Originally Posted by southparkcpa
All due respect..we need good workers in our schools, cops and I am all for good pay. etc.. It is not the pay I disagree wth, its the benefits that are bankrupting us. To pay someone $60,000 a year AFTER they retire, and they retire in their 50's is bankrupting counties, cities etc.... I have lawyers and Doctors who work in to their 60's as clients whose pension are not as good as a 50K civil servant, teacher, postal worker. THAT is simply wrong.
The BUY IN comment that you make has been made ad nauseum by civl workers for decades and shows such a lack of finance knowledge.
You believe that paying say $3 thousand to $4 thousand (if that) annually for 25 years buys a 60K pension for life? Really?
As a CFP, I can tell you that you would need to set aside well over $1 million to get that. WELL OVER.
CPA. You mean YOU can't get $60K a year for your clients for life on a $3K a year contribution? After 30 years and retiring at 55. How dare you misrepresent yourself as a CFP.
These civil service guys really do not have any clue at all about the real world. It's Fantasyland. No accountability and money for nothing.