Interesting point. But as an example, an accountant working at a small company does not make in the millions, either, but they don't get a pension, either.
As an accountant, who worked in the same mid-sized company for 14 years of my career, I had a different experience. No pension. Only $300/qtr employer 401k contribution (no matching) most quarters, but not all. BUT they did give equity to every employee. NQs at first, an ESPP program, and later RSUs. By year 3 of my employment I was able to realize additional income equal to 50-100% of my base salary every year there after. I saved most of that for my ER at age 50.
My point is not to brag, but to highlight that an average employee working in a high-tech company (you mentioned FAANG in the original post) can make enough through equity to fund their retirement without a pension.
Plenty of posters here have 3-10 million what teacher, cop, or other government employee makes enough to save such large sums. None that I know of.
This is the start of the argument I have had many times with my retired cop friends. To buy an annuity paying their pension income that they started drawing in their early 50's, would cost me several million dollars (a level I might reach in my 60's, but many couldn't possibly reach at all). So yes, they absolutely do have "such large sums", they just refuse to see it for what it is.
And what exactly is the difference in qualifications between a CPA working for - say - the US Treasury or the State of Indiana or Miami - Dade County or the City of Sacramento or a mid-sized private ABC Inc or Apple?
This is the start of the argument I have had many times with my retired cop friends. To buy an annuity paying their pension income that they started drawing in their early 50's, would cost me several million dollars (a level I might reach in my 60's, but many couldn't possibly reach at all). So yes, they absolutely do have "such large sums", they just refuse to see it for what it is.
Was there something that prevented you from taking a job as a police officer when you were starting out? Presumably the terms of the pension plans for police officers were not a secret, but rather, were available to anyone willing to do the due diligence when choosing a career path.
And the same would be true for government pensions.
I don't understand anyone complaining about pensions for teachers, police officers, members of the military, or any government employees. Instead of complaining, why didn't those folks pursue those careers?
And no - I am not a teacher, a police officer, or a government employee, and never have been. I worked for a mid-size non-profit for 25 years.
And unlike police officers and members of the military, I didn't have to put my life on the line every day at work.
Was there something that prevented you from taking a job as a police officer when you were starting out? Presumably the terms of the pension plans for police officers were not a secret, but rather, were available to anyone willing to do the due diligence when choosing a career path.
And the same would be true for government pensions.
I don't understand anyone complaining about pensions for teachers, police officers, members of the military, or any government employees. Instead of complaining, why didn't those folks pursue those careers?
And no - I am not a teacher, a police officer, or a government employee, and never have been. I worked for a mid-size non-profit for 25 years.
And unlike police officers and members of the military, I didn't have to put my life on the line every day at work.
I'd be shocked if any young person starting today actually collects a defined benefit pension upon their retirement 40 years from now. I'll be dead by then, of course. A quick Google search brought up some short lists of companies. Mainly no surprises - IBM, Southern Company, Boeing, 3M and the like.
Dear Old Dad retired from one of the Class A railroads in the 80's and got a pension but no COLA. Mom never worked but she got her own spousal pension from the railroad. it was such fun seeing Mom with her own money which Dad could have no say over how it was spent.
Ah, those must have been the days!