They are essentially millionaires, because to be drawing 50k in pension benefits a year for 30 years, you have to have the equivalent of 1 mil in the bank accruing interest at 5%. Do the math for more or less benefits and interest…
This is of course assuming you are not eating the nest egg.
So those fat pensions are really worth millions. How many private sector employees (forget blue collar workers) can sock away that much money for their retirement?
Most professionals I know, myself included, have to work overtime and are not compensated directly (forget time and a half). It is called salary…
