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The Water Cooler
General Discussion
11 State Pension Funds that May Run Out of Money
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<blockquote data-quote="foghorn918" data-source="post: 1330431" data-attributes="member: 11059"><p>As BB said, state employees can't opt out, it is mandatory for you to be in the retirement system. It is for sure NO GOLDEN PARACHUTE. Unless you work there for 45 years or more, it is not a great retirement. </p><p></p><p>Let's say you work at the state for 20 years and you make $40k, your retirement will be about $1200 a month minus $800+ a month for health insurance for you and your spouse, so your gross retirement pay will be $400 a month, now take out taxes. So there you go, not exactly a golden parachute, more like a roman candle.</p><p></p><p>Most state workers who are eligible for retirement can not retire until they are medicare eligible too because they can't live on their retirement pay.</p></blockquote><p></p>
[QUOTE="foghorn918, post: 1330431, member: 11059"] As BB said, state employees can't opt out, it is mandatory for you to be in the retirement system. It is for sure NO GOLDEN PARACHUTE. Unless you work there for 45 years or more, it is not a great retirement. Let's say you work at the state for 20 years and you make $40k, your retirement will be about $1200 a month minus $800+ a month for health insurance for you and your spouse, so your gross retirement pay will be $400 a month, now take out taxes. So there you go, not exactly a golden parachute, more like a roman candle. Most state workers who are eligible for retirement can not retire until they are medicare eligible too because they can't live on their retirement pay. [/QUOTE]
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11 State Pension Funds that May Run Out of Money
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