Mulligan
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- May 3, 2009
- Messages
- 9,343
veremchuka said:I read that article before I came here today. I can't imagine having just $300k and I own my house and I have a pension and I LBMN and I have not spend any investments in 5+ years except for $21k to help pay off the mortgage. $300k? You better have one heck of a pension!
I was thinking Veremchuka, that in the dinosaur world of government pensions that I come from, most people I know that have retired have considerably less assets than I even have. I know some who still have considerable debt still, and head into retirement. I think the reasoning is retirement is viewed as a continuation of the working years except you don't have to work. The system is set up to after 30 years your take home pay is the same as your take home pay was while working even though your pension is 75% of salary. While working, you have about 20% of check with held because you are "taxed" 15% of your monthly pay AND value of your benefit package. Subtract the Medicare tax, and add a $2k state income tax credit for retirement income and you are not missing a beat in terms of monthly take home income.