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State employees get pension. The pay raises are guaranteed every year. No risk of layoffs. If you started early, you can retire by early 50s. The pensions are w
by thelastgallon 3y ago
State employees get pension. The pay raises are guaranteed every year. No risk of layoffs. If you started early, you can retire by early 50s. The pensions are worth a ton and stability is guaranteed for retirement. I read a recent article, Govt employee, about 120Kish in income, can retire at 52 years with really good pension, the equivalent of having 6 million in the bank.
- clipsy 3y ago> can retire at 52 years with really good pension, the equivalent of having 6 million in the bank. I'd love to see the math on this claim.
- syndicatedjelly 3y agoThat’s assuming one lives to the age of 200 years old
- deleted 3y ago[deleted]
- whyenot 3y agoThe most common CALPERS retirement formula is 2% at 62. If you retire at 52, you will get 1%. The formula would be: 0.01 * (years of service) * (final compensation) Where final compensation is usually an average over your last 36 months. If your final compensation is 120k, and you have worked in a state job for 30 years, your annual pension would be $36,000 Pay raises are NOT guaranteed. The last general salary increase I had was in 2021. There can be layoffs, although they are rare, and in some cases you may have retreat rights. There were layoffs during the 2008-2009 budget crisis. I don't know what article you read, but it doesn't seem very accurate to me.