Let's first address the facts about the Federal Retirement System... ------------------------------------------- Employees under the Civil Service Retirement System, which generally covers employees first hired before 1984, pay 7 percent of their salary into the federal retirement fund. They don’t pay Social Security payroll taxes, nor do they earn a Social Security benefit through their federal service. Their entire retirement benefit comes from the civil service fund, unless they earn a Social Security benefit from employment elsewhere. If they do, that benefit is reduced in most cases. Employees first hired in 1984 and after generally are in the Federal Employees Retirement System. They earn the same Social Security benefit and pay the same Social Security contribution as other workers. Typically that is 6.2 percent of salary, although in 2011 and 2012 (now that a full-year extension has been signed) it is 4.2 percent. In addition, they pay 0.8 percent toward a civil service benefit that is worth roughly half the value of a CSRS annuity for an employee with a similar work record. Some employees, primarily in law enforcement, firefighting and air traffic control, pay an additional 0.5 percent of salary toward their civil service benefit, and receive an enhanced annuity. Under a bill President Obama signed, those newly hired into the federal government in 2013 and after, and who don’t have at least five years of prior federal service, will have to pay an additional 2.3 percent of salary toward their civil service retirement benefit. That means the total required contribution toward that benefit will be 3.1 percent of salary for most of them. Current employees would not be affected. More info at: https://www.washingtonpost.com/blog...3/gIQArFxsVR_blog.html?utm_term=.13dc66e73739
LOL, so new employees have to contribute 3% of salary to get a pension that is currently adjusted against inflation, and sets them up for life after 25 years? Do you realise how much you have to put in too a 401k in order to even have a chance at getting a 50k per year retirement? With bonds at all time lows you basically have to save 2 million dollars in order to live off the interest rate in something safe like bonds, that means you got to make 3 million dollars, before taxes and stash the whole thing. The pensions government employees get are ridiculous, and 3% of your income is nothing, on 50k thats like 1500 bucks a year. Do the math on that in the private sector, 25 years of saving 1500 a year would leave you with like 40k lol, thats just 1 year of a govrnment employees pension and they get that for life after 25 years, its complete and utter horseshit which has happened because government unions are a big voting block, with lobbying power.
This is spoken by someone trying very very hard to do something. Is what you do art? And who answers that question? I have respect for you, but you are wrong as well as right..
I'm in the middle of something and it is not going well. I'm going back in time but what I love is going forward in time. Faster and faster.