing out the irony of the situation.
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Everything they ever though about retirement was lost. Mom went to work for the DMV so they could have health insurance. They sold their beautiful home with a swimming pool and gardens in an upscale neighborhood and moved into a 55+ community that was a step above a trailer park. 
