Capt. Al Haynes sorta OT.

"G.R. Patterson III" wrote in message ...


Jay Honeck wrote:

Of course, "retirement pay" comes out of a different bucket of cash in the
state's budget then "teacher's salary", so ON PAPER they LOOK like they
"saved the taxpayers some money"...

Typically, retirement pay doesn't come out of current taxes at all. The employer
sets a certain amount of money aside every year as a retirement account. ,

Margy pays for her own retirement which gets gratuitously mismanaged for her
by the state and the county. If she expects to get anything, she will be socking
it away in her 403b (the public teacher version of 401k).

FAA ATC has three legs of retirement. The first is your annuity. I'd
have to go and look for sure but if I retire when I am eligible, which
is after 25 years(I'll be 49), I would get about 37-40% of my base
pay.(Actually a high three year average) If I go until I have to retire
at 56 then I would get about 45%. The second leg is social security.
Even though I would be below the SS age I will get the same amount, my
calculations put it at approx $2500 per month to start. The third is
the government version of a 401K. At a 10% average annual return until
I retire, assuming age 56, it will be worth about $1.5 million. I am
putting in the IRS max at current, which will be $13K for 2004.

Ron Natalie wrote:
"G.R. Patterson III" wrote in message ...


Jay Honeck wrote:

Of course, "retirement pay" comes out of a different bucket of cash in the
state's budget then "teacher's salary", so ON PAPER they LOOK like they
"saved the taxpayers some money"...

Typically, retirement pay doesn't come out of current taxes at all. The employer
sets a certain amount of money aside every year as a retirement account. ,


Margy pays for her own retirement which gets gratuitously mismanaged for her
by the state and the county. If she expects to get anything, she will be socking
it away in her 403b (the public teacher version of 401k).