Quote:
Originally Posted by Danzig
retirement ages need altering, i've been saying that for some time. typically, military and police/fire depts have had full retirements at 20, sometimes 25 years. in rare cases, 30 years service is required.
when my father joined the d.c. police dept, you had to serve 30 years to retire. then it changed to 20, he received full retirement while i was still in high school. he was 43 years old. his retirement pay and benefits are something that many would turn pea green with envy if they saw them. last i heard, they'd raised retirement to 25 years service. considering the rates of return any more on pension plans, it's no surprise that cities are in a tremendous bind. they used to make money while offering decent pensions-those days have been over for years now. yet no one in the govt agencies, city agencies, etc changed with the times. as interest dropped, they didn't change to go with those hits on pensions. now they're in a huge hole.
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My father was a police officer in NJ, joined the force at 23, got credit for 4 years of Air Force service in Germany and retired with a full pension at age 41. Hasn't worked since other than the occasional kitchen job since he likes to cook but always gets paid in $. Started collecting SS two years back, lives on the water in FL without a care in the world.
I do not condone this as being appropriate.
08-09-2012, 09:57 AM
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