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Old 12-10-2012, 04:31 PM   #21
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I am a retired police officer. My pension is 66k annually, with a small COLA after age 62. My pension was valued at over 1 million. Certainly not complaining but I don't feel like a millionaire.
Many of us with 7-figure portfolios don't "feel" like millionaires either, I bet.

DW or I don't have a pension, but I can't get envious of people who had the smarts or the luck to score one. It's a waste a time.
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Old 12-10-2012, 04:31 PM   #22
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I am a retired police officer. My pension is 66k annually, with a small COLA after age 62. My pension was valued at over 1 million. Certainly not complaining but I don't feel like a millionaire.
Neither for those who retired with an IRA of 1 million dollars, and worry everyday the market does not tank and they lose principles, or the the ROI can keep pace with the withdrawal rate. And there is no COLA. Whereas public pensions are life long annuity with likely no market risk (unless the states go bankrupt).
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Old 12-10-2012, 04:48 PM   #23
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So these are the jobs I should have gone into when I was young.
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Old 12-10-2012, 04:55 PM   #24
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Neither for those who retired with an IRA of 1 million dollars, and worry everyday the market does not tank and they lose principles, or the the ROI can keep pace with the withdrawal rate. And there is no COLA. Whereas public pensions are life long annuity with likely no market risk (unless the states go bankrupt).
Maybe you should have worked somewhere that offered a pension, then you wouldn't have this anxiety.
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Old 12-10-2012, 04:57 PM   #25
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In a number of states, public pensions, including those of teachers, are exempted from state income tax.
Really?!?!?!? Please provide a list of those states.
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Old 12-10-2012, 05:01 PM   #26
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This is evident in smaller communities, where everyone is aware of everyone else, and retired teachers buy homes in the same neighborhood as the doctors and lawyers.

I had one tell me recently that his pension check is more than his take home pay when he was teaching. On top of that, he's double dipping a second pension, by teaching nights at a community college.
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Old 12-10-2012, 05:06 PM   #27
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Crap, another pension envy thread. Pig bait.
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Old 12-10-2012, 05:07 PM   #28
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Seven states have no state income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Two others, New Hampshire and Tennessee, tax only dividend and interest income.

States That Don't Tax Public and Qualified Private Pensions
Alabama
Alaska
Hawaii
Illinois
Kansas
Louisiana
Massachusetts
Michigan
Mississippi
New York
Pennsylvania
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Old 12-10-2012, 05:22 PM   #29
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This is evident in smaller communities, where everyone is aware of everyone else, and retired teachers buy homes in the same neighborhood as the doctors and lawyers.
I think this says a lot more about the poor saving and investment habits of doctors and lawyers than it says about teachers.
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Old 12-10-2012, 05:23 PM   #30
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Multiple pension streams are hardly unusual. People have several careers in a row, they get the bennies that go with those careers. Why point them out, and leave out mention of the folks who inherit a million or so?

A.

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I had one tell me recently that his pension check is more than his take home pay when he was teaching. On top of that, he's double dipping a second pension, by teaching nights at a community college.
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Old 12-10-2012, 05:25 PM   #31
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A lot of retired teachers people are in effect millionaires...
There! FIFY...

Given all the articles on places like Yahoo, etc., that say $1,000,000 isn't enough to retire on, I thought this change might be in order.
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Old 12-10-2012, 05:31 PM   #32
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I think this says a lot more about the poor saving and investment habits of doctors and lawyers than it says about teachers.
Except that the homes are in the most exclusive subdivision.
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Old 12-10-2012, 05:36 PM   #33
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Multiple pension streams are hardly unusual. People have several careers in a row, they get the bennies that go with those careers. Why point them out, and leave out mention of the folks who inherit a million or so?

A.
I have no problems with pensions, I live on one myself. I do think there should be something similar to Social Security's Windfall Provision, when it comes to receiving multiple pensions from the same state.
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Old 12-10-2012, 05:37 PM   #34
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Seven states have no state income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Two others, New Hampshire and Tennessee, tax only dividend and interest income.

States That Don't Tax Public and Qualified Private Pensions
Alabama
Alaska
Hawaii
Illinois
Kansas
Louisiana
Massachusetts
Michigan
Mississippi
New York
Pennsylvania
You can take Michigan off that list. Our wonderful Governor fixed that for us last year.
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Old 12-10-2012, 05:47 PM   #35
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Except that the homes are in the most exclusive subdivision.
Must be a group of very smart teachers to have invested that well, given that the lower paid family medicine doctors makes about $200,00 a year in the USA.
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Old 12-10-2012, 05:51 PM   #36
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Things have changed from these times when a million dollars was worth a million dollars. If the doctor seems familiar all I can say is "Jim, this man is dead!"

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Old 12-10-2012, 05:54 PM   #37
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Must be a group of very smart teachers to have invested that well, given that the lower paid family medicine doctors makes about $200,00 a year in the USA.
Aw c'mon, you know that the insinuation is that teachers don't really deserve to be well compensated. After all they aren't "real professionals" like doctors and lawyers.
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Old 12-10-2012, 05:56 PM   #38
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Cue the pig, stage right...
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Old 12-10-2012, 05:57 PM   #39
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Cue the pig, stage right...
Yep, all indicators are flashing here in the barn...
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Old 12-10-2012, 06:12 PM   #40
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Thanks, all...


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