Am looking to understand whether New York City and State pensions will still be around in 20-40 years. I understand that their status is based off of very lofty investment projections. Also, being able to withdraw 70k annually starting from age 57 seems to be very high, does it not? The pension tier that I am in would require that I only make a 3% contribution in my salary until 10 years, and then I stop. I feel like this is unsustainable. My math is that the value of a pension would be around 1750000, assuming a 4% withdrawal rate, to be able to have 75k annually. I am trying to make a career decision and looking to understand the financial considerations. Have a pension that pays out in the future like it says it will is one of the factors. Even if pensions are guaranteed by NY's state constitution, if there is an impending pension crisis, then maybe I should not factor it as a benefit. Thanks in advance everyone!
Submitted February 22, 2019 at 07:21AM by newteach589 https://ift.tt/2Iyg2Rg
