Public pensions and SS are apples and oranges. I will have to wait another 20+ years to start collecting. I have client right now who is about my age and collecting a government pension of the median income for the NCC area.
If at that point I am lucky enough to live to the age of 90, I still wont collect more nominal dollars than I put in. Forget about return on capital, I’ll be lucky to see return of capital.
Sure I can sometimes work 20 hours and make $10K plus that is extremely rare and more often than not I work 40 + hours a week without getting paid a penny. Nothing we do is guaranteed. we take all the risk of earning an income. About 90% make less than minimum wage and are out of this business in a year or two. That is the norm. Your strawman arguments here are pretty pathetic and transparent.
And I am winning!!! Not whining, I’ll leave that to you[/quote]
They are not at all “apples and oranges.”
The only difference is that one is earned as compensation, and the other is an entitlement/insurance program.
The terms are different, but public pension plans vary greatly, too, with some not being very different at all vs. SS in terms of age at retirement, benefit formulas, etc.
Again, you make a contribution, and the employer (self, if self-employed) makes a contribution, the funds are invested, and you get a defined benefit. I don’t know enough about your pay or contributions, etc. to know whether or not you’ll get more than what you’ve put in. You can only know that once you’re dead and everything’s been accounted for.
You were just complaining that you didn’t have a pension or any benefits (Medicare doesn’t count either, I presume?). That is a total lie. You do get these benefits (as entitlements, not “earned” as deferred compensation, no less!), and they are backed by the govt.
