Since I work in the public service, I have a pretty good pension. Gold-plated, if you ask some people, at least in comparison to what the average private sector person can get from their employer. Indexed for inflation, guaranteed for life, forced savings with matching input from the employer, and for those who joined the public service before 2014, people often treat it like the classic private pensions that come with a magic number of 85 (and it used to be explained that way).
Basically pensions that use a magic number work as an addition of two things — your age + your years of service. If that number is 85 or above, you can take your pension with no penalty. More recently, there is often a small catch…sometimes you have to be at least a certain age, like 55 years old. In a perfect world, that would mean you would start working for an organization when you were 25, work for 30 years, and at the age of 55 you would have 55 years of age + 30 years of service = magic 85. » Read the rest