Quote:
Originally Posted by HomeWood
This is what I will be looking into when I retire around 49 years old after about 28 years of law enforcement. Only about 16 years to go! A seasonal summer gig like this would be perfect when we move back up. This is my stay on topic point.
Now, us lowly civil servants know we won't become mega millionaires with our public sector jobs, but there is a trade off for a young age retirement and life long pensions. I contribute to my pension with my own pay into the state system. I'm not sure exactly how it works, but our pension system is tied into the stock market and there is billions in there. I'm not sure how much if any tax dollars are contributed to it, but from what I understand it is largely a self sustaining system. I do know that if the market takes a big enough hit, pensions could be in trouble. There was talk of this within the last several years.
Then there is the city supplement retirement check that is separate from the state pension check. That supplement ends when I start to collect social security. I guess the city may use tax dollars for that supplement program.
I also have a city 401k that I contribute to and I have a Roth IRA. I'm thinking beyond just the pension.
This is the deal I signed up for and I expect it to be fulfilled. It's not about having an entitlement mentality. Welfare moochers have an entitlement mentality. It's about receiving the pay and benefits I was promised for my years of service. I will have earned it and I won't feel guilty for receiving it.
I'm in a right to work state too, so the union debate to us here is a moot point. NC state law prohibits public sector employees from collective bargaining.
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You may not be eligible for SS due to a Federal rule called the WEP, Windfall Elimination Provision. As a government employee you are contributing to your retirement system so therefore you are not contributing to SS. If I'm doing the math correctly you started in your LE career at a very young age. Chances are you didn't work at another non government job for ten years (40 quarters) and pay into SS. So unless you retire and then get a job where you will be paying into SS for at least ten years its more than likely you won't be collecting much, if any SS.