No. of Recommendations: 8
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
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement