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> I think that you would be shocked to find out how little an annuity costs that pays out starting at age 62 I think you would be shocked how much an annuity c
by MagnumOpus 6y ago
> I think that you would be shocked to find out how little an annuity costs that pays out starting at age 62
I think you would be shocked how much an annuity costs that pays out starting at <50 years (like police or other workers with very strong unions get). One million dollars saved up might get an annuity of $30,000 per year.
- csa 6y agoCompletely not shocked. The post my original reply was to was for teachers and “general government workers”. I gave a typical retirement age for those folks. Military, police, firefighters, and (iirc) prison employees are a completely different cup of tea. Unions are a part of it, but the element of danger is also supposed to be factored into their pensions (rightly or wrongly). They also can start getting paid as soon as they retire without regard for age (unlike many/most other pensions). All that said, the reality is actually worse. Structurally those positions tend to give members of those groups a relatively-easy-to-get disability component to their retirement (which can often be huge). They also have functionally similar jobs with higher pay that are designed to goose up their salaries for the last x years that is used to determine their pension. These pensions are completely out of control, imho. That said, the politics and optics around those jobs make them tough to change to a more reasonable level. These types of pensions are completely different than that of a typical government worker that doesn’t work in these types of jobs — a complete apples and oranges comparison, imho.