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Old 04-28-2021, 02:49 PM   #61
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Originally Posted by Vacation4us View Post
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.
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Old 04-28-2021, 03:53 PM   #62
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Originally Posted by LarryMelman View Post
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.
Yes! Another profession - I refer to it as a "calling" - is the teaching profession. It's amazing how many teachers DO become millionaires after a long career doing something they absolutely LOVE and excel at, and they - usually - get a large pension at the end of it, as well.

I am not jealous at all, I think teachers in particular earn their windfall. I just wish that pensions were universally offered to all, regardless of who the employer is (unless you count SS as a "pension" of sorts).
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Old 04-28-2021, 09:28 PM   #63
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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?

I would say that for someone just starting out, there is little difference in qualifications for any entry level positions at the employers you’ve named. If the individual has spent 2+ years in public accounting in order to get CPA first, they are no longer entry level. The experience gained in public accounting may differ based on the types of clients they worked on (differences due to industry, manufacturing is different than banking for example) but that doesn’t necessarily “type cast” them to only those same industries outside of public accounting. It just means there is a bit of learning curve, just like any new job.
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Old 04-28-2021, 10:03 PM   #64
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Originally Posted by LarryMelman View Post
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.
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Old 04-28-2021, 11:27 PM   #65
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Pensions, DB and DC, are not are perq. They are part of a total compensation package that includes salary, benefits, pension, etc, etc

I worked in IT. We often hired folks from the public service positions because we paid substantially more salary. In fact, some areas of the public sector hired our consultants because their pay scales could not attract the same talent.

We paid more salary, but our pension plan was not nearly as attractive. There is always a trade off.

I have a much lower pension now that if I had spent my entire career in public service and ended up with a gold plated indexed pension.

But I also gained financial independence though the exercise of stock options and RSU's from my employer.
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Old 05-01-2021, 02:07 PM   #66
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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.
As a retired cop, I knew I had a pension waiting if I made it for 20-25 years. I did 26. But I wanted to be a cop since I was a kid. When you're a rookie, it's still fun, you don't think about a pension. OT? Yes. After 10 years, then you start your forward thinking. But make no mistake, I was also investing on my own from the beginning, so my pension would be supplemented, which it is. And I still add to my taxable account every month. But I also didn't "over mortgage" like many do. Paid off 2 houses, no debt. That was my choice. If I started over today? No way in hell.
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Old 05-01-2021, 02:42 PM   #67
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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.
This is why I got a government job. It pays about the same, but I also get the pension, and more PTO. if I could get more in the private sector, I 100% would pursue that. But I doubt I'll stay long enough for the pension to grow to be some meaningful amount.
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Old 05-01-2021, 03:20 PM   #68
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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!

It should be noted that railroad retirement plans are actually a government retirement plan, and technically the first tier is identical to social security. See the railroad retirement board for details.
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