Frank Pannozzi
Date
2023-12-15
I retired in June, 2016, at age 66, after working for the state for 31 years. The US Bureau of Labor Statistics figures indicate that for each $1.00 in pension payments I received at that time, I would need $1.27 today, just to break even with the increased costs of living. Obviously, for those who retired earlier, the numbers are even more dramatic.
Former rep. Jacquard's proposal for a 3% COLA on the first $30,000, while modest, is certainly a step in the right direction to address this problem.