Reply to I said we can’t retire yet. Am I wrong?

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[quote=Anonymous]Let me tell you a true story that may scare your husband. Back in 2006 I worked at the NYSE on Wall Street. We had tons of ex NYC cops who retired after 20 years working there full time between 60 and 70 as Security Guards.

One old Guard who was about to retire after 25 years at exchange explained he first retired in 1976 when NYC cops made on average $12,500, he got some OT that year so made $14,000 and at age of 41 got a pension of 1/2 salary for life of $7,000 a month. The crazy inflation of late 1970s and early 1980s made his pension of $7,000 a month worthless and he quickly ran through savings too.

His biggest regret was not staying 40 years as a cop and retiring in 1996. Some of his friends did and by 1996 when city had tons of crime and 40 year cops were highest paid, they also got a lot of OT that counted in pension. So his friends made 100K in 1996 and retired on 100K pension for life. He was stuck at $7,000 for life.

He told me tales of so many folks who retired in 1970s on fixed pensions who worked till day they died when inflation hit.

My neighbor as a child in 1973 bragged about her $200 a month pension she got via an early retirement payout. By 2003 when she died she was near penniless.    [/quote]

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