Chuckanut
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Ok I see a previous post that said 11% to 14.5% was the contribution amount, so this is getting more reasonable. It still doesn't compare to a person who saves 15% in a 401K and a further 6.4% in SS, ie 21.4%, which is almost double the lower end of the amount taken out of the pensioner paycheck.
Failure to add in the 6.4% in SS to the the 14.5% pension contribution makes an unfair comparison. It must be added to the pension saver's amount just as it was added to the 401K person who pays 15%. There are a few government institutions where employees do not pay SS tax, but they are an exception these days, IIRC.
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