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DW and I both worked for governments for a short time back in the 70s, she for the state of MN and I for Hennepin County (Minneapolis). Until a few years ago I thought we might have been better off sticking with those jobs than entering the private sector.

While we earned much more and amassed a comfortable nest egg in the private sector, had we risen to equivalent career levels with government, we could have retired early (as we actually did) and our pensions today would likely be more than the cautious annual withdrawl we take from our private portfolio. And after all, the portfolio is subject to market forces while the pensions would have been guaranteed by the taxpayers of MN and Hennepin, right?

Maybe not so right. The way finances are starting to unravel in various places due to irresponsible pension and benefit promises made to public employees in the past, might well have me reassessing that sense of security.

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