Medicare part A cost zero and part B cost $144/ mth per person The Post Office sounds like it pays for the supplemental insurance and drug plan which normally cost about 250/mth per person. Most companies eliminated paying the supplemental insurance.
OT: What do you guys pay for medical Benefits?
- Thread starter chrisru99
- Start date
My father had his supplemental paid by Honeywell for over 25 years but they stopped it about a year ago since most current union employees don’t care about this benefit and not enough retire employees left living. I think they gave some $$ but not the real cost of the supplemental insurance. It was a nice benefit.
My parents will be okay
My dad has a pension and 5 kids that all have the ability to help when needed
So- bottom line- Retire at 49 with a pension that pays $135k and full medical with no cost out of pocket and minimum copays or
work another 10 years with the current $170k base and most likely another bump before retirement, with overtime that will put you at let's say $200k but now pay $3400 per year and higher co pay and I assume your pension would then also go up if you go out later.
Only question would have to be is can you live a great retirement for 40 years on $135k per year or are you going to have to find another job for additional income. And how much do you love your current job?
If you stay 10 more years, you are gaining about $65k per year and who cares about the medical- $3400 per year is not bad at all to be honest.
Either option seems like a win/win to me.
Myself...like most of the country, do not have pensions and will be on our own for medical in retirement years. I don't begrudge at all- you earned it but I don't see any negatives in either decision you make.
That basically sums it up and I see it your way as well. I will put my resume out there but it will be tough to beat what I have now since I really enjoy my job very much. Thank you and everyone else for your replies.
If you enjoy your job- keep working...your benefit payments are still going to be very reasonable and as you have found out- not easiest thing in the world to put out your resume and just get a $65k side job.Take those extra years and pay everything you can off. Retire before 60 and enjoy life.
My company pays for 100% for Medical, Vision and Dental for my entire family. It a small it/communications company. The owner really takes care of his employees and put them before profits. He works right next to his guys. It is rare but there are still some people who still truly care about their employees.
If one can not live on 135K a year, something is very wrong. Most live on social security and interest, between 20k and 50K a year.
Every developed nation should have something like that. I am a conservative.. mostly.. but a full national health plan just makes too much sense. The profit motive should be nowhere near health care... nor should advertising. The people who go into health care to make their fortune should be weeded out as well. There is room to pay health care workers well who actually perform health care services.. including doctors. The money is already in the system if you tear out all the middlemen.
Last edited:
Stick it out another 10 years, imo. You’re right, tough to beat what you have.
no one should begrudge him. Everyone gets to choose their lot in life. He chose the best situation for himself and is going to reap the rewards. Good for him, and thanks for your service, Chris.
I couldn’t work for Port Authority police, that’s for sure.
it sounds good in theory, but National healthcares sacrifice quality and there are instances of having to ration care. We have the best healthcare system in the world. We need to continue to improve access.
It's not like we don't ration healthcare here as well, it's just based on who can afford it.
We have the best health care for some people, and among the worst for others. Highest rate of maternal deaths, etc.
Also, being in NY/NJ we have a very skewed view of how available and easy it is to get treatment. There are plenty of places in the US that are very underserved, where it takes forever to get appointments and find specialists.
Seems simple enough to layer on supplemental insurance over national, like many other countries.
Rutgersal, Actually that's not true..
According to a 2017 publication from the Commonwealth Fund, The USA is ranked last out of 11 Countries.
“Among the 11 nations studied in this report – Australia, Canada, the Netherlands, Germany, Switzerland, France, New Zealand, Norway, Sweden, the United Kingdom, and the United States—the U.S. ranks last, as it did in 2010, 2007, 2006, and 2014”
Most troubling, the U.S. Healthcare System fails to achieve better health outcomes than the other countries, and as shown in the earlier editions, the U.S. is last or near last on dimensions of access, efficiency, and equity"
According to a 2017 publication from the Commonwealth Fund, The USA is ranked last out of 11 Countries.
“Among the 11 nations studied in this report – Australia, Canada, the Netherlands, Germany, Switzerland, France, New Zealand, Norway, Sweden, the United Kingdom, and the United States—the U.S. ranks last, as it did in 2010, 2007, 2006, and 2014”
Most troubling, the U.S. Healthcare System fails to achieve better health outcomes than the other countries, and as shown in the earlier editions, the U.S. is last or near last on dimensions of access, efficiency, and equity"
Last edited:
Heck- in NJ the property taxes could be 15-30k per year alone...Personally, when I retire, I would want to what would amount to more than $135k per year in the bank or invested.
I’m
they are jealous of the kind of money they make and 90% could never get hired in PAPD.
15-30k in property taxes is a choice, you don't need to live someplace with taxes that high even in NJ.
In any case, 135k a year is more than the vast majority of the country can dream of having in retirement (roughly $3m using the 4% rule), so it's obviously more than workable and a nice option to have for almost anyone.
You mean Pennsylvania police department are paid more than $130,000 a year? I would think NJ cops are paid one of the highest in the country.
I don’t disagree. And much easier to retire on 135k per year if you are 60 and have been earning 200 per for the past 10-15 years then to retire on 135k at 46.
And you are right, it is always a choice and as I told him earlier...it is a win/win either way.
I just can’t always assume that a yearly number that works for one person will work for someone else.
$135k is okay for retirement, but you need to shoot for more if you want to stay in NJ. Obviously, it all depends on what you want during the golden years.
well that part is skewed with how large the united states is in area. Andy countries as vast as the united states with disperse populations score better? Aussies may not count because the vastness in the middle is basically empty. Where does Canada score on those measures? They have vast swaths of land with no one in it to survey as well.
Do they not have the right relatives and political connections? (your comment does not mean what you think it means)
That’s simply not true one bit let me explain. In 1998 I took this test when I was a Junior at RU. We had to pay the PA in order to take it. It was a pass fail test and you needed college and or 4 years of military service to take the test. 28 thousand people took the test. I graduated in 99 and took a job with my home town police department. In late 2000 A computer program picked my name and many other candidates names and we began the process to come here. To hire 55 they pulled 1000 names. Of the 55 that went to seagirt 48 were already cops including 36 NYPD cops who came here for better pay Benifits and work rules. Is there politics here? Of course there is it’s a huge Bistate agency but since 1998 to get on my police department you take a test that you had to pay to take and a computer randomly selects you to start the process. The last test this agency gave 3 years ago had over 45 thousand people take it. It’s the biggest blessing in Law Enforcement. I have earned 2 Masters degrees 85 percent on there dime. They paid 85 percent of my EDS degree. Unfortunately they won’t pay the 5800 a class left to finish off the PHD but hey they have truly taken cared of me and my family. There is as much politics here as any other agency. I certainly did not know anyone I’m just an Elizabeth kid.
Most of the guys/gals I have met or dealt with over the years from PAPD were stand up and squared away individuals. PAPD attracts very high level of candidates for many reason but especially bc of the fantastic benefits and pay There is nepotism in any and every public employee sector job, doesn’t mean the candidates are qualified or in this case over qualified.
I mean a large portion of police officers at the local levels are not the brightest individuals in society. 60% of my municipal police academy class were complete idiots and I would look at them daily and be amazed they were going to be handed a gun.
Nepotism is not limited to the public sector and it is not necessarily a bad thing either
If you have someone that you think is a good employee and they have someone they know and who has the qualifications what is wrong with hiring the person they recommend
I guess my point is that anyone can make this number work. It might not be everything they dreamed of, but it is a number that allows most anyone a pretty good life, better than the majority of the country will ever have.
I just retired at the end of 2019 - we had a defined benefit plan pension which was pretty sweet - will be paid about half my base salary forever (with 50% of that to the wife should I die or have an unfortunate accident, should I piss her off too much, lol). No way did I want a lump sum - have plenty of other $$ at risk - liked the idea of guaranteed income. They're switching over to an employee contribution model now. Plus they gave me a very nice package to leave and hired me back for 8 hrs/wk at a higher rate than my base, which keeps me busy and brings in a little cash. I would not have liked working in the COVID world, remotely - was a manager of managers with groups 20-50 the past 20 years and really enjoyed in person interactions, coaching, teaching, learning, etc. Medical went up a bit to about $400/month and that will double after 1.5 years (until medicare).
Our former deputy director had a similar educational background, but he completed his PhD. We bumped him from Lt to Captain/Deputy Director to stick around a few years while we prepped our transition process. He eventually retired and got a job at a large regional HS in Hunterdon Co as head of security (more of the strategic lead, not an everyday onsite employee). I forgot whether he is directly employed by the district or via a consulting firm. Anyway, he loves the new gig and makes boatload (on top of the township pension/HC benefits). You should think about stuff like this if you are interested.
An issue with retiring at 49 is that you are likely to live another 35 years during which time inflation will erode the value of the $135K in real terms (assuming he doesn't have a cost of living annual increase on top of all the other perks). Not sure why he asked his original question if he loves his job, keep working seems pretty obvious.
Whenever you have a "public" job that generates far more candidates for each available job and it becomes almost like a lottery, you have to ask the logical question, why is the comp package so generous? If they cut costs, would they have trouble filling those positions? That's what management is supposed to be doing to keep things efficient. There are horror stories from the MTA and LIRR in particular, about these guys closing their eyes so that they will get the same as they approach retirement. Not in the public's best interest to say the least.
NJ PFRS will be getting COLA's back fairly soon
The Port Authority is the NYS pension system they still get COLA's as far as I know
Latest posts
-
-
If you were Gavin, Kentucky for $100K/yr to be backup OR New Mexico State as starter?
- Latest: 66 college avenue
-