Retiring after 20 years at a job?

[The motor guy]

So I guess some jobs give really good retirement packages or something? I listen to these people who are like 38 years old and they're like I only have two more years and I can retire cause they put their 20 years in. Teachers are one example. How much do these jobs pay for a retirement package? I doubt it's enough to sit at home all day long for the next 40 years.

 

[demarpaint]

Most people I know who retired when they were 38 or so years old, went to another job and worked until they were around 60 or so. At that point they retired from the second job. They now collect two pensions.

 

[crazyoildude]

Teachers and Cops here in NJ and NY depending on where they teach and what degrees or what rank they retire at can make $80,000-$140,000 a year sitting home with full benefits..

 

[slacktide_bitog]

Teachers, cops, military, and some other public sector workers.

 

[Panzerman]

Actually it is. My friend retired from the police after 16 years + 4 years military at $40,000 a year. That's enough for me to retire and sit at home. He got bored after two months and went back to work. No imagination, I guess. My neighbor is 96. He retired from Ford over 40 years ago. Still getting a pension, a pretty good one too by his lifestyle. That's what broke the auto industry and the government's. People make more in retirement than they ever made working. Do the math.

 

[sciphi]

Deferred compensation has been how the public sector has attracted and retained talented people. Less take-home pay now for compensation when the employee finally retires.

In NY, the teacher retirement system is pretty darned rotten for new teachers. It's defined-contribution instead of defined-benefit. Teacher pay is still pretty lousy compared to other industries. Add in the new performance evaluations, and it's a wonder anybody would become a teacher in a public school here in NY.

 

[crazyoildude]

I could not live on $40,000 a year my taxes alone are more than that

 

[SrDriver]

Retired at 38 lst time. Spent 2 years back in school. Retired for good @ age 62 over 11 1/2 years ago.

 

[BobFout]

Originally Posted By: motor_oil_madman
So I guess some jobs give really good retirement packages or something? I listen to these people who are like 38 years old and they're like I only have two more years and I can retire cause they put their 20 years in. Teachers are one example. How much do these jobs pay for a retirement package? I doubt it's enough to sit at home all day long for the next 40 years.


Some pensions are technically enough to live off of, but at a severely reduced standard of living. When you are suddenly making 40% what you were when you were working [ballpark number], that's a huge difference.

 

[CT8]

Originally Posted By: Panzerman
Actually it is. My friend retired from the police after 16 years + 4 years military at $40,000 a year. That's enough for me to retire and sit at home. He got bored after two months and went back to work. No imagination, I guess. My neighbor is 96. He retired from Ford over 40 years ago. Still getting a pension, a pretty good one too by his lifestyle. That's what broke the auto industry and the government's. People make more in retirement than they ever made working. Do the math.
That is what is breaking the state and federal government as well. The world financial system is a ponzi scheme.

 

[crazyoildude]

today most pensions are not so great

 

[mehullica]

Depends on how strong the pension is. Mine after 20 years in the GSA dept will get me 41% of my current pay. If I put in $800 a month in my deferred compensation then I'll be around 90% of my current pay. Leaving my job as an Auto repair tech in dealerships was the best thing I ever did

 

[Mr Nice]

I've got 2 pensions, company and voluntary pension. Wife works for the same company and also has 2 pensions... plus 2 IRA's and 401K's.

Choosing which employer to work for based on benefits is very important.

 

[simple_gifts]

Quote:

today most pensions are not so great


Today, only public sectors for the most part even get a pension.

Companies don't want the liability of one; they want to match your 401K, that year, and not worry what is going on 30 years down the road.

 

[itguy08]

Sure, why not? Luckily the place I work for has a pension. I put 10% in 401(k) and it's me and the wife. Coming up on 16 years on 1/1 and the minute I can get out I will. As long as I can pay the bills our end game is to die with as close to $0 as possible.

Ideally we'd sell the house and travel but maybe not.

I don't live to work - I work to live so once the math works out I'm done.

 

[OneEyeJack]

About 10 years ago San Diego city employees were retiring at 20 with as much as 135% of their retiring salary through various retirement schemes. The city nearly went down the drain but those that had already retired kept their give-away retirement packages.

 

[SwampSurvivor]

Retiring at the age of 20 or retiring after putting in only 20 years? I could go for the first haha

 

[Mr Nice]

Lots of city employees work a crazy amount of OT in their final years to maximize their pensions, don't forget all their unused sick pay and PTO they cash in at the very end.

I tell my coworkers to work as much OT whenever possible. Its only fair to get your cut of the massive profits.

 

[Tdbo]

I retired after 31 years in my job.
My pension is 67.1% of my 3 highest years of salary.
I'm living comfortably because I planned for this separation.
Presently looking at career options. I would like to work another 10-12 years.

 

[Jarlaxle]

Originally Posted By: Panzerman
Actually it is. My friend retired from the police after 16 years + 4 years military at $40,000 a year. That's enough for me to retire and sit at home. He got bored after two months and went back to work. No imagination, I guess. My neighbor is 96. He retired from Ford over 40 years ago. Still getting a pension, a pretty good one too by his lifestyle. That's what broke the auto industry and the government's. People make more in retirement than they ever made working. Do the math.


There is at least one dude collecting THREE pensions: Billy Bulger (the corrupt midget) collects a pension from the MBTA, one from the state Senate, AND a pension from UMass. (And yeah, he is Whitey Bulger's brother.)