Marcia Ingram spent 33 years working for Detroit's health department before retiring nine years ago. She now receives about $2,000 per month. Her pension would be capped under the proposal in Detroit.
"I feel let down by the city," said Ingram, 60. "I expected to get an increase every year like I did while I was working. Not a big increase, but it still was something."
She probably retired on nearly 100% of her income so it made no sense for her to continue to work.
or maybe she could have saved an extra half million dollars by working until 65 if she had a job that paid $64,000.
Either way not much sympathy.
$2,000 per month, $12,000 per year, isn't much for a person who has worked 33 years. You say that's probably 100% of her post retirement salary, then you say she made $64,000. Which is it? How do you figure she could have saved $500,000 when you don't know what her expenses were? Finally, most retirement plans have cost of living adjustments, tied to the inflation rate. Why is it unreasonable to expect that?
ReplyDeleteMick..... You put my head in a spin for a second over the @$2,000 per month, $12,000 per year" comment. I have to contemplate my cyphering skills....
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