Retiring at 50 with 90% pay, for less than 30 years service, somehow just seems wrong.
(Colorado State Pension system)
“Retiring at 50 with 90% pay, for less than 30 years service, somehow just seems wrong.”
Same story here in California. We have had two fire chiefs “retire” at 50 within the past three years. They are making more money in retirement than they received while working by about $100,000 per year. If they live to age 80 (which is a good bet given the gold-plated healthcare they receive for free) they will each cost us taxpayers something on the order of $10 million each! And those costs may go up if they are outlived by their wives, which is also a pretty good bet.
One of the bigger problems with this stuff is that the "young" retirees are generally bored with their routine day-to-day, and end up doing work that ends up impacting the local job markets.
For instance, a friend of mine (retired contractor) is building a retirement house for himself, and he's got a crew of young .gov retirees helping him build it - because they want him to return the favor on their lake cottage.
Tough rocks for any younger folk who need the PAYING work. .Gov is stealing their tax dollars to provide a comfortable retirement for guys who are taking their jobs.
Nice, hunh?