Reply to How do people have massive retirement accounts if it's a $19,500 (or whatever) limit per year?

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Reply to "How do people have massive retirement accounts if it's a $19,500 (or whatever) limit per year?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I have never been able to max (teacher) and only have $350k at age 45.    I am [b]a bit jealous of all these company matches[/b].  This year I am finally in a position to max my 403b and 457b.  That along [b]with my pension paying $5k a month[/b] should have my wife and I pretty well set though.   I put 7.5% of salary into the pension.  Basically teachers pay 75% of the typical pension benefits. States pay about 25% on average for the typical state pension.[/quote]

Oh please..a public school teacher complaining? You are a [b]bit jealous of all these company matches[/b]..with[b] a pension paying $5k a month[/b], really?

Being saving for almost 43 years- maxed out 401k, IRA about $2M now..I can NOT get $5k/mo off my savings! 
Wife was a Catholic school teacher- had no connections to get a public school job- her pension? $5k PER YEAR! NOT Guaranteed, NO COL.

Teachers' pensions, created ridiculous property taxes for NJ & other Dem states- We paid over $15k/yr for an avg 3 bedroom house- which is why retired people can't afford to stay there. [/quote]

The PP is responsible for contributing to his pension- he funds 75% of it. 
In general, pensions are considered to be deferred payments- you accept a slightly lower income now in exchange for a guaranteed income after you retire, typically after a career that spans decades. 
I am also confused by why your wife would need connections to get a job as a public school teacher. Did you mean credentials?  You generally need teaching credentials and to get ahead you also might need a masters degree. [/quote]

NP. Yes, that confused me, too. Also, I find it funny that the poster is complaining about teachers having pensions. He likely moved into his neighborhood in NJ because of the great schools for his children to attend. As most people understand, great schools have great teachers and, in order to retain them, you have to offer them some compensation, either a higher salary or better benefits like a pension, because they also have to support themselves and their own families. Once the poster's kids graduated, I guess he didn't care about the great schools anymore? Those great schools also help keep his house value up and provide more equity for him, but I guess that doesn't matter to him since he will retire in a no tax state with poorly compensated teachers. [/quote]

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