Quote:
Originally Posted by MelBridgeman
My Dad taught for 30 years, retired at 55 and has now collected over half a million dollars from the public purse the last 15 years. Thank you everyone! Has was smart with his cash too, got lucky in tech stocks in the 90's - so hasn't really spent any of it (it's all mine now!!!!) - thanks everyone again especially the unions!
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I guarantee you he has collected way over $500,000. A teacher's pension is 70% of the average of their last five years of salary, adjusted up for inflation. A teacher right now in their last five years of work are making $100,000. Let's go really low on our estimate and say your dad has been making $60,000 per year since retiring, though (even thought it's likely $70k/year). That's $900,000, which is an absolutely incredible guaranteed pension after a relatively short career.
My grandma was a teacher. She's 95 right now. She retired in her 50s as well. In today's dollars, she's collected about $2,400,000 if we said she's been making $60k per year. If we want to call it $70k per year, she's made closer to $3,000,000.
I don't see those pension amount as sustainable given the young age at which you can start collecting them and how long people live.
At the end of the day, if employees are contributing far less than they are drawing, the pensions are unsustainable and unfair to taxpayers.