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[quote=Anonymous]As the stock market hovers around all time highs despite an economy that’s slumping everyone’s 401k looks great. It’s safe to assume the market is hurtling towards a correction that will most likely be triggered by an AI bubble. Young employees will obviously be in a position to better weather that unfortunate scenario but it will obviously set their retirement savings back. For the older employees (the fiftysomethings) that same correction could be life altering because their recovery window is much shorter.

This is where the value of a pension is undeniable. A fiftysomething cop is in the higher earning years of their career and are likely increasing their future pension payment each year until they retire. If they have investments in the market they’ll obviously feel the pain of a correction. The difference is the security their pension provides. They know they’ll be receiving a defined monthly payment for the rest of their life.

Most teens and upcoming college graduates aren’t thinking about their retirement years(if they are it’s awesome). If people aren’t explaining the benefit of a pension to them it’s a big mistake. It should be a consideration when doing a job search. Not everyone is going IB, PE or Big Law. Parents that artificially limit the perspective of their children are doing them a disservice.

These days the smart young police officers are contributing at least enough to their deferred compensation plan to qualify for the department match. When coupled with a pension this can really set someone up for a secure retirement.

In Fairfax County an officer can retire with a pension that pays out 90% of the average salary across their 3 highest consecutive years. The AI bubble can’t scuttle that.
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