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06-20-2019, 04:02 PM
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#141
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Recycles dryer sheets
Join Date: Feb 2017
Location: Weatherford Texas
Posts: 456
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Quote:
Originally Posted by foxfirev5
It's funny to me that these threads are where the "I've got a pension and SS that cover my expenses people chime in". IMHO it kind of misses the point. Humble brag perhaps?
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Not a humble brag. It explains how some of us can retire with less than $2 million+. If we didn't mention the pensions, SoSec and/or real estate property revenue we would be very misleading by saying "Yes you can. I did!". The clarifications about those other revenue streams are critical to making the conversation of any value.
__________________
Retired June 1, 2018
RE AA 65/35
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06-20-2019, 04:06 PM
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#142
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Recycles dryer sheets
Join Date: Feb 2017
Location: Weatherford Texas
Posts: 456
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Quote:
Originally Posted by 24601NoMore
I've always been surprised at the seemingly high number of people on ER.org that have a pension. I know VERY few people that do - only muni, state and Fed .gov workers, teachers (less so nowadays) and that's about it.
All I know is that pensions in my or DW's business simply don't exist - and haven't for decades (40+ years) now. Heck, at my last company they only (after I left) recently introduced a 401K match. That was IT, although they did give us a handful of RSUs - certainly nothing equivalent to most pensions in terms of total $$s.
Would be an interesting exercise to do a poll of those who have pensions vs. those who don't among the users here. But then again, maybe it's precisely the fact that having a pension allows many to ER - and those who don't have a pension aren't on this site already because they in many cases don't have the income stream (via a pension) to even THINK about ER..
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I may be wrong but I THINK a survey like that was done a while back. Knowing that we rehash the same questions every 6 to 18 months I would be shock if some flavor of it doesn't exist. I will do a search and see if I can find one.
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Retired June 1, 2018
RE AA 65/35
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06-20-2019, 04:12 PM
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#143
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Thinks s/he gets paid by the post
Join Date: Dec 2015
Posts: 1,166
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Quote:
Originally Posted by Ed B
I may be wrong but I THINK a survey like that was done a while back. Knowing that we rehash the same questions every 6 to 18 months I would be shock if some flavor of it doesn't exist. I will do a search and see if I can find one.
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I suspect you're right..will be interesting to see the results, which I'd expect to show a very high # of ER'ers with pensions..
Unfortunately, we're in the "no pension" camp and have to slug it out in other creative ways..
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06-20-2019, 04:38 PM
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#144
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Recycles dryer sheets
Join Date: Feb 2017
Location: Weatherford Texas
Posts: 456
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Quote:
Originally Posted by 24601NoMore
I suspect you're right..will be interesting to see the results, which I'd expect to show a very high # of ER'ers with pensions..
Unfortunately, we're in the "no pension" camp and have to slug it out in other creative ways..
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Found one:
http://www.early-retirement.org/foru...ans-85562.html
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Retired June 1, 2018
RE AA 65/35
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06-20-2019, 04:51 PM
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#145
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Thinks s/he gets paid by the post
Join Date: Dec 2015
Posts: 1,166
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Quote:
Originally Posted by Ed B
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Thanks..so, 70+% have a pension..and 60+% say it has an impact on their ability to retire.
I'd love to know where all of these pensions are coming from. What companies are still doing pensions (and, can I apply )? Or is the 60-70+% all .GOV, Teachers and Auto workers?
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06-20-2019, 04:54 PM
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#146
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Thinks s/he gets paid by the post
Join Date: Mar 2009
Posts: 2,985
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Quote:
Originally Posted by Ed B
Not a humble brag. It explains how some of us can retire with less than $2 million+. If we didn't mention the pensions, SoSec and/or real estate property revenue we would be very misleading by saying "Yes you can. I did!". The clarifications about those other revenue streams are critical to making the conversation of any value.
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IMHO $2 million + is a humble brag compared to the .750 million quoted by the OP, Just Sayin...
__________________
Took SS at 62 and hope I live long enough to regret the decision.
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06-20-2019, 04:55 PM
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#147
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Posts: 3,088
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I have a pension which was frozen in 2013. Private company, the new employees get no pension. It makes a substantial impact on ability to retire.
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06-20-2019, 04:58 PM
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#148
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,300
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Quote:
Originally Posted by 24601NoMore
Thanks..so, 70+% have a pension..and 60+% say it has an impact on their ability to retire.
I'd love to know where all of these pensions are coming from. What companies are still doing pensions (and, can I apply )? Or is the 60-70+% all .GOV, Teachers and Auto workers?
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Well there does seem to be a decent number of current and former gov't workers on this site (besides and sometimes including some engineers).
So turning your comment around, would the 60% who say it has an impact on their ability to retire never be able to retire without the pension or just perhaps retire at normal retirement age with a lesser lifestyle.
__________________
TGIM
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06-20-2019, 04:59 PM
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#149
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Thinks s/he gets paid by the post
Join Date: Mar 2009
Posts: 2,985
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Quote:
Originally Posted by foxfirev5
IMHO $2 million + is a humble brag compared to the .750 million quoted by the OP, Just Sayin...
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Ed B - Upon reading your message I understand your point. Sorry for any misunderstanding
__________________
Took SS at 62 and hope I live long enough to regret the decision.
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06-20-2019, 04:59 PM
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#150
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Moderator Emeritus
Join Date: Apr 2011
Location: Conroe, Texas
Posts: 18,736
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Quote:
Originally Posted by 24601NoMore
I'd love to know where all of these pensions are coming from. What companies are still doing pensions (and, can I apply )? Or is the 60-70+% all .GOV, Teachers and Auto workers?
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I think it's pretty evident that a high percentage of pensioners here are retired from the military, federal government, state government, teachers, and municipalities. Very few are here from private industry (like me - no pension, just SS ) or other private practices.
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*********Go Yankees!*********
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06-20-2019, 05:01 PM
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#151
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
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What's this pension thing I keep hearing mentioned?
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06-20-2019, 05:26 PM
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#152
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2007
Posts: 13,228
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Quote:
Originally Posted by 24601NoMore
Thanks..so, 70+% have a pension..and 60+% say it has an impact on their ability to retire.
I'd love to know where all of these pensions are coming from. What companies are still doing pensions (and, can I apply )? Or is the 60-70+% all .GOV, Teachers and Auto workers?
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You're asking the wrong question. People who are retired aren't starting work now. A pension was fairly standard when I started in '84. I didn't stay around that long to make it big enough to rely on though.
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06-20-2019, 06:16 PM
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#153
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Recycles dryer sheets
Join Date: Nov 2017
Location: -
Posts: 220
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Quote:
Originally Posted by RobbieB
What's this pension thing I keep hearing mentioned?
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I think it means boarding house or small hotel.
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06-20-2019, 06:51 PM
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#154
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Thinks s/he gets paid by the post
Join Date: Mar 2008
Location: Atlanta Suburb
Posts: 1,499
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The folks with a pension, $2m+ and SS are subject to being banned from the forum! Its clearly stated in the forum rules.
" A forum member may not have more than two of the previously listed assets. An exception will be made if the member is able to demonstrate they have a spendthrift spouse or if the member likes expensive cars, fine wine or routinely participates in the Blow That Dough Thread."
__________________
"Oh, twice as much ain't twice as good
And can't sustain like one half could
It's wanting more that's gonna send me to my knees" - John Mayer
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Did Anyone Retire with "Only" .75M$ Saved?
06-20-2019, 08:27 PM
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#155
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Full time employment: Posting here.
Join Date: Jun 2017
Posts: 504
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Did Anyone Retire with "Only" .75M$ Saved?
Quote:
Originally Posted by Ed B
Not a humble brag. It explains how some of us can retire with less than $2 million+. If we didn't mention the pensions, SoSec and/or real estate property revenue we would be very misleading by saying "Yes you can. I did!". The clarifications about those other revenue streams are critical to making the conversation of any value.
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If you have $X and a giant pension immediately upon retiring then you have more than $X
At 50 the value of a non COLA pension is 5% (can you even buy a COLA pension?) - so if you earn $38k/yr there is your $750k.
Not to mention the person who ‘retired on less than that... but with 10 paid off rental properties’ lol
My interpretation was people living on income equivalent to a SWR (2-5%) on 750k = $15-38k/yr
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06-20-2019, 11:14 PM
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#156
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Recycles dryer sheets
Join Date: Aug 2015
Posts: 86
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No pension for me, just ss when the time comes and investments.
I count everything and did a npv for the ss chunk, added to my investments and that's the total nest egg.
Seriously I don't understand anyone who fails to count their pension and SS in their total and only counts their 401k/IRAs. It all counts!
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06-21-2019, 06:49 AM
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#157
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2009
Posts: 6,698
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Back in late 2001, my (former) company made some big changes to its pension plan. (1) They grandfathered into the existing plan employees who met certain age and longevity criteria. (2) They froze the pension for all other employees. (3) And they ended the plan going forward for any new hires.
The company already had a 401k plan (75% match up to 6% of employee's salary) and ESOP plan. For employees in (2) and (3), a cash-balance plan was introduced which included pay credits and interest credits. I was in (2).
A few years later, but before I left the company in late 2008, they ended the cash-balance plan for new hires and replaced it with a profit-sharing plan.
So, I have a frozen pension, with no COLA, of course. The cash-balance plan remains but I get only the interest credit every year, a puny amount. I had begun working part-time in late 2001, so my pay credits were not very big.
The cash-balance plan, if converted to an annuity (according to the annual statement), would give me a small amount every month starting at age 65. The frozen pension's value erodes over time.
These and SS are my "reinforcements," along with unfettered access to my much larger rollover IRA, waiting for me in my 60s. For the last 10+ years, and for the next 3 years, I live off my taxable account.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.
"I want my money working for me instead of me working for my money!"
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06-21-2019, 08:30 AM
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#158
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,300
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Quote:
Originally Posted by IrishMoss
No pension for me, just ss when the time comes and investments.
I count everything and did a npv for the ss chunk, added to my investments and that's the total nest egg.
Seriously I don't understand anyone who fails to count their pension and SS in their total and only counts their 401k/IRAs. It all counts!
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+1
So says Firecalc and all the others. We would not live our current lifestyle, if we didn't factor in SS and a minor pension.
__________________
TGIM
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06-21-2019, 08:56 AM
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#159
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Recycles dryer sheets
Join Date: Nov 2011
Location: West Plains
Posts: 151
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When I said we have a small pension, I meant it. It's $420 a month. No COLA. It pays our utilities and a bit more, but when we figure our assets, we have to count it. Didn't mean to sound like a brag.
About our rentals. After the market tumble in 2008, we got serious about looking for other income sources for retirement and bought our first rental that year, picked up the others by 2010. Then we started whacking away at our real estate debt. When we moved to the LCOL town where our rentals were, we made enough on the sale of our Boston condo to put the last mortgage down. Now the rentals are consistent money-makers with an ROI around 12%.
Granted, rentals aren't completely passive income, but it sure beats a 9 to 5.
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06-21-2019, 09:34 AM
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#160
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 14,183
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My current income is about 42% SS, 43% IRA, and 15% non-COLA pension.
The IRA was/is less than $750k, and would not support much of a lifestyle on its own.
__________________
Have Funds, Will Retire
...not doing anything of true substance...
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