No more Pension Accrual

[wishing4it]

Yesterday my employer (no - not retired yet) cut benefits again. Now there will be no more pension accrual going forward. Wasn't much of a pension anyway but...

And, no raises next year either. Wondering if now is the time to pull the plug. Worried about all the talk of retiring into a bad economy. What do you think? Would it be that hard if I think I have the savings? Or should I wait till the market improves some more... maybe next summer?

[crazy connie]

OOOOOOOOOppps Sorry to hear that wishing4it. I have a feeling you work where I did a few years ago.

[W2R]

Quote:

Originally Posted by wishing4it Yesterday my employer (no - not retired yet) cut benefits again. Now there will be no more pension accrual going forward. Wasn't much of a pension anyway but... And, no raises next year either. Wondering if now is the time to pull the plug. Worried about all the talk of retiring into a bad economy. What do you think? Would it be that hard if I think I have the savings? Or should I wait till the market improves some more... maybe next summer?

I am retiring on Monday, but I am very sure that I have enough invested to support myself (plus I have a tiny pension).

I think it's a good idea to be pretty sure that you have enough, because it is apparently pretty difficult to get another job these days if you should need one. Once we retire, a lot will depend on how much we are willing to economize if the market crashes again. I am not expecting that, but if it does I will tighten my belt and wait for it to get better.

[Bestwifeever]

Too bad the pension will stop accruing and wages are frozen. See where you stand with your expected retirement income and expenses and health insurance and how well they can be covered with your assets as they are today. If you're good to go but not quite comfortable with what the future might hold, you're in the envious position of being able to wait out the situation at work and see what develops--for example, maybe your company will offer a voluntary layoff or something like that.

[RonBoyd]

Quote:

Originally Posted by wishing4it Yesterday my employer (no - not retired yet) cut benefits again. Now there will be no more pension accrual going forward. Wasn't much of a pension anyway but... And, no raises next year either. Wondering if now is the time to pull the plug. Worried about all the talk of retiring into a bad economy. What do you think? Would it be that hard if I think I have the savings? Or should I wait till the market improves some more... maybe next summer?

I am unsure what is going on here. The world stops and you want to get off? Is there something else about the j*b that is unbearable? If you are simply asking for permission to join the happy group of ex-employees, you have mine.

[Darryl]

Quote:

Originally Posted by RonBoyd I am unsure what is going on here. The world stops and you want to get off? Is there something else about the j*b that is unbearable? If you are simply asking for permission to join the happy group of ex-employees, you have mine.

Ron, says permission granted and I'd say what difference does it make?

The reduction in benefits would suggest you need to work longer and save more in order to have what you would have had under the old system. If the work environment is tolerable you should push forward to the target you have already set.

Sorry about the pay cut.