7 States With The Best Retirement Systems
Public employee retirement systems (PERS) are common in each state, and although they vary in their features and benefits, all provide a monthly payment for the rest of your life once you retire. The longer you work for a state or local government, the larger your pension fund will be — and you can enjoy a more comfortable retirement. However, many states are falling behind on their pensions obligations, owing billions of dollars (sometimes internationally) to cover past contributions. This dilemma has led to tensions between government workers and lawmakers as layoffs and budget cuts have resulted in fewer jobs with generous pensions.While every state has its own system, there are several features that public PERS share. Many offer lifelong payouts, medication discounts, and other perks. Additionally, many state pension funds are among the largest in the country — meaning that even if your employer goes bankrupt or closes down altogether, you’ll still be able to receive a fair pension. That being said, not every system is perfect: some lag behind on payments or don’t offer enough benefits to satisfy retirees. It’s important to do your research before making a decision about where to retire — but whichever state you choose, be sure to know its pension details so that you’re comfortable with your financial security in old age. Check out in detail Best Retirement Systems.
