The Motley Fool Discussion Boards
Investing/Strategies / Retirement Investing
|Subject: Re: Retirement savings benchmark||Date: 1/21/2013 7:22 PM|
|Author: ferjen||Number: 71278 of 77397|
Sounds like most State of Florida employees should be looking for other jobs. Seriously, if one is not happy with both their current compensation and their potential future pension compensation, then they should be looking for a job that provides them with the compensation they would be happy with.
Of course, as someone who has always been employed by the private sector, and whose entire pension income in retirement will be about $200/month (also with no COLA), and whose SS is just as likely to be greatly reduced from current levels, I look at funding retirement from:
$2000/mo pension (before adjustments, no COLA) plus greatly reduced SS plus income from personal retirement savings
$200/mo pension (before adjustments, no COLA) plus greatly reduced SS plus income from personal retirement savings
and still can't see much of a reason for the State of Florida employee to complain, as I will have to provide a significantly larger portion of my retirement income from my own savings than the State of Florida employee will.
So, you don't have access to a 401K? I never said State of Florida employees are unhappy. But, don't make them out as getting fat, dumb, and happy off the taxpayers either. They are the lowest (or second lowest) paid State employees in the nation and the pension is ranked about the same insofar as the benefits received. If you are so unhappy, maybe you should take your own advice.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|