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Do they have a 401k too? If so, that's not bad at all. It's better than the federal system. (FERS)
I was in FL and it was 1.6% per year of service from the average of the top 5 years of income. Full retirement age was 30 years of service and I don’t think you can receive additional credit after that. Instead they have a deferred retirement program where you can earn interest to take in a lump sump for 5 years once you reach retirement age or 30 years. A lot of people then still come back and work in positions that don’t offer full benefits after they “retire” a year as required by state law. They did not have a 401k style plan that had matching, although they did have one without matching and it was only a traditional and not a Roth. Since FL employees have an insanely low median income under $50K, I thought it was ridiculous that they did not have a Roth option like the TSP has.
umm not sure I would agree totally. first most folks don't get a pension anymore so it's not something that would be on their radar.
I do have to ask why doesn't your wifes company hold exit interviews? they just hand out pamphlets? that seems a little cold.
anyhoo, when you give notice of retirement at my company the union and company hr immediately (within 7 days) sets up an exit interview. They go over every thing with a fine tooth comb. what your benefits will be, how it was calculated, what your health care would be (I'm one of the lucky ones in that I get retiree medical) and what your options are if you are under 62.
LOL, my dad, sister, brother in law and best friend are all retired NYC cops. believe me they know exactly how much they are getting AND they know exactly how to work those last couple of years to make sure they can get as much as humanely possible.
There are a whole lot of other reasons why folks aren't saving for retirement like they should, it's a complicated issue.
I also wonder if many people bother to find out about ss benefits? Now most of my friends are still under 60 so probably have not given it much thought and I think my dad simply filed when he hit FRA. But between a police pension, a military pension and his ss, he got more than his full salary.
Ill admit though I have not given it much thought outside of delaying it to 70
Don't you get your yearly statement? I know they have periodically stopped for some but if you are over 60 and aren't yet signed up on the website they still mail yours before your birthday. In fact, I got mine recently and my birthday is in October.
here in texas, they can't even take part of their spouse's social security
Some did due to a loophole they found and exploited. Janitorial staff and cafeteria are not under the same provisions, so some company set up "training" where they would bus the para professionals and others to work one day doing this, thus be eligible for ss spousal benefits. Something weird like that.
We have a choice of 3 plans, I'm not retired yet (14 month countdown) so lol, I'm one of those people who will wait until next year to get better details but I'm going to take the high deductible plan which means I have to hit 4000 bucks before the 90/10 takes over, meaning the company pays 90% I'll pay 10%. But I get my annual physical, pap smear and the girls zapped for free. all my prescriptions are a flat 7.00 bucks generic and 15.00 bucks regular.
That will cost me (as of today) 112.00 per month.
No dental though
Thank you that sounds great. Good for you.
so that cost less cost than Medicare's $134 each mo
And to boot, Medicare is known to cover only 80% not 90%
Areyou required to get Medicare along with your retiree insurance?
Is there any long term care involved?
I qualify for a limited retiree benefit of Dental to 2k yr, Chiro, eye & drug coverage at no cost.
Begins at 65. I have it now at $8 a month. Very satisfied with the coverage
umm not sure I would agree totally. first most folks don't get a pension anymore so it's not something that would be on their radar.
I do have to ask why doesn't your wifes company hold exit interviews? they just hand out pamphlets? that seems a little cold.
Because those "interviews" would just degenerate into a constant rehash of the ignorance that prevails on the lower rungs of the economic ladder.
Quote:
Originally Posted by MI-Roger
My wife was talking to two of her co-workers yesterday. All three women work as Special Education Para-Professionals in the local School District and earn around $22k annually. The one lady will be turning 60 next year, as my wife will be, and had stopped by the Regional Union Office to pick-up a brochure describing how to calculate her pension and other steps necessary to retire. She had grabbed a few extra and asked my wife if she also wanted one.
My wife declined since she already has the information. The lady who had the booklets and who will be retiring soon stated that her pension will be around $3500 per year. My wife, who has 20+ years or roughly twice the first woman's seniority, stated that her knows her pension, with the smallest survivor option to keep me eligible for Health Insurance should she pass first, will be around $7500 annually.
The third woman, who is in her early 40's, was absolutely shocked by these low amounts! 'How can a person survive on such a low pension?" was her question. My wife's response was "That is why it is critical to have other investments, such as our payroll deduction 403(b), and save for years".
I asked my wife what did the other woman think her pension would be. Apparently this woman felt her retirement income, pension and SS, would be very similar to her working wages. Too many other people must feel the same way. That would sure explain the gross retirement savings shortage.
And the unparalleled "creation" of "new wealth" in recent years isn't helping things, because to most of the beer-bar crowd, that wealth is viewed as hidden in a vault somewhere, able to be seized and "redistributed"; actually, it exists only on paper, in the artificially high, and transitory values of the equities (stock) of recent success stories such as Amazon and Google. It can disappear quickly if, just as in the Thirties, a disappointed generation goes looking for somebody to blame.
Markets buy or sell upon anticipation, rather than actual results, so 1941, when it became more than ever that the New Deal and its high tax rates were here to stay, and a costly and unparalleled global war was coming, was a worse year for Wall Street than 1934.
Last edited by 2nd trick op; 09-21-2018 at 01:46 PM..
When I was working, many of my fellow federal employees had no idea of how their retirement worked, when they were eligible, what path to take. They didn't care.
There is a reason I stuck with it until I was 62 - I knew I would receive a 10% increase in pension (for life) or doing that.
Only if you work in the 14 states that don't have their public employees participating in SS. Most do. The states that don't tend to be larger and have more employees.
My wife was talking to two of her co-workers yesterday. All three women work as Special Education Para-Professionals in the local School District and earn around $22k annually. The one lady will be turning 60 next year, as my wife will be, and had stopped by the Regional Union Office to pick-up a brochure describing how to calculate her pension and other steps necessary to retire. She had grabbed a few extra and asked my wife if she also wanted one.
My wife declined since she already has the information. The lady who had the booklets and who will be retiring soon stated that her pension will be around $3500 per year. My wife, who has 20+ years or roughly twice the first woman's seniority, stated that her knows her pension, with the smallest survivor option to keep me eligible for Health Insurance should she pass first, will be around $7500 annually.
The third woman, who is in her early 40's, was absolutely shocked by these low amounts! 'How can a person survive on such a low pension?" was her question. My wife's response was "That is why it is critical to have other investments, such as our payroll deduction 403(b), and save for years".
I asked my wife what did the other woman think her pension would be. Apparently this woman felt her retirement income, pension and SS, would be very similar to her working wages. Too many other people must feel the same way. That would sure explain the gross retirement savings shortage.
Very few people who get a pension at all, get a pension that is enough to live comfortably on. Mostly firemen and cops. 401k or 403b are an essential part of retirement income, particularly if you want to delay SS for a few years, or if you want to retire before 62 in any case.
With 27 years on a good job that pays well into 6 figures (and not in a HCOLA) - pension right now would be roughly $3K per month, with $1K of that going to a decent medical insurance (much better deal than I could get on my own, roughly equivalent to health insurance that I have while working). I'm not complaining, the pension is better than most people get anymore. Most don't get a pension at all.
I'm 60. Just me and DW. If I wait till 65, I can go on Medicare and so would get the whole $3K without having to pay for medical insurance.
Most Americans are not good with math. They handle finances poorly. They pay high interest charges and fees because they simply stumble along, not knowing what they are doing and "can't be arsed" to figure it out. Sad but true.
Gotta go to a gravy train state. My wife's ny teacher pension is going to be around 80k a year.
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that sounds great. Good for you.
