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View Poll Results: Do you have any of the following?
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Military pension
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14 |
6.86% |
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Other federal or state pension
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61 |
29.90% |
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Private company defined benefit pension
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69 |
33.82% |
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None of the above
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80 |
39.22% |
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Poll:What are your sources of retirement income?
06-07-2012, 12:26 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 2,624
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Poll:What are your sources of retirement income?
COLA'ed pensions were once common, but they are increasingly confined to the military and other government workers. I was wondering if they are the rule for the folks that hang out in this forum. So here's a poll
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06-07-2012, 01:03 PM
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#2
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Moderator
Join Date: Oct 2005
Location: Texas
Posts: 13,422
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I can't really answer this. Technically I *do* have a private sector DB pension, but it was frozen on me long ago and it's even barely a consideration in my retirement planning.
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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06-07-2012, 01:59 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,756
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Nada (just my good looks to keep me going  )...
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06-07-2012, 01:59 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Posts: 1,661
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What if you had a private company defined benefit pension but took the lump sum option? How do you think that should be answered? (I have no pension but DH had the option of pension or lump sum and took lump sum)
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06-07-2012, 02:02 PM
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#5
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Full time employment: Posting here.
Join Date: Apr 2012
Location: San Diego
Posts: 728
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I'm like Ziggy - I have a very teeny, frozen DB pension. It's less than $200/mo if I wait till 62 to collect. $136/mo if I start at age 55 (current plan.)
But it's something.... so I voted that I have a private db pension... even if it's ridiculously small.
I also have a very teeny, frozen, DC "portable" pension that is so underfunded it's not portable and they're under restrictions from ERISA/PBGC. Both are controlled by the other half of the corporate split a few years ago and there were terms put into the regulatory approval saying they have to fund it better... But so far it's slipping into greater deficit territory.
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06-07-2012, 02:05 PM
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#6
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Administrator
Join Date: Jan 2007
Location: New Orleans
Posts: 24,599
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 Quote:
Originally Posted by ziggy29
I can't really answer this. Technically I *do* have a private sector DB pension, but it was frozen on me long ago and it's even barely a consideration in my retirement planning.
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And even though my federal pension was never frozen, it is smaller than Ziggy29's as I recall... 
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"Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harborless immensities." - - H. Melville, 1851
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06-07-2012, 02:06 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,756
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Quote:
Originally Posted by Katsmeow
What if you had a private company defined benefit pension but took the lump sum option? How do you think that should be answered? (I have no pension but DH had the option of pension or lump sum and took lump sum)
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I took the question at face value. What do you have?
Poll dosen't alow for multiple answers, anyway  ...
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06-07-2012, 02:06 PM
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#8
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Full time employment: Posting here.
Join Date: May 2008
Posts: 934
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I thought mine would be the smallest, but I guess not. Mine will be $375 (today's dollars) with no COLA at 62 from a private company....
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06-07-2012, 02:45 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Nov 2009
Posts: 1,511
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Quote:
Originally Posted by ziggy29
I can't really answer this. Technically I *do* have a private sector DB pension, but it was frozen on me long ago and it's even barely a consideration in my retirement planning.
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Same here. It is one my "reinforcements" which await me when I am in my 60s. It will pay me $12k a year and is not COLAd, so compared to my other retirement income sources it will not be a whole lot but still meaningful.
__________________
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.
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06-07-2012, 02:56 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Nov 2010
Posts: 3,770
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I have a defined benefit pension from a former employer (not my last employer). COLAs are occasionally done at the discretion of the plan (which means not very often in reality).
My last employer had a cash balance plan where they contributed 8% of my annual earnings to the account. The earlier version of this plan had an annuitization option which was attractive. During my tenure they change the plan and the second version did not have an annuitization option.
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06-07-2012, 03:28 PM
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#11
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Thinks s/he gets paid by the post
Join Date: May 2006
Posts: 2,423
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Quote:
Originally Posted by Katsmeow
What if you had a private company defined benefit pension but took the lump sum option? How do you think that should be answered? (I have no pension but DH had the option of pension or lump sum and took lump sum)
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I should think you would select that you have a private company defined benefit plan even though it is not now operating that way. The poll is about sources of retirement income so this would fit.
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06-07-2012, 04:06 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Dec 2008
Posts: 2,253
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There need to be options for multiple pension streams. I am looking forward to a government pension (which I paid into), but no Social Security. Brother has a government pension, military reserve pension, and Social Security (because he ER'd and started his own business). Brother is smart.
Amethyst
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If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success – to be able to spend your life in your own way.’ Christopher Morley.
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06-07-2012, 05:25 PM
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#13
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 2,624
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Quote:
Originally Posted by rescueme
I took the question at face value. What do you have?
Poll dosen't alow for multiple answers, anyway ... |
The poll should allow multiple answers, that's how I set it up and I put in both Government and private pensions
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OCCUPY ER
<=>
"The needs of the many outweigh the needs of the few, or the one." - Spock
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06-07-2012, 05:35 PM
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#14
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Thinks s/he gets paid by the post
Join Date: May 2009
Posts: 2,234
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Quote:
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Originally Posted by Amethyst
There need to be options for multiple pension streams. I am looking forward to a government pension (which I paid into), but no Social Security. Brother has a government pension, military reserve pension, and Social Security (because he ER'd and started his own business). Brother is smart.
Amethyst
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Amethyst, I chuckled when I read the part you added about your pension "(which I paid into)". The members here, I don't believe and I am sure you don't either, aren't "pension bashers". But it seems like you had to make the point that you paid for part of it. Do you think you would have added that insert 10 years ago? Im just curious because I am a pensioner and I find myself adding that also. I know I would never have mentioned that 10 years ago, and no one has ever personally bashed me either.
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06-07-2012, 05:46 PM
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#15
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Thinks s/he gets paid by the post
Join Date: Nov 2010
Posts: 3,770
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I think contributory and non-contributory pension plans are often quite different enough that it is worth differentiating.
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06-07-2012, 06:12 PM
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#16
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Thinks s/he gets paid by the post
Join Date: Dec 2008
Posts: 2,253
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Mulligan, I might have felt a teensy bit of subconscious peer pressure -- (eech! Out, damn peer pressure!   ) but mostly, it's that the ER Forum has educated me that many, many people get pensions they didn't pay into. I never knew that, previously. I thought all pensions required employee contributions.
Amethyst
Quote:
Originally Posted by Mulligan
Amethyst, I chuckled when I read the part you added about your pension "(which I paid into)". The members here, I don't believe and I am sure you don't either, aren't "pension bashers". But it seems like you had to make the point that you paid for part of it. Do you think you would have added that insert 10 years ago? Im just curious because I am a pensioner and I find myself adding that also. I know I would never have mentioned that 10 years ago, and no one has ever personally bashed me either.
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__________________
If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success – to be able to spend your life in your own way.’ Christopher Morley.
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06-07-2012, 06:22 PM
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#17
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Thinks s/he gets paid by the post
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 1,529
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Quote:
Originally Posted by nun
COLA'ed pensions were once common, but they are increasingly confined to the military and other government workers.
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It seems that several times a week I read messages here from people who are getting great deals from Mega-Corp - fat severance checks, paid medical benefits, along with generous pensions, etc. Not bad.
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The worst decisions are usually made in times of anger and impatience.
Always do your own due diligence, I make a lot of mistakes.
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06-07-2012, 06:29 PM
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#18
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Full time employment: Posting here.
Join Date: Aug 2010
Location: DFW
Posts: 853
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Wow I thought my frozen pension was small, but it's actually megabucks compared to some. I get a whopping $1300/month (Cola'd) when I retire at 55. I will never complain again about my pension size.
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06-07-2012, 06:57 PM
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#19
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Moderator
Join Date: May 2007
Location: San Francisco
Posts: 8,271
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No pensions for us.
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06-07-2012, 07:49 PM
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#20
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Recycles dryer sheets
Join Date: Nov 2004
Posts: 188
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I'd like to say that I had carefully planned out my retirement life, but it'd be a lie. I put in +40 years in two different municiple police depts (+ 20 years in each of two different states, in two pension systems). In one I paid in my Social Security, and have 27 years of substantial earnings (a defined term in SS). Thus I'm getting three retirement incomes.
The poll does not have my option, so I voted none of the above.
Rich
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