Reply to Possible to get a government job if you are in your 50's?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]

If it’s easier to soothe your ego, the pension is worth about $30k. 
 [/quote]

NP here. What do you mean the pension is worth about $30k? If I became a fed as a mid-50 something, do I get a pension? That sounds nice...[/quote]

If your high three salary was $100K per year you'd get about $10K per year pension at age 62 assuming 10 years service.  You'd pay 4.1% of your salary per year towards the pension.[/quote]

Still not getting how this is worth $30k. It’s worth $10k/year for the rest of your life after retirement.[/quote]

Figure out how much you have to save  per year to have a nest egg that kicks out $10k/ year risk free forever. [/quote]

This depends on assumptions, and a 4% real growth is reasonable both before and after retirement. So to get a $10K annual stream forever takes around $250K invested, and to save that over ten years takes about $20K in annual savings. But a pension isn’t quite like an investment as you can’t pass the capital on to your heirs, so realistically it’s worth less than the $20K you’re putting in. And you’re paying $4K of it yourself. Generously, a pension is more like a 15% addition to your salary not a 30% addition. [/quote]

NP and what ticker symbols are you investing in for 4% real growth risk free?  Let me know, I want to invest some in it.[/quote]

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