Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I’m surprised every entity that has a pension plan doesn’t have an on-line calculator that will show every employer exactly what they’ve earned already in monthly pension payments plus what they’ll earn given their current salary with the ability to enter their expected percentage increase per year and anticipated retirement date.
You get the pension in a gravy state and then move out to a LCOL area to retire, and avoid the inevitable tax increases. There is the same feeling in Illinois with our pension crisis. A political football that has been kicked for decades and is now coming to roost.
I am not against pensions - I'm against administrators mismanaging for decades so they are underfunded when better investments would have covered the promises that now we're beholden to.
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.
That is really odd. I assumed that all pension companies had an online presence where future pensioners can log in and get that information pretty easily. I am amazed that this is not the case. I check my future pension amount several times a year.
That gravy train is all fun unless you are on the taxpayer end of the deal.
Retired New Jersey community college president getting $195K. Those pensions are bankrupting the state.
To make property taxes even more enjoyable, retirees get gold-plated health care for next to nothing. To ensure that they live as long as possible and collect those pension checks.
Location: Was Midvalley Oregon; Now Eastside Seattle area
13,072 posts, read 7,505,741 times
Reputation: 9796
The average state pension, ... means nothing.
My neighbor's was 40K with COL. early Tier 1 PERS, 2001 retired @age 54. In 2016, public information, shows his state pension is ~60k plus perks in Health Insurance thru state's group policy. Assumed plan growth 10%.
I’m surprised every entity that has a pension plan doesn’t have an on-line calculator that will show every employer exactly what they’ve earned already in monthly pension payments plus what they’ll earn given their current salary with the ability to enter their expected percentage increase per year and anticipated retirement date.
We’ve had that for years.
You get a statement every year that you need to bother to read. Always amazed me what folks didn’t know early on. About age fifty or later most pay attention. However it is sorta late to start trying to supplement. However knowin amount doesn’t always equal understanding what they will need for retirement income.
Location: Was Midvalley Oregon; Now Eastside Seattle area
13,072 posts, read 7,505,741 times
Reputation: 9796
Quote:
Originally Posted by leastprime
The average state pension, ... means nothing.
My neighbor's was 40K with COL. early Tier 1 PERS, 2001 retired @age 54. In 2016, public information, shows his state pension is ~60k plus perks in Health Insurance thru state's group policy. Assumed plan growth 10%.
Only a certain age group public employees in my state, with a certain time in service got this great guaranteed pension plan. The group prior and after this group do not enjoy great pensions. But this group's plan is enough to bankrupt the state coffers in a prolonged static or down market.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
