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Why Are Many Members of Congress Among the Few Americans That Can Retire?
Jane White in The Huffington Post Link to more items from this source
[Opinion]
Apr. 22, 2014
"The lack of mandates for an adequate retirement plan is ironic given that most long-serving members of Congress look forward to more generous pensions than the vast majority of their constituents. A member of Congress retiring with 20 years of service under Federal Employees' Retirement System and a high three-year average salary of $174,000 will get an initial annual FERS pension of more than $59,000 -- on top of Social Security. Compare that pension paycheck to the typical American worker. According to the Federal Reserve Board, the median amount saved in 401(k) accounts and other savings for those age 55 to 64 was $100,000 in 2010. Observing the 4 percent withdrawal rule, a nest egg of $100,000 turns into a measly annual income of $4,000, or about $77 a week."

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