Quote:
Originally Posted by GGG
I wish people would stop complaining about pensions. They have a 10% match. If you saved 20% of your money you to can retire on the same timeline as teachers. Their pension is so good because they save a large % of their salary from day 1. They don’t have the option to borrow from retirement to but a house or just cash out rrsps to pay debt or just cut contributing for a few years because they have kids. They are an example of forced savings.
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in an earlier post you stated most other people (you talking oil and gas I assume?) had similar pension pay.
Disagree. 10%? I've seen as high as 7% which was really good but I don't think I've seen as high as 10%. Unless you are including bonus, long-term comp? I'm sure there are a couple companies out there that might offer 10% but it wouldn't be the norm in my experience.
Your point about saving money stands though, for sure. It's a good point. Can anyone actually detail what the teachers pension actually is? I had heard it was average of your 5 highest earning years for life after retirement, but I'm not sure that's true and am too lazy to go research if there's a teacher here that can just confirm / deny.