aja8888
Moderator Emeritus
The pension plan described by Shawn looks very generous. Still, if a system is self-contained, it's nobody's business to envy or to criticize it.
Nobody is going to bail me out if I draw 10% WR from my portfolio and deplete it. Well, I guess there is. It's called food stamp and Medicaid.
Yes, that is quite a nice pension program (Shawn's). No wonder university costs have risen to the stratosphere over the last decade or so. (but that's a topic for another thread)
I don't have a pension and have to rely on my own contributions, with, of course, no bail out provisions. If we don't make it on our own, the only other alternative is to move in with the kids.
If I had it to do over again, I would have made my career a government employee or a professor in a university system.