Originally Posted by JoeDreaming
Retiring at 43 - I'm sure we can all learn something from you!
I'd be interested to hear a little more about yourself.
I began working at the State of Nevada at age 18. Then it was just a job in the mail room to pay the bills while I went to college for engineering at night. I then found out that NDOT had an in house engineering in training program and I was already thinking about the opportunity to retire from the state. So I transferred to NDOT, got into the program and because a registered professional engineer without all the expenses of school.
As for the pension, Nevada offers retirement at any age with 30 years service. They also allow you to buy five years. When that was first offered back when I started the formulas were based on age and present salary. I was 23 when I vested and making about $16,000 a year (1990). the formula worked out to $14,000 to buy my five years (not per year, all five). That formula has since been reworked and it would cost significantly more now.
With 30 years service you get 75% of you salary, and since you have been contributing to the retirement system about 11% of your salary you have never seen, your pension take home is really about 82% of your take home pay.
Obviously, that path isn't for everyone (or even available for everyone), but if that's your thing it works out well. Downside is you have the "golden handcuffs" on and can't leave the State or lose that benefit. It's not a bad place to work, but i could have made a lot more money in the private sector, but I'd probably work much longer to retire. But in July the hand cuffs are off and I can do what I want.