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Pension at 60% of your gross pay??
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Posted by MI-Roger [Email] (#882) [Profile/Gallery] (more from MI-Roger) on Tue, 10 May 2011 10:48:33 Share Post by Email
In Reply to: Should I change jobs?, OKSaabs, Tue, 10 May 2011 09:35:19
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I don't know the tax position you will be facing regarding pensions (a very few states do not tax any pensions, considerably more do not tax public pensions), but 60% of your gross pay may be nearly 100% of your net pay! Is the 60% figure pension only, or does it include Social Security benefits and 401(k)/403(b) withdrawls?

I am in a position where I can retire if I find a suitable second job, but my private pension would be closer to 40% of my gross pay, making it mandatory to find a secure second career for the next 10 to 15 years.

At 60% of your gross pay your only concern is the commute. You will have no worry regarding security of the second career, all money earned is extra. If your current job provides "health care for life" for retirees you may be able to negotiate a higher salary level due to no need for health insurance. Would you be a "double dipper" on the state's payroll, and is such a thing allowed where you live? Some states are not allowing public retirees to work a second career on public dollars, just as many private employers take a similar position.

posted by 198.208.25... 
_______________________________________
Saabs owned:
2008 9-5 Aero Sedan, sold at 227K miles
2006 9-3SC 2.0T - Wife's daily driver
2000 Viggen Convertible - Sold May, 2022
1964 Quantum IV Formula Car - Retirement project
2000 9-5lpt Sedan, sold at 318K miles
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