Reply to Are teachers the new millionaires?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Too bad the writer failed to mention that Feds hired after 1984(?)do not get nearly as generous a pension..mostly a 401k like the private sector..and they can no longer retire at 55.[/quote]

That's not true - although we aren't looking forward to 75-80% salary for life after retirement (but no social security), we will get about 30%+ salary for life plus social security and our 401k (thrift plan technically).  And we can retire at 56 I thought (with 20 years of service) . . .

PLUS, we won't have to wait until 80 or 90 to collect social security - we can start collecting at 60 if we work till then while everyone else is waiting until they are in a nursing home to collect (or just dead).[/quote]

This isn't true either. In fact most of it's wrong. Nobody has to wait until 80 or 90 to collect Social Security. Right now you can claim it at 62, or get full benefits at 67. There doesn't seem much political momentum for raising the age higher, instead we will probably see a small cut to benefits.

And retiring at 56 as a Fed gets you really reduced benefits. Very few people actually do this.

And the feds' 401(k) plan looks much like the 401(k) plan I used to get in the private sector. So there isn't much public-private difference re 401(k)s. Many cheaper private employers don't offer 401(k)s, but that's often for clerical jobs where people don't stay at the job.[/quote]

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