ltsdd, you didn’t do the math right so there is no sense in arguing with you.
I happen to know retirees at ALL levels of government who had an excess of $300K in their TSP or 457 plans at the time of retirement.
Even assuming arguendo a 41-yr Federal worker retires at ~80% today and never contributed to TSP or a 30-yr Federal worker retires at ~70% who DID contribute to TSP, why do you think they need MORE to have the same standard of living?
Their income-tax bracket might be lower in retirement. Their primary home might be paid off (or have ~$400 mo payments) and their property taxes could very well be $500 – $1000 year.
The majority of these longtime gubment worker-bees (incl teachers) have been living in the same house for decades. Teachers and policemen have been notorious rental-property investors (within their longtime school or beat assignment) often have rental income to supplement their pensions.
You assume because the “masses” (Gen X/Y and probably representative of most Piggs) choose to live in more expensive areas and have to have new everything constantly that the “soon-to-be-retired” gubment-worker crowd prefers the same.
Nothing could be further from the truth.
It doesn’t take a “fortune” for these workers to survive in retirement. I’ve been saying this here for a few weeks now. It’s just not all “gloom and doom” for boomers as some are claiming it will be. I just don’t see that constellation from where I sit.
…. yawn. It’s a “non-issue.”
ltsdd, instead of worrying about how the Federal sequester is going to affect the household finances of retiring DOD workers transitioning to a pension and investments, you might do better in life to apply yourself for one of these jobs and see if you can last long enough to become vested in FERS and receive a 5% TSP funds match :=0
Boomers are on a “downhill slide” now and we have “earned it.”
Now, go back to work and finish raising your own family (if you have one) so YOU can eventually “retire.”
