They take care of themselves first and foremost. Always remember they are there to serve themselves, not us.
And we keep electing the same old scoundrels election after election. And we wonder why nothing ever changes.
“Each retired member can start collecting a pension at age 62 if they’ve spent just five years in Congress.
And they’ll collect 80% of their $174,000 annual salary.”
I would like to know the source for this claim. I do know that members of CONgress gave themselves some of the same perks that fed LEOs and firefighters get accruing pension credit 80% faster than most feds. Their staff get extra benefits also.
And if CONgress critters get convicted of felonies they can always collect fed disability like Jesse Jackson Jr. does. $8,000+ per month for life ain’t bad for a convicted felon.
But perhaps a better solution is to become a better investor. Saving an extra couple grand a year, and putting it into the right places can make a huge difference over the course of a couple of decades.
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That is all true but its easier said than done. Study after study shows that most investors buy high and sell low. They get spooked easily and dump their stocks at a loss. They can’t stick to a plan and just don’t have the discipline to accumulate wealth. Reading about it is one thing, but becoming a better investor with patience and discipline is altogether another matter.
and their cost of living increases- back when obama was president- that miserable decade, people didn’t get cost of living increases, but by golly congress got theirs every single year-
(1) How Congress Retirement Pay Compares to the Overall Average Members of Congress are eligible for a pension dependent on the member's age at retirement, length of service, and salary. The pension value can be up to 80 percent of the member's final salary.Crap like this that is so factually incorrect gets people riled up for no reason. There are plenty of legitimate reasons to get riled up over those wastrel lazy bastards in Congress, but not this.(2) Can members of Congress retire with full pay after just one term? To collect, a congressman or senator must be age 62, or be at least age 50 with 20 years of service, or be any age with 25 years of service.
Under the most recent pension program, adopted in 1984, the size of a pension is based on the highest three years of a member's salary, the number of years of service and a multiplier, which is 1.7 percent for the first 20 years of service and 1.0 percent for subsequent years.
Here’s an example, using a typical 25-year rank-and-file member who retired this year. The pension would be the sum of two calculations. First, multiply $172,443 [the average salary over the last three years] times 20 years times 0.017. Then, multiply $172,443 times 5 years times 0.01 and add that number to the first calculation. The total: about $67,250 per year.
A three-term congressman (or one-term senator) who has now reached retirement age would be eligible for an annual pension of $17,588 for six years of work. That's generous, but not close to full pay.
(3) Congressional pension (Wiki) When the FERS program went into effect, all Members elected in 1984 or later were automatically enrolled in the new plan. More senior Members were free to remain under the CSRS or enroll in the new FERS plan.
The FERS program takes into account the years served and the average pay for the top three years in terms of payment. For example, a member elected before 1984 and thus qualifying under the CSRS plan, who worked for 22 years and who had a top three-year average salary of $154,267 would be eligible for a pension payment of $84,847 per year. A member elected after 1984 would have been enrolled under the FERS plan, and their pension payment under similar conditions ($154,267 top three-year average salary, but with only 20 years of service, rather than the 22 in the CSRS example) would be $52,451.
The accrual rate for congressional service between 1984 to December 31, 2012 is covered by a FERS "special" computation that is similar to that for Federal employees such as First Responders, FBI Special Agents, and Air Traffic Control Officers. The accrual rate is 1.7% for the first 20 years and 1.0% for each year beyond the 20th. The basic retirement annuity under FERS is equal to the (Average High-3 Salary x .017 x Years of Service through 20 years)+(High-3 Salary x .01 x Years of Service over 20)= Annual Pension Members who began congressional service before 1984 and who elected to join FERS will receive credit under FERS from January 1, 1984, forward. Thus, at the close of the 108th Congress in December 2004, participants had a maximum of 21 years of service under FERS. Assuming that a Member retired at the end of 2004 with 20 years of congressional service under FERS, and a high-3 average salary of $154,267, the initial annual FERS pension in 2005 would be: [$154,267 x .017 x 20] = $52,451 There is no maximum pension under FERS. (It would take 66 years of service under FERS to reach the 80% maximum permissible under CSRS.)
Proposed Amendment to the Constitution: Elected officials and those appointed by said officials will not be exempt from any laws, rules, regulations, decrees, codes, statutes or ordinances that apply to any citizen or legal resident of the United States. In addition, elected officials or those appointed by said officials will not pass or implement any law, rule, regulation, decree, code, statute or ordinance that applies only to themselves and not the rest of the citizens or legal residents of the United States.
NO PENSIONS!!!
“Serving” in Congress is NOT, or SHOULD NOT be considered a career.
It is a SERVICE.
Fake news. A congressman who served five years and reaches 62 will be eligible for a pension of around $14,000.
Term Limits.
Term limits and a minimum age requirement guaranteeing that the members of Congress - that all elected officials - have to have a life as a private citizen before and after public service. And no government employment counts towards that.
If there are 535 in congress, I believe I can count on one hand those who are trying to do some good for us. Out of 535 men and women... their percentages are pitiful.
That’s astounding!! useless... too high in their own opinion and do not earn their pay. One goes to Washington and magic: they become an important person... and rich...
Truth be known, they are not any more important than we are out here in work a day land.
I’ve asked for years: why aren’t congressional salaries & pensions on the ballot? Every 4 years, during POTUS elections, when most voters would see.
Plus, IMO, they should be required to stay in their districts, communicate & vote by Skype, & only come to DC when absolutely necessary.
Would really drain the swamp, keep ‘em accountable, & save trillions.
These idjits are grossly overpaid. Most of what they do is mere posturing, speechifying, & passing symbolic resolutions.
Very few ever write bills that get passed into law, & most vote on bills they haven’t bothered to read.
Why pay them anything?
SS COLA raise this year is the biggest in 10 yrs. 2.8% MOST going to MEDICARE.