The Illinois Policy Institute’s Brad Weisentein wrote at RealClearMarkets last week that there are at least 32,000 former government workers in the state of Illinois who can claim $100,000+ income from the state’s pension systems. Of the state’s 239,384 pensioners, Weisenstein reports that their average annual retirement income amounts to $93,558.
It’s worth adding that according to Weisensein, 58 is the retirement age for Illinois state workers versus the traditional 65 in the private sector. It’s not just that state work pays big in retirement (Weisenstein estimates $2.48 million per retiree for the life of the pension), it’s that the high pay surely sidelines more than a few otherwise capable workers. Readers in their 50s surely understand the meaning of the previous assertion.
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