Last fall at my retirement party I was talking to a younger coworker, about 45, and he asked what percentage of my pay check did the company pension plan replace. When I told him 41% I thought we were going to have to call the squad. He said, Is that all?
And I said that's it, plus your healthcare goes up about 2.5X and the pension was not adjusted for inflation. You could see his normal tanned complexion pale.
When he asked how we were going to survive on 41% I told him it was no problem when we added in our other sources of income like 2 SS checks and earnings only
off our 401k and IRA's. All that added up would equal about 110% of my last paycheck. But I didn't tell him we could easily live on the pension check plus one SS check.
I think it was a wakeup call, after he pays for the new cherry cabinets and granite counter tops in the kitchen and the new master bath complete with diving pool and gets his two grade school aged kids through collage he's going to have to start saving.