More than 50% of Illinois’ nearly 200K government pensioners retired at age 59 or younger

Govt worker cc

More real life tales of economic woe in Illinois, from The Illinois Policy institute.

This is why many people really don’t mind if the government is “shut down.”

A group of people, who are supposed to be “civil servants” get to retire with most of their pay, much earlier than the average private worker who will have no such pension most likely. Additionally these pensionless workers are supposed to fund the retirement of the government workers with taxes which make it harder for them to save for retirement.

It’s basically legalized theft, and we in the private sector are supposed to be fine with it. I’m not.

(From The Illinois Policy Institute)

Unlike their private sector counterparts, Illinois government workers are able to retire before the age of 60 while collecting most of their final average salary.

Members of the Teachers’ Retirement System, for example, can retire at age 55 with 30 years of service and still draw more than 70% of their final average salary.

University workers can retire as early as 50 with 30 years of service and still draw more than 65% of their final average salary.

Click here for the article.