Retirement Benefits Poll

[dessert]

Non-Cola pension from mega-corp, (small SS offset reduction at age 65)
employee healthcare (pay my share just as employed),
S.S. (I hope) for me and DW,
401K, IRA's, non-qualified account.

This was the poll that I have enjoyed the most as I was also curious to see the results. Thanks for posting it.

 

[freebird5825]

today's matinee...
CSRS survivor pension (100%), COLA, lifetime health benefits (100% self paid)
fixed annuity (TSP conversion), no survivor benefit

coming soon to a theatre near me...
plan to marry retired military man at my age 55, will be eligible for full health benefits as secondary insurance
my own deferred FERS pension at age 56, diet COLA, no health benefits
my own SS at age 62
Roth IRA, small sized now
comfortable size non-retirement portfolio

permission to hate me is granted.

 

[Notmuchlonger]

Alas. I just have my good looks to get by on. But I did vote

 

[harley]

Well, I voted Health bennies and SS. But I did get a pension, just took it as a lump sum. Th company had frozen the pension, and I suspect that in a few years they'll figure out how to keep all the money. I rolled it into an IRA, and sort of forgot it was a pension.

The health bennies are the reason I stayed (like W2R). They only give me 56% of the allotment for an active employee. It was mostly the ability to stay covered, since DW and I both have pre-existing conditions. Interestingly, our payments are going down about 15% this year. I think that means the basic employee coverage went up, but our Kaiser coverage didn't. Sweet.

 

[Donzo]

2 small pensions that I plan to take at 55yo that will be about 30% of todays spending (will hopefully take care of health insurance) and SS at 62yo. Still sticking with the plan - but man this is a very scary time....I listened to Peter Schiff today. He was the one that called the current unravelling of the economy last August (he was laughed at on CNBC during his interview - see below) In a more eloquent fashion -- he said we are just getting started with the screwing we in the market are going to enjoy . Lets hope this "permabear" is wrong this time.

YouTube - 8/18/2007-One Of Peters' Favorites: Flashback Of Peter Schiff Vs. Ben Stein & Friends

Ben Stein could not have been more wrong.

 

[bbbamI]

Non cola pension, subsidized health insurance and social security.

The pension would cover two thirds of our living expenses but we'll take the smaller pension annuity and a partial lump sum. We will both take social security at age 62.

Hopefully cd ladders, three IRA's, bonds and a few individual stocks will make up the difference....

 

[Midpack]

These results really surprised me. I figured the SS only group like myself would be much smaller. Good poll.....

That's why I did the poll. When asking about the financial aspects of retirement here, knowing what benefits the poster has would make a world of difference. Someone with no pension or health care (like me) is faced with entirely different circumstance than someone else with a COLA'd pension and retiree health care (like my parents). It's apples and oranges. I don't begrudge anyone, but I wish there was a forum devoted to the half of us who must manage retirement with nothing bug our own resources except Soc Sec (and that uncertainty). Please don't interpret this as critical of SIRE folks, not at all the point.

 

[freebird5825]

That's why I did the poll. When asking about the financial aspects of retirement here, knowing what benefits the poster has would make a world of difference. Someone with no pension or health care (like me) is faced with entirely different circumstance than someone else with a COLA'd pension and retiree health care (like my parents). It's apples and oranges. I don't begrudge anyone, but I wish there was a forum devoted to the half of us who must manage retirement with nothing bug our own resources except Soc Sec (and that uncertainty). Please don't interpret this as critical of SIRE folks, not at all the point.

no offense was meant nor should any be taken. you were very well spoken on this issue.
you are absolutely correct. i was in private sector for 8 yrs before crossing over to civil service. i'm sure there are others here who also transitioned. or never did.
if a forum dedicated to "no DB plan" folks would work out, go for it. but can we still visit?

 

[chinaco]

That's why I did the poll. When asking about the financial aspects of retirement here, knowing what benefits the poster has would make a world of difference. Someone with no pension or health care (like me) is faced with entirely different circumstance than someone else with a COLA'd pension and retiree health care (like my parents). It's apples and oranges. I don't begrudge anyone, but I wish there was a forum devoted to the half of us who must manage retirement with nothing bug our own resources except Soc Sec (and that uncertainty). Please don't interpret this as critical of SIRE folks, not at all the point.

Good point. If one has no DB pension... better start preparing early and save a lot.

I think SS will be there... But I do think it will be means tested (of sorts)... but implemented with higher taxes if one has additional income. This is probably still a few years out.... but the SS tax torpedo will probably get larger.

Not knowing how it will be implemented... this is why I think Roth IRAs could wind up being an important tax avoiding mechanism.

I am planning to add to the Roth and roll over money into our Roths up to our income bracket limit.

 

[Alan]

That's why I did the poll. When asking about the financial aspects of retirement here, knowing what benefits the poster has would make a world of difference. Someone with no pension or health care (like me) is faced with entirely different circumstance than someone else with a COLA'd pension and retiree health care (like my parents). It's apples and oranges. I don't begrudge anyone, but I wish there was a forum devoted to the half of us who must manage retirement with nothing bug our own resources except Soc Sec (and that uncertainty). Please don't interpret this as critical of SIRE folks, not at all the point.

No offence taken (assuming I am one of the SIRE folks - what does SIRE maen? ) Good poll, thanks for doing it.

Looking at the poll at this moment those who have SS only are 33.75% not 50% like you ssid in your post. However, I agree that it is still higher than I expected for this forum.

I very nearly FIRED with 3 years to go before I qualified for Retiree health benefits, but I just couldn't bring myself to do it and am sticking it out. I continue to be impressed by those folks who manage without either a pension or retiree health benefits.

 

[Bimmerbill]

Already retired from the National Guard, just waiting till age 60 to collect my cola pension and health bennies.

Got 13 years in the fed system, so vested in pension here too as well as health care.

Hope SS is still around in 20 years.

 

[ziggy29]

if a forum dedicated to "no DB plan" folks would work out, go for it. but can we still visit?

Sure, as long as you don't rub it in our noses...

 

[Independent]

Lots of responses already - 167 in just 29 hours.

Conventional wisdom says that we'd see significant differences if we split the responses by age. I'd be curious to see if that is true for this group.

 

[Rustic23]

Colad pension, 2 non colad pensions, SS and health care.

All are small but they do add up to a comfortable retirement.

 

[OAG]

Lots of responses already - 167 in just 29 hours.

Conventional wisdom says that we'd see significant differences if we split the responses by age. I'd be curious to see if that is true for this group.

I would like to see a poll by age and other factors. I suspect it would have to be several polls - maybe those drawing SS and have or do not have a DB, fully retired, still working full time, part time. I guess next would be individual ages (ie 62, 63-65, over 65). I guess then maybe other age groups (ie 40-44, 45-49, etc).

 

[Nords]

I would like to see a poll by age and other factors. I suspect it would have to be several polls - maybe those drawing SS and have or do not have a DB, fully retired, still working full time, part time. I guess next would be individual ages (ie 62, 63-65, over 65). I guess then maybe other age groups (ie 40-44, 45-49, etc).

Eventually we'll get the poll granularity to the point where every poster will fit in exactly one slot...

 

[Midpack]

No offence taken (assuming I am one of the SIRE folks - what does SIRE maen? ) Good poll, thanks for doing it.

I stole it from an earlier post, thought is was clever:

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)?

 

[Midpack]

Eventually we'll get the poll granularity to the point where every poster will fit in exactly one slot...

 

[unclemick]

Eventually we'll get the poll granularity to the point where every poster will fit in exactly one slot...

Right - let's not get to the point where we have to rewrite the history of drier sheets, send back our secret decoder rings or reveal the secret of:

walking both directions uphill , barefoot, over hot coals.

Pssst - Wellesley got it? nod nod wink wink.

heh heh heh - Oh and one more thing - sanity is not a requirement to ER.

 

[Khan]

Right - let's not get to the point where we have to rewrite the history of drier sheets, send back our secret decoder rings or reveal the secret of:

walking both directions uphill , barefoot, over hot coals.

Pssst - Wellesley got it? nod nod wink wink.

heh heh heh - Oh and one more thing - sanity is not a requirement to ER.

Maybe a result.

 

[toofrugalformycat]

I don't qualify for SS because I didn't work 10 full years before starting a State job that didn't pay into SS.
Plus my DB pension has 1/4 COLA, then half COLA (based on local CPI), and that adjusting doesn't start for a few more years (based on my age).
So I didn't vote.
But I'm only one person, so who cares. I just posted this because I don't think it's generally know how many of us non-SS people are out here.

 

[dessert]

That's why I did the poll. When asking about the financial aspects of retirement here, knowing what benefits the poster has would make a world of difference. Someone with no pension or health care (like me) is faced with entirely different circumstance than someone else with a COLA'd pension and retiree health care

Midpack, I couldn't agree with you more. I feel fortunate to be eligible for SIRE. If I was having to go it on my own I would be viewing this downturn from an entirely different perspective. I wouldn't feel comfortable giving up a well paying job without being SIRE.
I admire those who are "on their own" and are drawing 4% and hoping for the best.

 

[Goonie]

.....walking both directions uphill , barefoot, over hot coals.

....through the 4' deep snow.....in July!

 

[Linney]

Me: Still working, age range 45-49

[-]Retiree medical benefits[/-] - revoked several years ago for those not already retired
[-]Non-COLA pension[/-] - frozen a couple years ago, but I probably shouldn't cross it out even though I will only get a very modest amount
SS - I qualify for SS but don't factor it into my SWR calculations, just in case (see status of above two items)

Retirement planning is tough when the rules keep changing!

--Linney

 

[freebird5825]

....through the 4' deep snow.....in July!

ah, i can see you've been to upstate NY in the summertime.