My wife has been paying 8.9% out of her monthly paycheck for over 20 years; her state teacher pension all comes from her own contributions. Every state is different. Here in Alaska, they have changed the pension formula three times over the last 30 years. I have a hunting buddy who retired after 36 years, (he had been a Marine Captain for 8 years and was able to put those years toward teacher pension), anyway he taught for 32 years. He got $4400/month from his retirement when he did retire. I hear all the stories & huge pension amounts but honestly I don’t think they are all that high. Every state is different.
My wife has been paying 8.9% out of her monthly paycheck for over 20 years; her state teacher pension all comes from her own contributions. Every state is different. Here in Alaska, they have changed the pension formula three times over the last 30 years. I have a hunting buddy who retired after 36 years, (he had been a Marine Captain for 8 years and was able to put those years toward teacher pension), anyway he taught for 32 years. He got $4400/month from his retirement when he did retire. I hear all the stories & huge pension amounts but honestly I don’t think they are all that high. Every state is different.
Every state is different
The state of Florida specifically funded the pensions for many years until 2011...when the state required everyone to contribute 3% per paycheck to the fund....however that money is going into the general fund...and the state contribution to the pension is much less. Sad part is that Florida would not have pension fund issues if it was not for government overspending by both parties (DNC and GOP)
I will never see $4400 per month in retirement...and thank God I am using other means to fund retirement. I would rather just fund my retirement, wholly, on my own
If he collected for 20 yrs that’s over 1 million guaranteed. Other people that need to have their retirement earn money while their collecting are screwed because of the low interest rates.