Just a few comments I have on this article:
1) I believe that anyone who pays into the SS system should reap the benefits, not on a means tested basis, as the author implies. I personally oppose the program and think it should have been privatized long ago, or at least given those who wanted to take personal responsibility a choice to opt out.
The program came into existence because "privatization" meant no pension, no benefits, and dire poverty for millions of Americans...similar to what is reoccurring today, with the elimination of pensions.
2) I would assume Sally knew the terms of her employment when she agreed to take a govt job under the CSRS, and therefore would have known the details of her future retirement well ahead of time. In addition, as a result of not paying into SS, she could have taken an equivalent amount and invested it herself. I sure as hell wish I could do that, instead of paying into social security.
In fact the WEP provision was established in 1983, AFTER CSRS came into existence. So, I would assume that it was created after her employment began.
3) I'd recommend anyone taking government employment to never rely on the "promised" pension. Plan for your retirement as if a pension doesn't exist, and as if SS benefits will not exist. Cut your expenses, save more, take on a couple side hustles for extra income, and assume you'll have to take complete personal responsibility for your retirement in the long run. Relying on the government to do everything for you is the reason for the looming disaster in this country.
Unfortunately, at the present time, too many families ARE working multiple jobs, just to make ends meet for them TODAY, with little left to invest in their TSP or their retirement. Unfortunately, your current situation is not the norm in this country today.
Unfortunately, at the present time, too many families ARE working multiple jobs, just to make ends meet for them TODAY, with little left to invest in their TSP or their retirement. Unfortunately, your current situation is not the norm in this country today.
Just my $.02 on this article. I can't seem to find a lot of pity for Sally.
I understand. You would feel pity if you had experienced the same situation or worse.
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Posted by: sarah_oz@yahoo.com
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Neither the TSP Strategy group, nor individual members, are licensed or authorized to provide investment advice. Any statements made herein merely reflect the personal opinions of the individual group member. Please make your own investment decisions based upon your personal circumstances.
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