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Subject:  Re: Retirement savings benchmark Date:  1/21/2013  3:35 PM
Author:  ferjen Number:  71276 of 88062

Yep. If you earn $50K per year, that's $4167/mo gross pay. 70% is 2916/mo. Social Security reduces that by abt $1200/mo. Net is 1717/mo. That is 41% of gross.

Less than 1% of State of Florida Employees would get that. Try more like final average salary of $50,000 after working 30 years, 48% is $24,000 or about $2,000 a month with no cost of living increase in retirement ever. Then make adjustments and SS will be greatly reduced over current levels. It has to if it is to remain solvent. Nowhere near as rosy as you're making it out to be. And $50,000 is still well over the median salary of State of Florida employees. Most make less than that and have had no pay raise, not even cost of living, in 8're way off base on this one.

Now Federal employees are a different story... :-)
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