I have a client who worked as a school lunch lady in a Los Angeles area school. She owns a home with 900k that she purchased for 145k in 1995. Between her two pensions and SSI, she makes 146k per year, every year, until the day she dies. She also gets bought and paid for medical care to manage her multiple chronic conditions, and her end of life care will almost certainly run into the six figures. It's not an exaggeration to say that the boomers, though through no fault of their own, are going to bankrupt the state and the country
Some retirement programs have lower calculations if the government entity participated in Social Security. Some did not. California is one of the worst offenders, which is why we cited them, but each state is in various degrees of awful. Media covered this up by never stating the basic information that would show just how rich the benefits are.
Here's a funny story: I used to work for a firm that represented a lot of municipalities and school districts in my state. One time, we had to defend a former teacher who resigned years ago only to continue working at another district a couple months later, probably doubling his income.
The main attorney handling his case even lied to me (once again, we represented the townships and school districts *against* the teachers' unions, so there was probably some kind of corrupt reason we were helping him instead of the union's firm) and said that he kept getting new jobs at different school districts because he didn't understand the law. He had done this multiple times with different strategies: working part time, then under a different title, maybe in another district, etc. I received the case on his third venture, I think, but I left the firm before I saw what ultimately became of him.
State employees' unions paying themselves is bad enough, but this kind of fraud is probably pretty common. I wonder how cracking down on it would ease up the system where we don't have to see state taxes increase (or state employees lose their precious pensions). We'd be working with much realer numbers when fraud is ruled out.
I have a client who worked as a school lunch lady in a Los Angeles area school. She owns a home with 900k that she purchased for 145k in 1995. Between her two pensions and SSI, she makes 146k per year, every year, until the day she dies. She also gets bought and paid for medical care to manage her multiple chronic conditions, and her end of life care will almost certainly run into the six figures. It's not an exaggeration to say that the boomers, though through no fault of their own, are going to bankrupt the state and the country
Some retirement programs have lower calculations if the government entity participated in Social Security. Some did not. California is one of the worst offenders, which is why we cited them, but each state is in various degrees of awful. Media covered this up by never stating the basic information that would show just how rich the benefits are.
Here's a funny story: I used to work for a firm that represented a lot of municipalities and school districts in my state. One time, we had to defend a former teacher who resigned years ago only to continue working at another district a couple months later, probably doubling his income.
The main attorney handling his case even lied to me (once again, we represented the townships and school districts *against* the teachers' unions, so there was probably some kind of corrupt reason we were helping him instead of the union's firm) and said that he kept getting new jobs at different school districts because he didn't understand the law. He had done this multiple times with different strategies: working part time, then under a different title, maybe in another district, etc. I received the case on his third venture, I think, but I left the firm before I saw what ultimately became of him.
State employees' unions paying themselves is bad enough, but this kind of fraud is probably pretty common. I wonder how cracking down on it would ease up the system where we don't have to see state taxes increase (or state employees lose their precious pensions). We'd be working with much realer numbers when fraud is ruled out.
Obviously the only solution is mandatory MAID for boomers