Join Early Retirement Today
View Poll Results: Do you have any of the following?
Military pension 14 6.42%
Other federal or state pension 67 30.73%
Private company defined benefit pension 75 34.40%
None of the above 82 37.61%
Multiple Choice Poll. Voters: 218. You may not vote on this poll

Reply
 
Thread Tools Search this Thread Display Modes
Old 06-07-2012, 08:53 PM   #21
Recycles dryer sheets
JmfromTx's Avatar
 
Join Date: Nov 2010
Location: Houston/Galveston area
Posts: 163
Private defined benefit here. I supplement it with about the same amount from savings. Fifteen months into retirement it is working well.
__________________

__________________
Retired 3/1/2011
JmfromTx is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-08-2012, 06:02 PM   #22
Recycles dryer sheets
arky's Avatar
 
Join Date: Jan 2012
Location: Colorado
Posts: 236
Private DB pension here. Foolishly threw away 8 and 1/2 years when I changed Megacorp jobs back in 1980. Back then, you had to put in 10 years to be vested. But after 25+ years with the last Megacorp, I retired in 2008 with a "decent" un-COLA-ed DB pension which has covered approx 75% of my living expenses for the last 4 and 1/2 years !
__________________

__________________
Don't you know that dynamite always blows down ? --- Moe to Curly
arky is online now   Reply With Quote
Old 06-08-2012, 07:43 PM   #23
Recycles dryer sheets
ducky911's Avatar
 
Join Date: May 2010
Posts: 397
Nothing here wish i had a 25 dollar one.
__________________
You've got to ask yourself one question: Do I feel lucky? Well, do ya, punk?
I hate (despise) loads and fees
Retired July '11 investments 55/45 in very low cost index and mutual funds, balance once a year at best.
ducky911 is offline   Reply With Quote
Old 06-08-2012, 08:50 PM   #24
Thinks s/he gets paid by the post
 
Join Date: Sep 2009
Location: Hong Kong
Posts: 1,574
No pensions for us - out here DB schemes are almost unheard of outside of govenment employees and almost everyone gets by on DC schemes and/or personal savings.
__________________
Budgeting is a skill practised by people who are bad at politics.
traineeinvestor is offline   Reply With Quote
Old 06-08-2012, 09:03 PM   #25
Full time employment: Posting here.
antmary's Avatar
 
Join Date: Mar 2008
Location: Northern California
Posts: 542
I checked "other." We have rental property which provides an income stream, savings, and SS. Also, we have a part-time business for now. We consider ourselves very fortunate.

I have no heartburn about people receiving pensions. The 60's and 70's were a different era in which one could count on a good future retirement, especially if you worked for the government. Sadly, no more....
__________________
antmary is offline   Reply With Quote
Old 06-08-2012, 09:33 PM   #26
Thinks s/he gets paid by the post
martyb's Avatar
 
Join Date: Nov 2006
Location: Bossier City
Posts: 2,182
I will have a COLA'd DB federal employee pension once I retire, whenever that may be. I'm actually eligible in 7 months, when I reach age 55. I will have 36 years at that point.

At age 60 (5 yrs) I will begin drawing a military reserve retirement (pension) which will also be COLA'd, that will be approximately $15000 per yr net, before deductions for tax & survivor's bens. I'd be really lucky if it was close to $1000 per month net, maybe slightly less.

At 62, I'll get a minimal SS payment of around $250 or so per month. That's about it for my pension income situation.

Wife will get SS starting in 2022.

We have some savings, and are trying to determine whether to spend some of it to avoid having a mortgage after retirement, since the pension income's not going to be all that much.
__________________
“Change is the law of life. And those who look only to the past or present are certain to miss the future.”
-John F. Kennedy

“Hard work never killed anybody, but why take a chance?” - Edgar Bergen
martyb is offline   Reply With Quote
Old 06-08-2012, 10:34 PM   #27
Full time employment: Posting here.
 
Join Date: Jun 2006
Posts: 926
Very interesting results. Based on what I read on this forum I would have thought there would not be so many private company DB pensions.
__________________
CW4, USA-(ret)
RN, BSN-(ret)
jclarksnakes is offline   Reply With Quote
Old 06-08-2012, 10:46 PM   #28
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,098
4 private pensions, all non-COLA, 2 from the UK.

On year 1 of ER they made up 62% of our spending, the rest comes from our investments. (psst... Wellesley)

None of the companies continue to offer DB pensions. (The company I retired from in 2010 stopped their DB pension plan this month).
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is online now   Reply With Quote
Old 06-08-2012, 11:47 PM   #29
Thinks s/he gets paid by the post
Katsmeow's Avatar
 
Join Date: Jul 2009
Posts: 3,396
Quote:
Originally Posted by rescueme View Post
I took the question at face value. What do you have?

Poll dosen't alow for multiple answers, anyway ...
Are you making a distinction between what my DH has and what I have? We don't make that distinction as we live in a community property state so even though it is in his name, it still also belongs to me.
__________________
Katsmeow is offline   Reply With Quote
Old 06-09-2012, 12:52 AM   #30
Recycles dryer sheets
 
Join Date: Apr 2007
Posts: 354
No pensions for us. We started our professional lives relatively late (me at 30, DH at 40), and have only had 403bs and IRAs available to us. And because there were many years when we didn't really get any tax advantage to contirbuting to the 403bs, there was a span of several years where we kept much of our savings in cash, as we were saving up to buy a home. But since 2007 we have been contributing the max, though, which in our case comes to over 40k/year --and over 50k/year including employer match on the 403b and our Roth contributions (where we put any and all US earned income -- usually 4-6k/year).

A pension would be nice if you are in a field/work for an employer where you are happy to be in it for the long term. If my current employer offered a pension I would be happy, as I am quite happy here. Not sure I'd be willing to endure the frustrations of working for the government in order to get a pension, though -- I work as a government contractor now, and see a lot of dysfunction and unhappiness in my USG-employed colleagues. Our organization has its own dysfunction, of course, but overall it seems to be a better place to work, at least my particular office is that way.
__________________
lhamo is offline   Reply With Quote
Old 06-09-2012, 01:17 AM   #31
Thinks s/he gets paid by the post
 
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,139
I start my private DB pension in a couple of months although I have been retired for about 6 years. The pensipn is very large ( mid 6 figures) and will represent about half our spending. The last 6 years have been financed through incentive compensation awards(mostly options). Certainly not typical, I know. It has been quite a planning exercise to forecst ultimate portfolio size given the leveraged nature of the options and the long period of cash outs coupled with relatively high spending over the period. The pension really has been a key part of the whole plan.
__________________
Danmar is offline   Reply With Quote
Old 06-09-2012, 04:43 AM   #32
Moderator
Ronstar's Avatar
 
Join Date: Aug 2007
Location: A little ways southwest of Chicago
Posts: 9,348
No pension for me. But I'm in illinois, so I can still quit my private job and get a public job and probably retire with a full pension in less than a year.
__________________
Ronstar is offline   Reply With Quote
Old 06-09-2012, 06:24 AM   #33
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,449
No pensions here.
__________________
MichaelB is offline   Reply With Quote
Old 06-09-2012, 06:46 AM   #34
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 16,528
Okay, I'll go out on a limb here. I get a COLA'd county government pension, we stay in the group health insurance plan for 30% of the premium, and that includes prescription coverage and most dental work. I paid 7.5% of income into that and 7.5% into SS, which I haven't applied for yet. Medical insurance becomes secondary to Medicare at 65.

When I retired I choose a spousal benefit option, and an option that at age 62 the county pension dropped by the then-estimated SS benefit, which turned out to be low by about $200/month. The idea was to keep a more-or-less level income.

And after reading all the posts in this and other threads here, I am very, very, grateful to have all that. All those midnight shifts are paying off.

BTW, just like the federal system, the county does not offer that plan any more, and for the same reasons.
__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 06-09-2012, 07:01 AM   #35
Thinks s/he gets paid by the post
 
Join Date: Jul 2005
Location: Los Angeles area
Posts: 1,432
No pensions, all income from stock dividends, mostly in IRAs accessed via 72t.
__________________
learn, work, save, invest, fire
CyclingInvestor is offline   Reply With Quote
Old 06-09-2012, 08:27 AM   #36
gone traveling
 
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
Quote:
Originally Posted by Katsmeow View Post
Are you making a distinction between what my DH has and what I have?
Yes; for instance, DW has too small DB pensions that start in less than a year, but they are single life with no spousal benefit (her decision, to maximize her benefit and also she knows that I don't need the money if she passes first). I have no claim nor intend to on that income and I'll "sign off" on the paperwork shortly before the pensions start. It's no different than when she signed off on my 401(k) assets when I retired, that "allowed" me to invest (in this case, an SPIA) as I wished. Of course the SPIA is joint, so she will get full payments assuming I pass first. Just because you are in a community property state does not mean that you don't have "singular investment options", assuming you remain married (and alive of course).

Just because you have a pension (under any "system") it depends on the condition of that pension or any other retirement income.

Of course, she reminds me, "what's hers is hers, and what's mine is hers ". I guess that's just an adjustment to the cost of loving. BTW, she's worth it...
__________________
rescueme is offline   Reply With Quote
Old 06-09-2012, 08:45 AM   #37
Full time employment: Posting here.
ohyes's Avatar
 
Join Date: Sep 2010
Posts: 649
DH and i each have two COLA'd pensions. His are $210.00 and $1661.00.
My first checks are due the end of this month and should be about $164.00 and $2000.00 (2300+ before high-deductible insurance premium is automatically deducted).

AR teachers have 6% of gross pay taken out for state retirement.
We will be tapping into 403b until DH starts SS in a few years. We have places to go and people to see.
__________________
ohyes is offline   Reply With Quote
Old 06-09-2012, 09:40 AM   #38
Thinks s/he gets paid by the post
nun's Avatar
 
Join Date: Feb 2006
Posts: 4,836
So the poll results imply that most people considering ER have defined benefit pension plans. Of course that has to be convolved with the fact that the demographic on here is probably biased to 50 and above and DB plans were a lot more common during their careers than they are now......also if i asked the same question 50 years from now no one would have a DB plan, but would the number of people considering ER have fallen dramatically because of the death of the DB pension?

Does the zeitgeist of ever increasing retirement age suggest that this ER forum will end up with very few members.......
__________________
“So we beat on, boats against the current, borne back ceaselessly into the past.”

Current AA: 65% Equity Funds / 20% Bonds / 7% Stable Value /3% Cash / 5% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
nun is offline   Reply With Quote
Old 06-09-2012, 09:42 AM   #39
gone traveling
 
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
Quote:
Originally Posted by nun View Post
Does the zeitgeist of ever increasing retirement age suggest that this ER forum will end up with very few members.......
OTOH, arguments will be fewer and site response time will be shorter. There's a silver lining in every situation ...

BTW, on a personal note I don't believe that there will be any less ER folks. As in all things, "nature" will find a way...
__________________
rescueme is offline   Reply With Quote
Old 06-09-2012, 09:46 AM   #40
Thinks s/he gets paid by the post
nun's Avatar
 
Join Date: Feb 2006
Posts: 4,836
Quote:
Originally Posted by ohyes View Post
DH and i each have two COLA'd pensions. His are $210.00 and $1661.00.
My first checks are due the end of this month and should be about $164.00 and $2000.00 (2300+ before high-deductible insurance premium is automatically deducted).

AR teachers have 6% of gross pay taken out for state retirement.
We will be tapping into 403b until DH starts SS in a few years. We have places to go and people to see.
In MA state workers make 9% (or 11% if they earn over $35k) mandatory contributions to the state pension plan. MA kicks in 5%. Medicare tax is also taken out of the paycheck, but not SS tax, so MA state worked do not receive federal SS when they retire.
__________________

__________________
“So we beat on, boats against the current, borne back ceaselessly into the past.”

Current AA: 65% Equity Funds / 20% Bonds / 7% Stable Value /3% Cash / 5% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
nun is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 11:37 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.