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FIREd · 12-10-2012, 03:31 PM

Quote:

Originally Posted by frank2009

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.

bondi688 · 12-10-2012, 03:31 PM

Quote:

Originally Posted by frank2009

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).

FANOFJESUS · 12-10-2012, 03:48 PM

So these are the jobs I should have gone into when I was young.

travelover · 12-10-2012, 03:55 PM

Quote:

Originally Posted by bondi688

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.

Chuckanut · 12-10-2012, 03:57 PM

Quote:

Originally Posted by bondi688

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.

BLS53 · 12-10-2012, 04:01 PM

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.

REWahoo · 12-10-2012, 04:06 PM

Crap, another pension envy thread. Pig bait.

Lazarus · 12-10-2012, 04:07 PM

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

Chuckanut · 12-10-2012, 04:22 PM

Quote:

Originally Posted by BLS53

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.

Amethyst · 12-10-2012, 04:23 PM

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.

Quote:

Originally Posted by BLS53

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.

W2R · 12-10-2012, 04:25 PM

Quote:

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.

BLS53 · 12-10-2012, 04:31 PM

Quote:

Originally Posted by Chuckanut

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.

BLS53 · 12-10-2012, 04:36 PM

Quote:

Originally Posted by Amethyst

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.

travelover · 12-10-2012, 04:37 PM

Quote:

Originally Posted by Lazarus

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.

Chuckanut · 12-10-2012, 04:47 PM

Quote:

Originally Posted by BLS53

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.

Chuckanut · 12-10-2012, 04:51 PM

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!"

https://www.youtube.com/watch?v=xRyFo1p7eKo

travelover · 12-10-2012, 04:54 PM

Quote:

Originally Posted by Chuckanut

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.