Want to know how your own private sector pension plan compares with a similar job in the public sector. Go here to figure it out. You can name your imagined public sector job, your average salary and your retirement date.
Let's run an example for, say, a teacher in Illinois. Using hypothetical salary numbers, let's say that you want to retire at age 60 after having taught for 30 years and your final average salary was $85,000. According to this calculator, your retirement would amount to $4,172 a month, or $50,065 a year.
For comparison purposes, the amount of cash that you would have had to save at the same retirement age to yield the same annual income from a lifetime annuity as this public pension would be about $1.3 million.
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