I agree with most of what you say, except for three points. First, in some California cities, police/fire municipal workers can retire at age 50 with a 90% pens

I agree with most of what you say, except for three points. First, in some California cities, police/fire municipal workers can retire at age 50 with a 90% pension. If the average life expectancy in the United States is 79 years, and it is, that could push the effective value up over $2 million. Second, the surviving spouse can get the pension benefits, which again raises the effective value. Cite: http://online.wsj.com/news/articles/SB10001424052748703625304575115551578762006 http://online.wsj.com/news/articles/SB1000142405274870362530... Third, pension benefits are often indexed for inflation. Clearly the pension-maximizing approach is for a 50-year retiree to marry a 20-year old. :)