Reply to $70k starting salary + 4 day week + car + $20k signing bonus

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]People need to think long and hard about their childrens' future. Even if your kids don't have college debt, earning too little means a diminished capacity to save for retirement. The time value of money comes into play if your college graduate accepts a job that pays $50k fannually or 40-50 hours per week. In D.C. the MPD pays recruits $66,419 starting in the academy. After the 18 month probation period the salary goes to $72,668(a 9.5% pay increase). Just three years later the salary jumps to $88,327(a 21.5% pay increase). Recruits get a $25k hiring bonus as well. If you work a later shift you get an extra 3%-4% salary bump.

The most important aspect for young workers to consider is the pension and 457(b) deferred compensation plan. This is huge difference maker for young men and women getted started in their careers. At MPD you can retire after 25 years with 62.5% of the average of your best 3 years salary. That's at least $62,500 a year FOR LIFE. If you join at 21 or 22 that means you're retired by 47 and you can work another job. If the 22 year old works to the age of 52 they'd receive at least $80k per year for life. When you couple that with the 457(b) there's no reason why an MPD officer couldn't fully retire by 55-57 with a very nice nest egg.

Police officers don't get downsized. They make very good money once you factor in overtime. They get pensions and deferred compensation plans. They have good healthcare plans, a college saving plan, housing assistance and they're covered by a union. It's highly unlikely you student will get a better, more stable offer when they graduate.[/quote]

How much are their pensions?  My spouse retired from the military at 38, but the pension was under $1K a month not including taxes and insurance so its about $500 or so when all that is taken out.  Certainly not enough to live on.  The housing assistance is minimal and often its more expensive than other options.  Union is hit or miss on if they will actually help, same with other county jobs.[/quote]

It’s probably similar to what I receive as a retired teacher, although I benefit from having two pensions. Like the pp said I started just prior to turning 22 and retired just before age 52 and now work part-time. I have a 403b. The additional police officer benefits such as overtime pay, housing allowances, and such are nice, but I imagine the added stress and work hazards one has to take on would not be something I could handle. [/quote]

Police get paid overtime for being in court. They also get overtime when they do different additional training. In most departments there is a minimum number of hours you have to be paid in overtime per occurrence. That means if you work 45 minutes of overtime the department is required to pay you for 2 or 3 hours.[/quote]

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