It sounds like you want to go back to the government job that offers the pension. It also sounds like a wonderful benefit once you are fully vested. Most Bogleheads would kill for a steady income stream in retirement, and save that much more simply to make up for the lack of one.
I'm also part of a state pension system, albeit one better funded than Illinois. I believe many Bogleheads are wary of pensions due to private pensions disappearing over the last few decades, and so have a misguided view of public pensions, specifically state and federal. States can not declare bankruptcy. States are highly incentivised to meet pension funding requirements. Even states like Illinois and Kentucky have enacted plans, and have bipartisan support, to bring funding levels up. For states like mine where the funding level is 80-90%+, I am as confident in my pension as I can reasonably be about anything in life.
Based on what you've said, I'd lean towards going back to the job with the pension.
I'm also part of a state pension system, albeit one better funded than Illinois. I believe many Bogleheads are wary of pensions due to private pensions disappearing over the last few decades, and so have a misguided view of public pensions, specifically state and federal. States can not declare bankruptcy. States are highly incentivised to meet pension funding requirements. Even states like Illinois and Kentucky have enacted plans, and have bipartisan support, to bring funding levels up. For states like mine where the funding level is 80-90%+, I am as confident in my pension as I can reasonably be about anything in life.
Based on what you've said, I'd lean towards going back to the job with the pension.
Statistics: Posted by wtjbatman — Tue Jul 30, 2024 1:44 am