Standing at a crossroads in life. The difference between working at a higher salary private sector job vs lower salary with pension and medical coverages from SF City and County jobs.
Looking for opinion and some clarifications from all the Guru who is working and worked for the City and County of SF. I think this will be a life crossroad for me. Besides, friends, families and doing my researches, I think Reddit Sub is probably the best place to get first hand information. Feel free to reply or DM me, I welcome all feedbacks.
Currently I have a decent job in private sector, 120k - 150k depending on bonus, not very high but steady, 5% match on 401K. If I make the switch to a entry level City job to get my foot into the door, the first few years the salary would be in the lower 75k-85k range , but eventually it will go back up as the steps go up (or transferring to a higher salary position down the road).
I will work for the next 20 - 25 years until I retire, Here is what I can think of so far:
Private sector
Larger pool of 401k with 10% contribution and 5% employer match. Estimated to be about 1.2-1.5 million in the fund for distribution + social security check. But downside would be no pension and no medical, I have to pay out of the pocket.
VS
City and County for the next 20 - 25 years, here are the benefits I found on the website.
Benefit Contributions
2.0% of your salary to the City's Retiree Health Care Trust Fund
7.5% - 10% of your salary (for FY2023-24) as an employee retirement contribution . This amount can go up or down each year, depending on how much the City is paying. It's important to remember that you don't lose this money. If you leave the City before you are eligible for retirement you get it back on your way out.
7.65% of your salary for the Federal Insurance Contributions Act (FICA): 6.2% goes to Social Security and 1.45% goes to Medicare
Health Benefits
20 or more years of service = 100%
15 or more years = 75%
10 or more years = 50%
5 or more years = access to coverage, but the City doesn't contribute