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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.
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.
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.
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 . .
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.
$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.
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.
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 .
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