Teachers and other Government Retirees

I spent 33 years working for the Federal Government.....retired at 55
What percentage of your income at retirement did you get as a pension?
The Gov retirees i know got at least 33% more if they retired @ 60 instead of 55.
Pretty straight forward. 2% for every year you work

5 years more of working will get you 10% (not anymore though, FERS will get you 5%)
66% of final income at Fed Gov retirement is not bad at all, but you did not get any stock options.
:)

No stock options but you could participate in the Thrift Savings Plan which is like a 401K...but you didn't get any matching contributions
 
I spent 33 years working for the Federal Government.....retired at 55
What percentage of your income at retirement did you get as a pension?
The Gov retirees i know got at least 33% more if they retired @ 60 instead of 55.

Pretty straight forward. 2% for every year you work

5 years more of working will get you 10% (not anymore though, FERS will get you 5%)
No reduction for survivorship?

10% reduction. Instead of 66%, I got 60%
 
Teachers and Government employees earned their retirement. It is part of total compensation and what they, and the government agreed to.
 
Teachers and Government employees earned their retirement. It is part of total compensation and what they, and the government agreed to.

True, and still corrupt, immoral, still theft of taxes, irresponsible.

Far from it

I made my deal almost 40 years ago. I accepted lower wages and the terms of government employment. I worked through good times and bad. That I ended up with a good retirement plan is the way things in life work. Accepting government employment in the 70s while everyone advised against it was one of the best decisions I made.
 
The poor MNCs had to move jobs to China and India so they and their Stockholders could own at least 5 houses, 4 $80K SUVs and go on 4 vacations a year.

Sorry, there's abuse in the Private & Civil Sectors.
 
Teachers and Government employees earned their retirement. It is part of total compensation and what they, and the government agreed to.

True, and still corrupt, immoral, still theft of taxes, irresponsible.

Far from it

I made my deal almost 40 years ago. I accepted lower wages and the terms of government employment. I worked through good times and bad. That I ended up with a good retirement plan is the way things in life work. Accepting government employment in the 70s while everyone advised against it was one of the best decisions I made.

I'll mostly concede on the 40 year issue, I was thinking currently when everyone knows how unsustainable it is. Even so, why should anyone have a locked in 40 year deal, even when it becomes unaffordable? Seems unfair so us suckers who have to fund it.

.
 
Teachers and Government employees earned their retirement. It is part of total compensation and what they, and the government agreed to.

True, and still corrupt, immoral, still theft of taxes, irresponsible.

Far from it

I made my deal almost 40 years ago. I accepted lower wages and the terms of government employment. I worked through good times and bad. That I ended up with a good retirement plan is the way things in life work. Accepting government employment in the 70s while everyone advised against it was one of the best decisions I made.

I'll mostly concede on the 40 year issue, I was thinking currently when everyone knows how unsustainable it is. Even so, why should anyone have a locked in 40 year deal, even when it becomes unaffordable? Seems unfair so us suckers who have to fund it.

.
When Corporations leave the US and no longer pay taxes EVERYTHING is unsustainable.
 
Teachers and Government employees earned their retirement. It is part of total compensation and what they, and the government agreed to.

True, and still corrupt, immoral, still theft of taxes, irresponsible.

Far from it

I made my deal almost 40 years ago. I accepted lower wages and the terms of government employment. I worked through good times and bad. That I ended up with a good retirement plan is the way things in life work. Accepting government employment in the 70s while everyone advised against it was one of the best decisions I made.

I'll mostly concede on the 40 year issue, I was thinking currently when everyone knows how unsustainable it is. Even so, why should anyone have a locked in 40 year deal, even when it becomes unaffordable? Seems unfair so us suckers who have to fund it.

.
Aren't just about all pensions primarily paid out of current revenue?
 
Teachers and Government employees earned their retirement. It is part of total compensation and what they, and the government agreed to.

True, and still corrupt, immoral, still theft of taxes, irresponsible.

Far from it

I made my deal almost 40 years ago. I accepted lower wages and the terms of government employment. I worked through good times and bad. That I ended up with a good retirement plan is the way things in life work. Accepting government employment in the 70s while everyone advised against it was one of the best decisions I made.

I'll mostly concede on the 40 year issue, I was thinking currently when everyone knows how unsustainable it is. Even so, why should anyone have a locked in 40 year deal, even when it becomes unaffordable? Seems unfair so us suckers who have to fund it.

.
I locked in for a 40 year deal when retirement was the only advantage. At the time, I was mocked for accepting government employment That government ended up being a better option in the end, is how life works out. Sometimes you win, sometimes you lose






.
 
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Teachers and Government employees earned their retirement. It is part of total compensation and what they, and the government agreed to.

True, and still corrupt, immoral, still theft of taxes, irresponsible.

Far from it

I made my deal almost 40 years ago. I accepted lower wages and the terms of government employment. I worked through good times and bad. That I ended up with a good retirement plan is the way things in life work. Accepting government employment in the 70s while everyone advised against it was one of the best decisions I made.

I'll mostly concede on the 40 year issue, I was thinking currently when everyone knows how unsustainable it is. Even so, why should anyone have a locked in 40 year deal, even when it becomes unaffordable? Seems unfair so us suckers who have to fund it.

.
I locked in for a 40 year deal when retirement was the only advantage. At the time, I was mocked for accepting government employment That government ended up being a better option in the end, is how life works out. Sometimes you win, sometimes you lose
Sounds like you exercised an option available to most anyone.
 
Teachers and Government employees earned their retirement. It is part of total compensation and what they, and the government agreed to.

True, and still corrupt, immoral, still theft of taxes, irresponsible.

Far from it

I made my deal almost 40 years ago. I accepted lower wages and the terms of government employment. I worked through good times and bad. That I ended up with a good retirement plan is the way things in life work. Accepting government employment in the 70s while everyone advised against it was one of the best decisions I made.

I'll mostly concede on the 40 year issue, I was thinking currently when everyone knows how unsustainable it is. Even so, why should anyone have a locked in 40 year deal, even when it becomes unaffordable? Seems unfair so us suckers who have to fund it.

.
I locked in for a 40 year deal when retirement was the only advantage. At the time, I was mocked for accepting government employment That government ended up being a better option in the end, is how life works out. Sometimes you win, sometimes you lose
Sounds like you exercised an option available to most anyone.

For most of my government career, we were begging for people to accept government positions. Most wouldn't take the pay we were offering. Retirement wasn't much of an incentive when most companies had retirement plans with stock options.
 
For most of my government career, we were begging for people to accept government positions. Most wouldn't take the pay we were offering. Retirement wasn't much of an incentive when most companies had retirement plans with stock options.
Having been an adult in the late '70s and early '80s and understanding the effect of inflation on purchasing power over time, I made sure when the time came that I negotiated for a COLA in my pension plan. It's tied to SS, which is tied to the CPI-W. It never really reflects the actual erosion of purchasing power, but it's better than nothing. If we'd switch over to the CPI-E for retirement plans it would be better for retirees.

We can offset the cost by changing the tax code adjustments to the CPI-CH that everyone raves about. I results in a lower adjustment than the CPI-W, which will increase tax revenue.
 

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