Mayor Bill de Blasio unveiled today his solution to the ongoing conflict
over pension payouts to cops, firefighters, corrections officers and sanitation workers hurt on the job — but union leaders said they remain unsatisfied.
Unite also expressed fears
over the future of the Royal Mail
pension scheme as the company seeks to drive through changes ahead of the proposed sale which could lead to cuts in
pension payouts.
In order to properly use Monte Carlo in retirement planning, dozens to hundreds of inputs need to change to reach a Real World probability number: Life expectancy, age of retirement, investment
payouts, yields vs. share selling, investment returns, inflation, income goals, Social Security, all of the types of taxes,
pension payouts, annual cash flow surpluses and deficits, random earned incomes, replacing vehicles every ten years, allocation mix changes
over time; and then duplicate all of that for every investment individually, then for the spouse, then account for all of that compounding in every year, and the list goes on and on.
For example, your
pension benefit might be equal to one percent of your average salary for the last five years of employment, and then times your total years of service.1
Over the years, your employer makes contributions on your behalf and promises to make you regular, predetermined
payouts every month when you retire.