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#1357785 --- 08/08/12 06:02 PM
Re: Yeahhh...Let's Privatize It
[Re: Cuzi Sedso]
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Diamond Member
Registered: 12/19/04
Posts: 35891
Loc: USA
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twocats isn't special, BZ. Under NY state tax law, pension income is not taxable in NY if it is paid from New York State or local government or the federal government, including Social Security benefits. Those pensions are subject to Federal income tax, however. Non-government pensions are not subject to state income tax on the first $20K of pension. Pity poor teachers who have to retire on $62K most private-sector employees don't have guaranteed pensions. They retire on their 401(k) or IRA savings. So what amount would be needed to produce $42,000 from an annuity? About $425,000, according to a calculator at Bankrate.com. And the average 401(k) account balance at Fidelity Investments for people 55 and over is about half that amount, or $243,000. so tell us how much per month does one without a teachers pension need to set aside each month to have $425,000 after 30 years of employment?
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#1357852 --- 08/09/12 12:58 AM
Re: Yeahhh...Let's Privatize It
[Re: Cuzi Sedso]
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Member
Registered: 03/10/12
Posts: 429
Loc: beneath the Utica Shale
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...and what percentage of NY workers are in this 'special' group? 20%, 40%, 60%, 80%...? [/quote]I don't know, but then I'm not the one whining about this. If you're that concerned, get off your butt, do some homework to see if you have a supportable case, then start contacting your representatives and lobby for a change... easier to just sit around and whine about it on the internet?
Overall membership in NYSLRS (New York State and Local Retirement System): 1,057,754 672,723 members (active or vested) 385,031 retirees and beneficiaries 94% are members of ERS; 6% are members of PFRS (police and firemen) Average Pensions: Average pension for all ERS retirees in FY 2011: $19,151 (over generous?) Average pension for all PFRS retirees in FY 2011: $40,932
NYSTRS (Teachers)pensions in 2010: The average for all retirees was $38,924. The average pension for educators retiring in 2010 was $52,270 (includes administrators). Note - $38,924 not the $60,000 Gilbert Gottfried keeps pulling from his blue butt.
Most of which is put back into the NYS economy and not an offshore bank account as some would lead you to believe. LOL
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#1357914 --- 08/09/12 12:50 PM
Re: Yeahhh...Let's Privatize It
[Re: Cuzi Sedso]
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Diamond Member
Registered: 12/19/04
Posts: 35891
Loc: USA
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A 5 second search gave me a number of over 360,000 retired state and local employees. you found the number of special ones now find the number of not so special ones You're the one who's obsessed with this idea, BZ, so go find it yourself. no sweety as you are the one that said it was a large number but then backtracked
your posts below (though that seems to be an awfully large group to be considered special). I don't know, then how do you know it is an awfully large group if you do not know the percentage?
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#1357941 --- 08/09/12 02:34 PM
Re: Yeahhh...Let's Privatize It
[Re: bluezone]
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Senior Member
Registered: 11/06/11
Posts: 1428
Loc: NY
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