Tax watchdog Jake Griffin.
My friend John Dillon posts about Illinois pensions this week. I re-posted it down below.
Because it is a new year – I’m in the fourth year of my retirement from teaching – I will see a 3% bump in my Teacher Retirement System check.
Jake Griffin – he calls himself a tax watchdog – reports that retired teachers are making more money in retirement than they were making when they were working.
“Yay,” I say to myself. “What a great deal!”
I pull out a pencil and do a little math. And it is true!
Oh. I’m not making it right now.
But I will.
Fifteen years after my retirement date.
I will be 80 years old!
A quick point: The increase in the cost of living over the past fifteen has been around 3%, equal to our yearly TRS increase.
Tax watchdog Jack Griffin of the Herald does not mention I paid into Social Security for 20 years before I started teaching. Due to federal law that reduces my benefits because I am collecting a teacher pension, I will receive $118 a month starting on my 70th birthday.
I will spend it on a celebratory dinner with Anne. She will have to pay her own way.
Tax watchdog Jack Griffin of the Herald is one of those guys who ignores the fact that the state spent decades as a pension deadbeat. As a tax watchdog he somehow doesn’t notice how the rich pay the same tax rate as the poor in Illinois.
He thinks the problem is teachers live too long.
Because that, my friends, is the only way a teacher is making more in retirement than what they were making when they were teaching.
He thinks we are living too damn long.
And I aim to prove him right.