But it is not because of the average participant.
Who says they are? By what measurement?
Salary? Benefits? 401(k)? Bonuses? Responsibilities? Freedom?
And better then what? The Avg in the country? Avg in the area they live? Medium? Lowest bar?
Knowing a lot of fed employees, many that do roughly same thing i do for private sector. They have more holidays and better vacation! Health is about same. I get better compensation (including bonus). They have been job security but i get more freedom.
So what would you like to measure?
Well here’s a pretty good measure.
Federal workers: Retirement could start as early as age 55 and graduating to age 57, if you were born after 1970.
No, we should eliminate them. If you work, you get paid. I don’t have a retirement benefit plan and neither should they.
I dont know what that means. Please explain. They still can not collect social security until 62. Same as me and you.
We could also retire at 55…if we saved enough.
Murmurings?
I have a retirement plan (401K) but it’s not guaranteed. If the market crashes, so does my plan. The feds have a 401K plus a guaranteed pension. They should have S.S. like everybody else.
Social security is a Ponzi Scheme. The government long ago took any money out of the “lockbox” and replaced it with an I.O.U. I’d gladly take a lump sum check, plus fair interest, of just my contribution to SS. I’d invest it far better than the government. Congress will literally NEVER do much to change SS because 1. It’s become an entitlement 2. too many seniors if both parties vote 3. Congress isn’t on it.
It amazes me that it hasn’t occurred to the mush head millennials, that every entitlement they insist on in their Socialist Utopia will be paid for by them. They will be working far longer then the current generation that is already receiving SS! They sell themselves into wage bondage while the leaders they elect will get to retire early and continue giving a lot of what they earn to countries that hate them for doing it…
Yes. He hasn’t spoken to the press in three months. Somebody should ask him, if he ever decides to take questions.
It seems we’ve forgotten about all of our long standing problems that have existed for decades in the last few months.
Yes, at some point if we’re going to save Social Security we must raise the retirement age as part of the solution.
Yes, retirement age for public sector pensions has to be raised as well, or at least raise the eligibility age.
The coming insolvency of both is a problem that has existed for many decades and is well known but rather than do anything to solve the problem politicians and voters just keep kicking the can down the road.
I don’t even have that, so count your blessings.
Life is a ponzi scheme. It’s ALLLLL ■■■■■■■■■ Don’t kid yourself.
I do. Best of luck to you. I’m in a dangerous spot though. I can’t retire yet. But if I lose my job, I’m at the age when I’m not in demand. I need to hang on for a few more years.
yeah… I agreed … they should not have an overall compensation plan compared to the people they serve.
I disagree that the comparisons should be limited to the pension plan for the reason I stated.
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This isnt really true. For starters - there is no 401(k) for fed workers. They have a TSP plan which is similar -to a 401(k) but prob not as good (Also not guaranteed). Def limited to funds. There is a basic benefits pension plan which is nice -but you do have to pay into it. But again, very often fed employees get no bonuses so compensation is overall lower then on private sector.
False again. He talks to the press all the time.
He has not had a press conference in 3 months.
TSP’s work just like 401k’s, though they do have fewer investment choices.
yeah. by not as good is fewer investment choices and, correct me if Im wrong, but they only match 3% correct?
Many in private sector are moving to safe harbor plans which match up to 4%.
The first 3% is matched 100%; the next 2% is matched 50%.
Safe harbor plans are used to get around discrimination testing. They ensure that the lower-paid employees also get to participate. They are typically used by small businesses.
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