Texas county workers give scoop on retiring without Social Security
What do you think of this plan?
"The Galveston plan operates something like a 401(k): County employees in Galveston contribute 6.2 percent of their salary to the plan, with the county matching that amount plus as much as one additional percentage point. A private firm manages the employees' accounts and picks the annuities and bonds, which generally are not as risky as stocks. The plan also provides disability and life insurance".
"Richard Gornto, president of First Financial Benefits Inc., which administers and designed the Galveston plan, estimates his plan offers an employee who works 37 years at an average of $25,596 a year a monthly benefit of $1,250, versus $669 from Social Security. An employee who worked the same amount of time but earned $75,000, would get $3,663 a month, compared with $1,301 on SS".