Saving $1 million is not easy and, with all of life’s demands, most people would say it’s impossible! But did you know your retirement pension can have about the same value as $1 million during retirement? The need to understand our individual and unique financial wellness was discussed during Financial Workshops for City of Gastonia employees held in December at the Schiele Museum.
Generally speaking, in the North Carolina Local Government Employees Retirement System, a final average salary of $60,000 multiplied by .0185 equals 1,110 multiplied by 30 years of service equals an annual pension of $33,300. If you multiply $33,300 by 33.5 retirement years, that equals $1,115,550!
And if you add 401K and Social Security to the LGERS pension, City employees can have an income of almost as much in retirement as their final average salary figure. This is an enviable financial position for any retiree. Death, disability, or quitting or getting fired are the only things that can keep us from getting this retirement benefit.
To understand your unique pension and other benefits with Gastonia, you may schedule an appointment with Bo Cauble at bocauble@cplanning.com or call 980-235-7830. There is no cost or obligation for City employees.
Dec. 14, 2017
