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View Poll Results: Which retirement benefits do you have (plan on having)?
Pension (non-COLA) & Soc Sec 37 13.91%
Pension (COLA) & Soc Sec 12 4.51%
Retiree Health Care & Soc Sec 11 4.14%
Pension (non-COLA), Retiree Health Care & Soc Sec 54 20.30%
Pension (COLA), Retiree Health Care & Soc Sec 63 23.68%
Soc Sec 89 33.46%
Voters: 266. You may not vote on this poll

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Old 11-25-2008, 11:14 AM   #21
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I voted pension (non-COLA) and Social Security although that is deceptive. The non-COLAed pension is extremely small, that is, it does not cover basic expenses. On top of that the former employer turned the "non-COLAed pension" into an [expletive deleted] annuity.
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Old 11-25-2008, 11:19 AM   #22
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Nothing but SS for me.
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Old 11-25-2008, 11:20 AM   #23
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None of the above, save for one tiny little pension from a previous employer (about $650 a month at age 65 in 2030).

Social Security? I expect to be means-tested out of it.

I think we are entering an era where most people who don't have a pension can kiss retirement dreams goodbye.
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Old 11-25-2008, 11:23 AM   #24
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Maybe I don't understand, but aren't there public sector jobs which may have a COLA pension and usually health care, but no SS eligibility?

Ha
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Old 11-25-2008, 11:27 AM   #25
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SS will be $500 in twenty years. I wonder what that will buy
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Old 11-25-2008, 11:32 AM   #26
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Nothing for me... Is SS still gonna be there for me in 30 years? I don't think so... But I could qualify for cheaper healthcare if I moved back to Europe.
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Old 11-25-2008, 11:35 AM   #27
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Maybe I don't understand, but aren't there public sector jobs which may have a COLA pension and usually health care, but no SS eligibility?
I think there are some older public employees who were grandfathered out of SS when they started requiring public employees to participate in SS in the early 1980s. I don't think that option is available to any recently hired public employee, though.
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Old 11-25-2008, 12:22 PM   #28
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I'm retired and I have:

Defined Benefit pension (non- cola) offset by a factor at age 62 due to SS.

Subsidized health care and medigap coverage. Not offered to employee's since 2000.

Megacorp is currently having a "capital crunch" and stock has fallen 95% this year. I possibly could lose the HC benefit and have the Govmint fund my pension.

Nothing seems safe.
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Old 11-25-2008, 01:04 PM   #29
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Good poll, I too was wondering what the breakdown was for the forum. Might have been better if SS was not included at all as I do know 1 or 2 current retirees (teachers) who do not have SS plus some of the folks here expect it will go away. I think it will be eventually reduced in value by various means but will never go away - too important a safety net.

I plan to have non-COLA pension, retiree health benefits and SS.
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Old 11-25-2008, 01:12 PM   #30
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Originally Posted by Looking Ahead View Post
I would not fall into any of your given categories. I have a Pension, but will not be eligible for SS....even though I worked and paid into it for 10 years before starting my teaching career.
So others are not confused...... You ARE eligible for SS, although at the WEP rate. What you are not eligible for is a spousal or survivor's SS because of GPO. Net, however, I'd say you're better off with your teacher's pension and current SS status than if you had paid into SS for your entire career. That's why your union fights to keep you out of SS.......it's a good deal to be excused from participation and have a public sector pension instead! [/quote]
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Old 11-25-2008, 01:19 PM   #31
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Maybe I don't understand, but aren't there public sector jobs which may have a COLA pension and usually health care, but no SS eligibility?

Ha
Yes. Many state and local jobs include govt pensions and health care but members do not participate in SS. Most K - 12 teachers are an example.

The "COLA" varies considerably. One common formula is COLA of 3% max but less if actual inflation is less. So, actual infaltion = 5%, COLA = 3%. Or, actual inflation = 1.5%, COLA = 1.5%. I call these "partial COLA" as the participant will likely end up significantly behind inflation over a number of years.

Health care coverage varies too. In Illinois, a retired single teacher is paying over $300/mo. If he/she wishes to have a spouse covered, they pay a full, unsubsidized amount which right now is in the $900/mo range. So, it's nice that it's available, but it's not free.......

People covered by state or local govt pensions who do not participate in SS may have worked under SS before or during (teacher summer jobs) their public career. If they get 40 qtrs in, they do get SS, but at a reduced rate per WEP. They also do not qualify for spousal or survivor SS if 60% of their pension is greater than what the SS payment would be due to GPO.

DW worked under SS enough to qualify. But her SS will be less than $80/mo, not enough to meet her Medicare premium. So, she'll send them a check! No complaints, as she also never paid in very much although did work enough qtrs to qualify.
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Old 11-25-2008, 01:21 PM   #32
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The "COLA" varies considerably. One common formula is COLA of 3% max but less if actual inflation is less. So, actual infaltion = 5%, COLA = 3%. Or, actual inflation = 1.5%, COLA = 1.5%. I call these "partial COLA" as the participant will likely end up significantly behind inflation over a number of years.
Or maybe "Diet COLA"...
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Old 11-25-2008, 01:26 PM   #33
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Or maybe "Diet COLA"...
Good one Zig!
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Old 11-25-2008, 01:44 PM   #34
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Good thing: rental property income is unearned per the IRS - so no SS tax removed.
Bad thing: no SS tax paid for the last umpteen years means almost no SS to look forward too.

Good thing: selling our property should cover our retirement expenses.
Bad thing: selling property at our desired retirement time - now.

Good thing: rental property income.
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Old 11-25-2008, 02:00 PM   #35
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I appreciate your asking this, Midpack, because sometimes I feel like I'm the only one here who doesn't have a pension and health benefits. Now I see that I'm not---but the majority definitely do---60% have a pension, some with health benefits as well.


For me:
No pension, no health care. Hope to get SS in 7 years, but who knows?

I don't know if I would feel as "independent" if I was relying part/most/all on a pension and subsidized health care, but I might feel more secure! Instead of FIRE, maybe SIRE (secure income, retire early)?

In my next life, I'm retiring with a COLA pension! But this may need to involve time travel backwards in addition to reincarnation, since pensions will be very rare in the future.
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Old 11-25-2008, 03:18 PM   #36
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Looking Ahead, ha, youbet, ziggy29... If you have 10 years or more under SS you are eligible, no matter what, for SS income of some sort after age 62. If one has a pension where you did not make a contribution to SS, then your SS will be limited by the "WEP" or the Windfall Elimination Provision; WEP reduces any SS based on a sliding scale... the more your non-SS pension the lower your WEP-impacted SS payment. There is also a reduction in the WEP impact between 20-30 SS years.

I have a friend who was hired into Federal Civil Service after he had worked 30 years under SS; today, at 75 years old, he is still working for Civil Service but is collecting full SS payment based on his 30 years under SS. He's still working because he has a strong work ethic and he is doing some of the most exciting work that a technologist can do.

So, I'd recommend that Looking Ahead further consider her SS options when getting close to being SS-age-eligible.

JohnP
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Old 11-25-2008, 03:24 PM   #37
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Looking Ahead, ha, youbet, ziggy29... If you have 10 years or more under SS you are eligible, no matter what, for SS income of some sort after age 62.
Under current rules. Congress can -- and does -- change the rules at any time. There's NO guarantee we'll always be eligible or that we'll get anything at all.

Having said all that, I certainly expect it to be around when I retire, and I may even get some... but I have a feeling that it will be more heavily means-tested than it is today.
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Old 11-25-2008, 04:09 PM   #38
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Just Lucky I Guess

Retired early with a union pension including health and dental care. Full Social Security starts tomorrow. Ginnie Maes, a little foreign stock, a little S&P as of late.

Rental income (increasing). A lot of equity in well located California real estate which includes a ranch in the wine country which spins off some further rental income.

Some copyright and trademark income.

Too much cash, but I think this will come in handy very soon.

b.
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Old 11-25-2008, 04:14 PM   #39
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Subsidized retiree Health Care
COLA'd DB pension with survivor benefits
Small social security due to WEP-will not take until spouse is 70

Grateful as all get-out that DH was a teacher.
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Old 11-25-2008, 04:59 PM   #40
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These results really surprised me. I figured the SS only group like myself would be much smaller. Good poll.....
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