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Could someone tell me what the gist of this post is about. I've read through it and I am not sure.
Are they saying that teacher's have terrible retirement plans, or are they complaining that teachers have too much retirement income?
OP was trying to hit at liquidity for public employees with pensions. With a generous pension, the need to save for retirement is greatly reduced. I'm sure there are many public employees who have little to nothing saved other than the pension, but in many cases, their private savings will just act as a large emergency fund if the pension can cover routine bills.
Could someone tell me what the gist of this post is about. I've read through it and I am not sure.
Are they saying that teacher's have terrible retirement plans, or are they complaining that teachers have too much retirement income?
As the OP it and the link are about the often poor options in teacher/public sector 403b v private 401k plans and how the legal protections are different
Someone on here were a retired teacher couple pulling 6,000 each for a total of 12,000 a month in retirement. If that is the sort of retirement money teachers get and not out of the ordinary....
It is.
But as I said, I am grateful for what we will get....it's much better than what either my mom or my MIL has to live on.
That's just how much our checks will add up to in a year....I'm not sure about taxes. If they tax retirement income, that will be before-tax income. I know it's not horrible....as I said, I'm grateful for it, I was just giving a more realistic figure for teacher pension than $200,000.
I think we do get to keep our same health insurance.
I have no idea what is this 403B that BAHillbilly speaks of.
A 403b is the topic of this thread and discussed in the OP link. It along with the 401k are the designated retirement plans referenced in the OP link and thread title. Not pensions as some have assumed and discussed,
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Originally Posted by TuborgP
A 403b is the topic of this thread and discussed in the OP link. It along with the 401k are the designated retirement plans referenced in the OP link and thread title. Not pensions as some have assumed and discussed,
Editors create sensational readership with strategic titles of articles, and politicians sway public opinion the same way..
Think Your Retirement Plan Is Bad? Talk to a Teacher
sometimes, when you are a conventional thinker... a comprehensive Retirement Plan might include pensions, healthcare, continued representation & services ... you know... just the average "Retirement Plan" stuff... (for the 'average' workers)
or, not... walk out the door, and it is ALL over +/-
A 403b is the topic of this thread and discussed in the OP link. It along with the 401k are the designated retirement plans referenced in the OP link and thread title. Not pensions as some have assumed and discussed,
Right, but I think the general consensus is a too expensive defined contribution plan AND a defined benefit plan (which describes teachers) compares favorably to no defined contribution OR benefit plan AT ALL WHATSOEVER (which describes most employees).
I have 2 sisters and a bro in law that were teachers, they all got outstanding pensions so I don't know what the OP is talking about. I work as a Consultant for an Engineering company and have worked all over the world (currently Kuwait). I've earned a lot more during my working career but I've worked way more hours and been gone too much. Now as whether or not I'll have a better lifestyle in retirement, I should but I've had to save, invest, and manage investments to do that.
Last edited by Tall Traveler; 10-28-2016 at 10:37 AM..
Spoken like someone truly clueless about the rigors and sacrifices of teaching.
The point of the article was the poor 403b options and fees. Not all teachers by any stretch have comfy pensions, most by far don't, and if they appear to, then they likely paid in to the plan & don't get SS. It would have been far far smarter for my wife to have put her 403b monthy amounts into about any index fund in an IRA, and come out much farther ahead. That's the point I don't understand WHY the article DIDN'T make! If the 403b stinks, DON'T USE IT!
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