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Originally Posted by loudi94
The "perks" I read about are a bit comical. I will have a nice pension when I retire. To date, I have contributed just shy of $200K of my salary to that pension.
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Quote:
Originally Posted by Sliver
Okay, so you've contributed $200,000 to your pension. That's great, but not unique.
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So I looked into what a teacher pays into their pension, which is roughly $1000 a month. If someone in a normal job were to take that $1000 a month and put in into an RRSP for 30 years, what's the pay-off on something like that?
If a person figures to retire at age 60, then they figure they will die at age 90, what would be the monthly pay-out on that RRSP? Assuming normal risks.
I think right now for a teacher it's 2/3's of their current salary for the pension. So for a teacher at the top of a grid, the take home would be around $2500 I think.
Anyone know how to run those numbers?
I wonder if teachers would be better off buying their own RRSP's each month rather than paying into a pension. I mean if they die at 65, it's all gone, no inheritance to anyone.
If you have better numbers, I'd be curious to see what they were.