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Backbone of democracy...

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  • creepycougcreepycoug Member Posts: 23,807
    edited November 2019
    No, it doesn't help.

    If any amount you paid into the trust was related to your defined benefit, and not your defined contribution, then it was to help pay for another guy who was retired while you were working.

    In any event, your contribution of 9% doesn't come close to how much it costs for a lifetime pension benefit unless they get lucky and you and your beneficiary die earlier than the tables say you will. And you yourself said it: your employer paid in on your behalf. Who was your employer? How do government employers get their money?

    You were paid by, and are retired on, tax revenue. You were the government.
  • creepycougcreepycoug Member Posts: 23,807

    May we call for the death of all rent seeking professions? Hi @creepycoug !!
    Hurtful. And I don't even know what you two are talking about.
  • SFGbobSFGbob Member Posts: 33,181
    edited November 2019
    How much money would you need to have saved to be able to draw $75k a year in retirement income from age 55 when you retire to age 85 when you die?

    30 years of income for 25 to 30 years of work.

    And never once do you have to sweat a down turn in the economy or a market crash because that check shows up every two weeks no matter what.

    What’s the value of that?
  • WestlinnDuckWestlinnDuck Member Posts: 16,413 Standard Supporter
    Toss in full medical here in Oregon for teachers who retired in there 50s.
  • CirrhosisDawgCirrhosisDawg Member Posts: 6,390

    Toss in full medical here in Oregon for teachers who retired in there 50s.

    Maybe they can teach you remedial English now that they are retired and have free time?
  • SFGbobSFGbob Member Posts: 33,181

    Toss in full medical here in Oregon for teachers who retired in there 50s.

    Yeah forgot the medical. My local school district is getting killed by the retiree health care coverage not only for the employee but also for family members

  • creepycougcreepycoug Member Posts: 23,807
    SFGbob said:

    How much money would you need to have saved to be able to draw $75k a year in retirement income from age 55 when you retire to age 85 when you die?

    30 years of income for 25 to 30 years of work.

    And never once do you have to sweat a down turn in the economy or a market crash because that check shows up every two weeks no matter what.

    What’s the value of that?

    A lot.
  • SFGbobSFGbob Member Posts: 33,181
    edited November 2019

    A lot.
    I know

    While it’s not Sled’s fault the current system that we are all expected to subsidize is a fucking outrage.

    There has to be a better option where we exempt cops and firefighters but your run of the mill DMV employees has to moved into a 401k type system
  • creepycougcreepycoug Member Posts: 23,807
    SFGbob said:

    I know
    I've actually counseled one of my kids to think about a career in government, which was heresy in my family during all of my upbringing. She's good at math and could land in any number of federal agencies. Why the fuck not? Go home at a decent hour and have a sound retirement. Or go to some investment bank and work on slide decks for five years and never get more then 4 hours of sleep.

    You are correct. It's not a bad way to go.
  • SFGbobSFGbob Member Posts: 33,181
    edited November 2019

    I've actually counseled one of my kids to think about a career in government, which was heresy in my family during all of my upbringing. She's good at math and could land in any number of federal agencies. Why the fuck not? Go home at a decent hour and have a sound retirement. Or go to some investment bank and work on slide decks for five years and never get more then 4 hours of sleep.

    You are correct. It's not a bad way to go.
    Speaking of rent seeking, I’m not being critical, I’ve often kicked myself for not doing exactly that.

    Have you seen the ever growing list of government employees retiring with 6 figure pensions?

  • YellowSnowYellowSnow Moderator, Swaye's Wigwam Posts: 36,794 Founders Club

    I've actually counseled one of my kids to think about a career in government, which was heresy in my family during all of my upbringing. She's good at math and could land in any number of federal agencies. Why the fuck not? Go home at a decent hour and have a sound retirement. Or go to some investment bank and work on slide decks for five years and never get more then 4 hours of sleep.

    You are correct. It's not a bad way to go.
    I'll see if I can find a high earner prospect from the UW row boat team.
  • oregonblitzkriegoregonblitzkrieg Member Posts: 15,288
    edited November 2019
    Federal and state employees can fund their own retirement. That isn't the taxpayer's responsibility. Imagine how much we could save on taxes across the board if we weren't forced to pay their retirement benefits. These slimebags got the country 22 trillion in debt, and are peddling socialism in the education system. They haven't earned the right to take a single taxpayer penny.
  • SledogSledog Member Posts: 35,544 Standard Supporter
    SFGbob said:

    Not a slam on you Sled but the old canard that government workers took lower pay for greater benefits doesn't always pencil out. Many positions in the public sector are very competitive salary wise with the private sector and not only do you receive greater benefits it's damn near impossible for you to lose your job or to be laid off in an economic downturn.

    Does a BART train operator really make that much less than a train operator in the private sector? Same for the janitorial and maintenance staff.
    I had options and I took the job for the benefits. I could have made more money but the benefits were important to me so that's the way I went.
  • SledogSledog Member Posts: 35,544 Standard Supporter

    This was not your best effort, but on some level I admire your stamina.
    You don't get to choose your retirement plan. HTH
  • creepycougcreepycoug Member Posts: 23,807
    SFGbob said:

    Speaking of rent seeking, I’m not being critical, I’ve often kicked myself for not doing exactly that.

    Have you seen the ever growing list of government employees retiring with 6 figure pensions?

    Me too. Seriously. I had a good opportunity to work at the SEC, a place from which you can bounce in out of private sector. I'd actually like to do the work now, but the pay cut just makes no sense, and I'm the only one in my house who'd like living in DC.
  • SFGbobSFGbob Member Posts: 33,181
    Sledog said:

    I had options and I took the job for the benefits. I could have made more money but the benefits were important to me so that's the way I went.
    It’s not your fault, you didn’t create the system
  • SFGbobSFGbob Member Posts: 33,181

    Federal and state employees can fund their own retirement. That isn't the taxpayer's responsibility. Imagine how much we could save on taxes across the board if we weren't forced to pay their retirement benefits. These slimebags got the country 22 trillion in debt, and are peddling socialism in the education system. They haven't earned the right to take a single taxpayer penny.

    Agreed, there are arguments for maintaining a pension system for firefighters and law enforcement on account of those being jobs that are difficult for a 60 year old to perform but there is no fucking reason for a school teacher or a DMV employee to have a taxpayer funded pension
  • 2001400ex2001400ex Member Posts: 29,457
    SFGbob said:

    Speaking of rent seeking, I’m not being critical, I’ve often kicked myself for not doing exactly that.

    Have you seen the ever growing list of government employees retiring with 6 figure pensions?

    The problem is, people work the system. I know a dude who was the CFO of a large City. For 3 years and one day. He had a 70k a year job for a 20+ years. But the system in that state is your pension is a percentage of top 3 years salary based on years in the system. So he slid into the $150k A year job. Did shit for 3 years, as soon as they realized he was doing shit, he slid back into his 70k a year job where he continued to do shit.
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