Quote:
Originally Posted by Shazam
Reading the last issue of Moneysense, they describe a retiring couple that both worked for the federal government for thirty years, thus getting their full pension, which works out to $120K a year, indexed for inflation. That's about $3 million in PV. They're also retiring at 55.
DB pensions are gold-plated.
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Holy crap. Now I understand the comment about Canadian govt workers not having to save for retirement.What are the terms for lower paying jobs?
Our governemnt retirement system has changed from something called CSRS (civil service) to FERS (federal employees retirement). The latter is a combination of social security and a thrift savings plan (contributions matched by govt). There was an opportunity several years ago to switch from the CSRS to the FERS. Most who did --that I know personally--regret it and did so long before the crash of the economy. And most CSRS people are busy getting their social security quarters in so they'll be able to get that too. Even though it wouldn't be much.
But now I'm more confused than ever about the Canadian health care system.
And here we also have something called the Earned Income Credit..a tax break for those who, as the ad says, "don't make much money". The cutoff is $48,000.