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Author: aj485 Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 74759  
Subject: Re: Retirement savings benchmark Date: 1/21/2013 5:34 PM
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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 years....you're way off base on this one.

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

vs.

$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.

AJ
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