When Retirement Means More Work

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But who's choice?

We who chose to be hired in the private sector do so for many reasons, not the least being able to progress on our own merits, not by length of service or other criteria that has little to do with ability to do the job. Our complaint is with the corporations that did not keep up their end of the bargain, eliminating pensions after promising them to us when we were hired. We had no choice in that decision.

Most in the private sector do not begrudge that fact that a public sector employee enjoys more in retirement because the wages were lower, we can do the math. But, if you take into account the value of those benefits, and I argue the public sector employee is far bettor off than he or she realizes.

My dad, a retired fire fighter, receives a monthly pension check that is twice what his final paycheck was when he retired in 1983. Why, Minnesota has a law that states all PERA retirees share in annual pension fund gains, but not in the losses. When the gains were 10% - 12% per year, his pension check was up 10% - 12% annually. When the pension funds are down, he is still guaranteed a 3% increase. Guess who makes up the rest?

We also dislike the fact that government is unable to rid itself of non producing employees. You can blame it on inefficient management, but those managers are public sector too.

I agree, pension reform is needed, but reform does not mean we can all get the gold standard, 30 or more years of ever increasing payments, funded by our children and grandchildren.

Rick of MN @ May 09, 2009 10:54:23 AM

Choices

Life is about making choices. For all of you people who are griping about teacher's pensions and civil servant's pensions, why didn't you become teachers or civil servants? No need to answer. I know why. You didn't want to start out at the ridiculous low pay and have to keep going to school and receive more training at your own expense.

Mike of OH @ May 08, 2009 20:12:50 PM

Bull

I'm wondering where I should have spent my 32 years teaching instead of Maryland. My pension is 32% of the average of my 3 highest years' salaries. I need to work to supplement it so that I can afford life's basics.

Karen in GA of GA @ May 06, 2009 00:55:37 AM

bull

Wow, misinformation galore! A few good employees manage to retire from the government with 80% of their high-three. Most Government jobs are about 25% LOWER in salary than civilian comparable jobs. So that retirement is 75% of what it should be.

Myself, I worked 42 years for the Government and my retirement only amounted to 64% of my final salary. Because I spent twenty years putting my life on the line for you, I was promised full medical and dental benefits for myself and my family. I retired and guess what? Sorry but no dental and medical now costs for what they do cover. I paid but never received.

Now; the major problem is not you versus me. It is how to get everyone to take the reins to their horses and drive their carriage to retirement. Stop begging for someone to do it for you. I got what I got because I failed to do more to get more. You want a huge retirement? Save every penny you make! Work two, three, four jobs. Get as much education as you can. Use it! Never stop trying to move up. Don't get married or have children; they cost money. Maintain the minimum weight so you save on food. Don't buy a car, get your friends to drive you, or ride a bike. Share living quarters and bank the difference. Don't use a cell phone or any phone. Don't watch TV or go out to eat or party. Grow your own veggies. Go vegan.

But just stop complaining that the Government(me) must take care of you!

kegler299 of TN @ May 05, 2009 19:21:02 PM

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Planning to Retire

Reporter Emily Brandon tells you how to get ready financially for retirement and to make your golden years the best they can be.

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