U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 08-02-2019, 08:58 AM
 
29,979 posts, read 35,062,916 times
Reputation: 11866

Advertisements

Thirty year pension benefits for non safety retires range between 40-60 percent of the average for the highest three earning years. Reform in some cases is raising that to the average of the highest five years.
Reply With Quote Quick reply to this message

 
Old 08-02-2019, 09:13 AM
 
Location: Illinois
32 posts, read 7,877 times
Reputation: 28
Quote:
Originally Posted by RationalExpectations View Post
You make a good point, but for retired public sector employees I personally know, it is more like $200K $400K per year in risk-free pension income, earned in jobs in high COL areas, who retired to no-state-income-tax Nevada. And they also have substantial financial assets.

It is almost always both pension & savings rather than just pension alone.
$200k - 400K a year in pension would be huge. Where in the public sector is such a thing even possible, I know for a fact that would be impossible for a federal employee.
Reply With Quote Quick reply to this message
 
Old 08-02-2019, 10:36 AM
mlb
 
Location: North Monterey County
3,275 posts, read 2,900,310 times
Reputation: 5028
Average California state pension:

https://www.calpers.ca.gov/docs/form...retirement.pdf

I read that and thought we with our similar Utah state pension...we were on the same plane

Yes we have a healthy portfolio and our home paid off thanks to an inheritance.

But it’s nowhere near the $100-200K pensions mentioned here.
Reply With Quote Quick reply to this message
 
Old 08-02-2019, 10:51 AM
 
Location: Myrtle Creek, Oregon
12,462 posts, read 12,652,121 times
Reputation: 19799
Quote:
Originally Posted by mathjak107 View Post
Ha ha ha , I would never have retired if all I had was 3600 a month here...

I would be living in the hood...
From what you have described, you would lead a humble existence but would do OK. $3600 from you and $3600 from your wife gives you $86,000 a year. That should be enough, since by retirement you have already purchased all the junk you need.
Reply With Quote Quick reply to this message
 
Old 08-02-2019, 11:03 AM
mlb
 
Location: North Monterey County
3,275 posts, read 2,900,310 times
Reputation: 5028
My in-laws lived very well on $70k toward the end of their lives in LA County. Home was paid off and they had plenty of cash.

We figured we could live similarly. As long as we didn’t live in major metro areas.

We live near folks who live on way less...and NOT in retirement.
Reply With Quote Quick reply to this message
 
Old 08-02-2019, 11:32 AM
 
Location: NYC
2,999 posts, read 1,628,871 times
Reputation: 8108
Quote:
Originally Posted by mathjak107 View Post
there was a similar look at the various nyc neighborhoods .. i think going up to 40% of income for rent is pretty high though . that means you really need more income . .

https://ny.curbed.com/2019/8/1/20748...n-queens-bronx
Yes, I saw that yesterday, interesting how the explosion in housing costs is really centered in Brooklyn & creeping east & north into Queens. Ridgewood, formerly sleepy but attracting young people who 20 years ago would've moved to Williamsburg, rental costs up 27% in 5 years there.

I'm literally just on the other side of the tracks & bordering a neighborhood that costs $40K more per year to live/rent, prewar apartments vs new glass & steel condos with a view (sometimes). 2 subway stops & 5 minutes away, seems like a new tower going up there monthly.

If you haven't been to Williamsburg in years it's quite shocking to see the change there, it's like being in Manhattan now.
Reply With Quote Quick reply to this message
 
Old 08-02-2019, 11:55 AM
 
Location: Myrtle Creek, Oregon
12,462 posts, read 12,652,121 times
Reputation: 19799
Quote:
Originally Posted by Dreamingisfree View Post
$200k - 400K a year in pension would be huge. Where in the public sector is such a thing even possible, I know for a fact that would be impossible for a federal employee.
There's a lot of squawking about a U of O football coach hauling down a $500k pension, but nobody said a word about paying him over a million bucks a year while he was working, His pension is still just 50% of his pre-retirement income.
Reply With Quote Quick reply to this message
 
Old 08-02-2019, 12:09 PM
 
Location: Florida/Tennessee
2,802 posts, read 4,383,168 times
Reputation: 1551
NYC rents... That will change soon.... https://www.wsj.com/articles/new-yor...de-11555560060
Reply With Quote Quick reply to this message
 
Old 08-02-2019, 12:13 PM
 
29,979 posts, read 35,062,916 times
Reputation: 11866
Quote:
Originally Posted by Larry Caldwell View Post
From what you have described, you would lead a humble existence but would do OK. $3600 from you and $3600 from your wife gives you $86,000 a year. That should be enough, since by retirement you have already purchased all the junk you need.
Nada Ning, with time junk consumption can go up. I am on a outdoor cooking buying binge. Just minutes ago ordered a over $300 temperature controller. Just had a rotisserie basket delivered earlier. Got a Sirloin tip spinning now, then wings. Company tomorrow with ribs and wings.
Reply With Quote Quick reply to this message
 
Old 08-02-2019, 12:17 PM
 
72,689 posts, read 72,534,115 times
Reputation: 50227
Quote:
Originally Posted by Larry Caldwell View Post
From what you have described, you would lead a humble existence but would do OK. $3600 from you and $3600 from your wife gives you $86,000 a year. That should be enough, since by retirement you have already purchased all the junk you need.
i dont think they meant 3600 x 2 ... we would not want to try to make in on 86k pretax here ... not a lifestyle we would be happy with . people can make it on any amount but that does not mean the lifestyle it buys is what you want. if all we had was 86k i would relocate .
Reply With Quote Quick reply to this message
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.


Reply

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top