“You might think differently if you take a hard look at retirement plans in the private sector.”
I doubt that. A federal civilian employee only gets an annuity of 1% for every year of employment. Currently, it is based upon your high three years of salary.
So, a federal employee that works for 40 years that makes 70K a year at retirement would get an annuity of 40% of their salary during the time highest three years (usually the last three). How many people actually work for the same employer for 40 years these days? Anyway this employee’s annuity would only be 28K a year after 40 years of service. Hardly living in the tall grass.
There is also a “matching” 401 program. IF an employee will contribute up to 5% of their salary it will be matched by 5% from the government. It isn’t that great of a deal, plus the options of plans to invest your money in are very poor...some of the worst out there.
Then, federal employees can draw Social Security....IF it is still there in the future.
No, it is not the wondrus retirement program most think it is.
BTW - Federal employee health insurance is very expensive. That is why many federal employees are retired military that are covered under TRICARE. To have decent medical coverage....you pay much. And many medical facilities don’t want to take federal employee health insurance.
goobermint pensions seem to be what's most quickly killing the most economically screwed states.
But once TSA is unionized, I'm sure we'll all get fantastically better groping,not to mention a once-a-year Greek style shutdown.
The retirement you describe is a better retiirement package than many people I know who have worked their whole lives outside the government.
What kind of retirement do you think private sector people make anyway?
Do some investigating and you will see that the retirement you described is above average and many people would jump at a chance to have a program like that.