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[madville]

15. Our pension is better than SS

I am currently exempt from SS at my current local government job and we contribute 5% to our municipal pension and get 2.25% credit towards that pension for each year of service. So someone that works for the city for 30 years retires on 67.5% of their highest 5 years average salary. Work 20 years get 45%, etc. Our city owns and operates all of the utilities, even multiple power plants, so it’s always been well funded. We also get a 5% 401k match, so it’s typical for retirees to have hundreds of thousands in that at retirement to supplement retirement.

I contributed to SS for over 20 years and was looking at it being reduced 50% once I drew it because I’m eligible for an exempt pension so this is great news, will be around an extra $1000-$1200 a month from SS.

I’ve always been a retirement hound though. Did 20 years in the military (11 active and 9 reserve) so get that pension, get my VA disability compensation, I was a federal employee for awhile and bought my military time into it so will get a modest FERS pension at age 62. Then I’ll probably do 20 years at this city job so will get that pension and now my full social security with no penalty.