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.
While I'm not disagreeing with you under some circumstances, how can you deny that there is a major difference between a 65 year old firefighter, police officer, or certain other occupations vs. a 65 year old cubicle sitter? Some of these more low-paying which wouldn't enable the worker the save the required amount...
Firefighters do not collect SS, they have a pension fund they pay into. I believe the same is true for police as well.
Firefighters do not collect SS, they have a pension fund they pay into. I believe the same is true for police as well.
Most get pensions and social security. I get a pension when I retire, have a 401k, Ira, and I'll get social security. I'll probably retire in my mid 60s and just wait to draw ssi
Most get pensions and social security. I get a pension when I retire, have a 401k, Ira, and I'll get social security. I'll probably retire in my mid 60s and just wait to draw ssi
Extended to Police Officers and Firefighters Social Security and Medicare coverage may be extended to police and firefighters whose positions are not covered by a retirement system and to police and firefighters whose positions are covered by a retirement system. (If the positions are covered by a retirement system, the State must comply with the referendum requirements under Section 218 of the Act).
I personally like Australia's program. They changed it about 30 years ago because they saw that it wasn't sustainable. Basically, every company is required to put 9% of your gross pay into a retirement account that has various investments in it that you can choose from. The stipulation is that the government provides a floor, a bare minimum, that you are going to withdraw if your investments fail to deliver sufficient returns. It is a perfect compromise IMO. People that make more have more at retirement and people that don't make enough are picked up by the taxpayer (which is what we currently have).
I'm still trying to grasp the Australia system. Best I can tell, as you said ,employers are required to contribute 9% into the Superannuation Fund. This contribution is expected to increase to 12 % over time. ( In the U.S., employers are required to deposit 6% up to the individual employee cap.
This program also allows the employee to make contributions and direct the investment so it's sort of like a mandatory 401K except that the employees are not required to make any deposit.
The tricky part is how this fund interacts with the Australia Age Pension which is about an incremental $18,000 a year, on a means tested basis.
Australia has had universal health care for 40 years.
Firefighters do not collect SS, they have a pension fund they pay into. I believe the same is true for police as well.
While most firefighters/police have pensions, some do not.
Most Police and firefighters retire after 20-25 years and are in their 40's. Many go onto other careers that utilize their skills. It's not uncommon for a retired officer to have a public pension, SS and 401K.
Location: Just transplanted to FL from the N GA mountains
3,997 posts, read 4,141,275 times
Reputation: 2677
Quote:
Originally Posted by Memphis1979
Most get pensions and social security. I get a pension when I retire, have a 401k, Ira, and I'll get social security. I'll probably retire in my mid 60s and just wait to draw ssi
Didn't know that about our firefighters and officers (thanks to them by the way!). Interesting. But it still begs the question what about other physically demanding careers that do not have that option? We too have an option and are contributing max, but honestly, physically it is starting to become more and more taxing on the body. We will take a massive cut in our pension if we even thought about retiring prior to 65... not to mention the monthly benefit has also decreased each year. Food for thought...
And I can't help but think of the current boomer vs. Y'er thread where it is being stated that us old folks (apparently anyone over 50 farts dust) should call it quits because we are now working later in life and that in part is what is holding our youth down...
I'm still trying to grasp the Australia system. Best I can tell, as you said ,employers are required to contribute 9% into the Superannuation Fund. This contribution is expected to increase to 12 % over time. ( In the U.S., employers are required to deposit 6% up to the individual employee cap.
This program also allows the employee to make contributions and direct the investment so it's sort of like a mandatory 401K except that the employees are not required to make any deposit.
The tricky part is how this fund interacts with the Australia Age Pension which is about an incremental $18,000 a year, on a means tested basis.
Australia has had universal health care for 40 years.
It's my understanding that you draw from the super and the pension would be the floor, but perhaps the pension is for people that were not able to contribute much to the super or something additional altogether. I don't recal any specific tax that funds the pension like FICA funds SS.
Didn't know that about our firefighters and officers (thanks to them by the way!). Interesting. But it still begs the question what about other physically demanding careers that do not have that option? We too have an option and are contributing max, but honestly, physically it is starting to become more and more taxing on the body. We will take a massive cut in our pension if we even thought about retiring prior to 65... not to mention the monthly benefit has also decreased each year. Food for thought...
And I can't help but think of the current boomer vs. Y'er thread where it is being stated that us old folks (apparently anyone over 50 farts dust) should call it quits because we are now working later in life and that in part is what is holding our youth down...
As I said, no one forced you to do that job. Find a better paying version, or find a less demanding jib. Just like demand drives consumer goods, demand drives wages
While most firefighters/police have pensions, some do not.
Most Police and firefighters retire after 20-25 years and are in their 40's. Many go onto other careers that utilize their skills. It's not uncommon for a retired officer to have a public pension, SS and 401K.
You can add the VA and military benefits many police and fire fighters also qualify for. Many of the leadership skills, team skills, the ability to pass military basic traning and physical fitness tests and marksmanship (basic weapons) and hand to hand combat give you a leg up in getting a career in these fields. In fact a number of police and fire fighters extend their military service by also joining the National Guard or active military reserves.
Best thing to do with social security is to match retirement age with the average life expectancy, as it was when the program was started. Was 62, we raised it to 65. Life expectancy is much higher, in the mid 70s. No reason we can't raise the retirement age to 70. If you want to retire earlier, then save.
When will this zombie talking point die? Life expectancy has primarily gone up since infant mortality rates have gone down. While there have been some gains in life exptenacy for people who reach retirement age, they have not been as significant as people believe nor have they been evenly shared.
If you made it to 65, even back in 1950, you could expect to be on Social Security for 14 years. In 1970, if you made it to 65 and qualified for Medicare, you could expect to live for about 15 years on the program. Today, you could expect to live 19 years on the program. Subtleties of life expectancy | The Incidental Economist
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.
