Re: State IOUs...Who will get them on Thursday....
Somehow I dont think that my retirement payment equals that much against what I earned. I made an average of $70,000 the last three years I worked and I make a little over a $1,000 now on SS.
SS uses a point system for retirees unless you get sick when you are young, then a different formula is used. It just so happened that when I got sick I had 54 points so I was able to Retire out right instead of on disability which makes a big difference when you approach 65.
Somehow I dont think that my retirement payment equals that much against what I earned.
I think he's referring to the state employees retiring after 30 years at 90-94% of final pay. -- "Government is the great fiction, through which everybody endeavors to live at the expense of everybody else." --FREDERIC BASTIAT--
·