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Old 03-26-2009, 03:58 PM
 
Location: Monterey Bay, California -- watching the sea lions, whales and otters! :D
1,918 posts, read 6,245,561 times
Reputation: 2651

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I will be receiving a small 11-year pension from a county in California. I am very grateful for that, because it will definitely be a huge help to me! I had worked for other government agencies but did not become vested. I also worked for the feds for awhile (VA Hospital), but did not stay, because I moved for a private job in another state. Each agency (except the feds, which is country-wide) determines its own benefit schedule.

My small, inconsequential job at this county, though, is a big help to me. One thing I advise, if you can get a job in California, and especially a California government job, especially if you are older and do not have a good investment plan or a retirement plan, then do it. Although I know most people complain about the cost of living in California, one also must remember that the wages are generally much higher, too. Therefore, my small 11-year pension will be about equal to what I would have gotten back east in a smaller city with a State agency for 20-years! The pay is about double here for the same job that I would do there. It is 2% at age 55. Those in law enforcement (police, etc.-- safety pay) get more. (And then I can move to a more affordable location, but with a higher retirement pay.)

I have already advised my daughter and my future son-in-law that they should look for government jobs -- at least long enough to be vested. The benefits are very good, pay raises and unions. We are having big layoffs this next fiscal year, and, again, the government is handy because it is generally by seniority -- the longer you are on the job, the less likely you will be laid off. I'm always surprised when I hear people complain that private companies are much better than the government and seem to be down on government jobs. I am just grateful that I got into this position at this point in my life, otherwise, I know I'd be looking for that bridge I'd soon be living under!!
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Old 03-26-2009, 09:52 PM
 
Location: Forests of Maine
30,718 posts, read 49,511,045 times
Reputation: 19157
Quote:
Originally Posted by Wisteria View Post
... I'm always surprised when I hear people complain that private companies are much better than the government and seem to be down on government jobs. ...
I was forced out.

Forced to retire with pension after 20 years.

"High year tenure" they call it.

But your right folks do say private careers are better than government careers are.

I retired at 42 years old, after having spent 20 years in the US Navy.

It sure sucked having a government job.

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Old 03-26-2009, 11:05 PM
GLS
 
1,985 posts, read 4,850,840 times
Reputation: 2408
Quote:
Originally Posted by alcidesvigo99 View Post
we were told that the %50 thing used to be for people who were working for the government LONG time ago.
we were told that you only get %1 for every year you are with them.
is this true?........thanks.
I have no pension, but the government TAKES over 50% of everything I earn now.
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Old 03-27-2009, 06:09 PM
 
Location: home...finally, home .
8,238 posts, read 18,533,732 times
Reputation: 17765
I am very grateful for my teachers' pension which came to a little over 50% of my final salary. I don't know what I'd do without it and I worry about my son who works for himself and will not have that option when he retires. (Well, he has time.......)
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Old 03-27-2009, 07:16 PM
 
Location: Forests of Maine
30,718 posts, read 49,511,045 times
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Originally Posted by GLS View Post
I have no pension, but the government TAKES over 50% of everything I earn now.
Ouch that would be rough.

I would have a fit if I had to pay over 15% of my Gross income to taxes.

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Old 03-27-2009, 07:40 PM
GLS
 
1,985 posts, read 4,850,840 times
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Quote:
Originally Posted by forest beekeeper View Post
Ouch that would be rough.

I would have a fit if I had to pay over 15% of my Gross income to taxes.

I am glad you have figured out a way to minimize your tax burden. Also, since I don't want to come across as a whiner, I sincerely wish everyone well that chose a career path that earned a pension later in life, especially teachers and others that fought in our military to defend this country.

I just wanted to add my two cents from someone who is self-employed and never was in a job that offered a pension. I believe many people will be in my situation in a few years. I had saved what I consider a significant amount in a SEP retirement, but about half of that was lost in the market crash. I don't mind continuing to work since I love healthcare. However, if the Obama tax changes are implemented, it will make it impossible to catch up for the losses.

Hopefully this cheers up those of you with a pension, no matter how small.
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Old 03-27-2009, 09:27 PM
 
48,516 posts, read 84,032,619 times
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Its more like saying does private xorporation give you 50% when you retirer. I guess they do when they match on 410K. Bit like governamnt pensions you also pay into the system.
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Old 03-27-2009, 09:31 PM
 
353 posts, read 791,644 times
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That sounds like a great deal!

Where does the money come from to continuing paying people who are no longer working for you?
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Old 03-28-2009, 12:39 AM
 
48,516 posts, read 84,032,619 times
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It comes from a retirement fund is funded when the empoyeee is working for you. Works pretty much like a 410K but the company manages the fund and investments. I've seen comaponies that had retirement accoutns that were worth more than the company tiself after decades and decades.It included employeee contributions;empoyer contributions plus deades of interest.One such copmpany was Gukf Oil and there was a court battle over the excess beyond what was owed to employeee on fully funded retirements when they sold.
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Old 03-28-2009, 01:57 AM
 
Location: Ohio
2,178 posts, read 8,087,819 times
Reputation: 3910
I retired from a public employee job with 30 years service and state pension.
I also had worked jobs where I payed into Social Security before and after my years at my life long job.
When it came time for SS to kick in (at 62) I was eligible for just a little over $500.00 a month.
I only get $242.00 a month from SS because of my other pension.
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