Most recipients of a pension, and those who pay for it, have little idea of the cost of providing it.
Think: $1 million at 4% yields only $40,000 income a year. How many millions have to be contributed to meet the capital and income required?
Now you see the shortages for taxpayers to meet in annual pensions for the life of each teacher or government worker. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)
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