Jan 7, 2022
Many pensions for government employees are not making the grade. A group called Bellwether Education Partner says three in four states that offer teachers a retirement plan got an “F.” Only 13 states received grades of “B” or “C.” No state earned an “A.” Much of the reason is many pensions no longer pay out a monthly amount based on salary and years of service. Instead, they act more like a 401k and depend on yearly contributions and investment returns. What are the options when converting a government pension? How can you make the money last through retirement when many groups like teachers aren’t eligible for Social Security?