Looks like you don't need to be a trader to get financial freedom

It seems crazy to pay someone 170k for doing nothing. First, that is totally unaffordable, when the average working wage is what, 50k? A pension is normally like 1/3-2/3 of the working wage - after all, the pensioner is no longer producing anything of value. Second, it is way above the necessary income to live a normal middle class retirement - no one needs 170k, you can live very comfortably on half that or less. Third, he's only 59. Imagine if he lives to 80, the average life expectancy - that's 3.5 million for playing golf for 2 decades.

More sensible would be something like 40-60k at age 65 onwards. That is still pretty cushy, since it's risk-free inflation-indexed guaranteed income for life. Net present value of that is over a million. And he still has his own savings to generate extra investment income with.
 
if he died mysteriously would his wife still get the pension or is she sol? If we were more like Russia or China we would promise gov't employees benefits like this and then just kill them when they turn 59. I'm just bitter because I tried to get a job teaching in a few districts around here but failed. There aren't very many openings around where I live unless you go into the ghetto or a charter school which defeats the purpose of being a teacher for selfish reasons.
 
You suckers should have been rioting in the streets when these deal were cut.

Kind of late now .

If it was up to me I'd have told the imbecile to get a job selling hot dogs before I paid him a pension like that.

Unless he was willing to kick back some to me.

I'm reasonable.
 
It will be another 5-10 years before people will just not be able to pay the taxes that are being imposed on them. Some will just leave. Remember how the US got populated, very high taxes in Europe.

Quote from stevegee58:

His financial freedom is only as secure as the pension fund behind it. With states and municipalities increasingly under pressure these pensions are no sure thing.
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some guy told me that his parents live half a year in Hawaii and travel around the world. Hmm, I asked, they must have worked very hard and owned many businesses. Actually they were teachers and make 180K in retirement a year for the 2 of them. This is in the sticks in Illinois where median household income is in 30Ks. The taxes for a 200K house is 7K.


Quote from jem:

there is no way a retired state worker deserves 180 g a year... period. Especially when taxes are as high as they are.

It is even more unthinkable that we run deficits to pay this guy 180 g.

Retirements need to be cut in half at least.
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Quote from stock777:

You suckers should have been rioting in the streets when these deal were cut.

Kind of late now .
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Sadly I agree with you. But those cushy deals were cut back when times were good and there was easy money in the markets.

Who's gonna riot in the streets during good times?
 
In the surging BRIC countries, children are fighting to get to school and a better life.
Those that don't want to or can't, just make do as best they can.
The Brazilian police/death squads used to cull the "feral kids" when they got to be too much of a nuisance !
I can see scataphagos running strongly with this option

They make school boring and there is always an unruly element that sit at the back and just mess about, disturbing the rest. Must get rid of them imho first off !!
 
Quote from Humpy:

In the surging BRIC countries, children are fighting to get to school and a better life.
Those that don't want to or can't, just make do as best they can.
The Brazilian police/death squads used to cull the "feral kids" when they got to be too much of a nuisance !
I can see scataphagos running strongly with this option

They make school boring and there is always an unruly element that sit at the back and just mess about, disturbing the rest. Must get rid of them imho first off !!
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The Brazilian gov promised all sorts of benefits, people had more children and when it came time to pay.. get lost!! In the US the same thing is going on but in the realm of unionized public sector employees.. they are going to get their huge retirement and they are going to get some huge inflation as well.

These bullshit politicians can promise anything they want, they don't have to pay though... When Rome fell, Politicians [Lawyers] were hunted and killed off as a class. Probably they had promised everything to the people but instead garnered it all for themselves so people went Villa raiding...
 
Quote from the1:

These folks had better enjoy it while it lasts because it won't. Pensions are a primary reason cities/states are in so much debt. I do taxes for a fireman who takes in 72k per year in addition to health care, in addition to his IRA.

My old man worked 45 years as a carpenter and takes home $18,000 from his pension. He saved like there is no tomorrow so he is well off. This is the picture of what retirement should be like. You get a reasonable pension, a reasonable social security check, and you're responsible for saving the rest to establish your level of comfort when you reach retirement age. A $175k per year pension is nothing short of ridiculous.
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I would pay ALL pensions into 1 pot and then share out equally come 65 years old. At least if you were not very successful and therefore had a hard life you would have something to look forward to in one's old age ! And thus be able to live in a bit of comfort. Not much but one could afford to eat and have a little warmth as well. The rich don't need a HUGE pension on top of a pile of money.
 
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