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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 11-28-2008, 10:08 PM   #81
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another "no choice that fits" : both of us are CSRS cola'd early-retirees who will get Medicare Part B (which we paid into) but no other Social Security benefits.

The TSP is going to sit and ride for a long time . . . .

cheers,
Michael
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Old 11-29-2008, 04:28 AM   #82
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Frankly, I'm surprised that almost half of participants have a pension and retiree health care still. Not at all what I was expecting. I haven't had either since 1994 and know few who do.

Evidently the generations following us won't have anything like it.
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The number of FORTUNE 100 companies offering pensions in 2005 has dropped to 37, from nearly 90 in 1985.
And I wasn't able to find solid stats on all companies, but I'm confident medium and especially smaller companies are even less likely to offer any sort of defined benefit pension. So I'd guess today's workers with pensions are very few and far between, even less likely retiree health care other than the clearly troubled Medicare.

Companies trend away from pensions continues - May. 4, 2006
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Old 11-29-2008, 10:33 AM   #83
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SS and savings (401-k, ira, Roth) are it.

all this will get me, at today's market: 50 lbs of rice, 2 dead pigeons and a box of matches.

Guess I have to NOT RE.

ta,
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Old 11-29-2008, 12:18 PM   #84
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To add insult to injury, those of you without a pension will probably have your State and Federal taxes jacked up to pay for those that do.

Coming up: A huge pension bailout? - MSN Money

Trouble spots in state pension system - Cracked Nest Egg- msnbc.com
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Old 11-29-2008, 01:01 PM   #85
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To add insult to injury, those of you without a pension will probably have your State and Federal taxes jacked up to pay for those that do.
Don't remind me. This is an absolute outrage if it happens unless they are also prepared to bail out 401Ks and IRAs for people who don't have pensions.

Robbing from the have-nots to protect the haves. Yeah, that's real fairness.
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Old 11-29-2008, 01:12 PM   #86
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Don't remind me. This is an absolute outrage if it happens unless they are also prepared to bail out 401Ks and IRAs for people who don't have pensions.

Robbing from the have-nots to protect the haves. Yeah, that's real fairness.
I've never seriously considered retiring as an expat, but it seems to make more sense all the time...
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Old 11-29-2008, 01:24 PM   #87
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Frankly, I'm surprised that almost half of participants have a pension and retiree health care still. Not at all what I was expecting. I haven't had either since 1994 and know few who do.
I'm not surprised at all. I don't think this group is a representative sample of society at large. The vast majority of people who don't have these things can't even remotely consider early retirement a possibility. It stands to reason that an "early retirement" board would consist primarily of people who are in the best position to retire early -- meaning much more likely to have solid pensions and health insurance covered in retirement. IMO, that is overwhelmingly becoming the ONLY way most average people have even the slightest prayer of early retirement.

Heck, I've been putting 12-20% of my income into 401Ks and IRAs for almost 20 years, so I think I have a lot more in these accounts than the overwhelming majority of market participants. And there still looks like no way it will be enough to provide me with enough income to retire early. I'm not sure it even looks like enough at my full retirement age even if I get all the SS my statements proclaim.

So if my retirement situation has eroded that badly, I can only imagine the vast majority of us poor schmucks relying on 401Ks have *zero* hope to retire early, it at all.
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Old 11-29-2008, 01:39 PM   #88
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No pension, no retirement health benefits. Just SS if it is there, but not counting on it.

That is why:
I will work part-time when I am ready to retire early (if it can be called that) just to maintain health benefits until Medicare kicks in - if that is still there.



This is all rumor as I have not read anything concrete, but I keep hearing about the new administration just taking people's 401k's and converting them into the SS fund. I guess that can be the first 'truth vs rumor' thread. Anyone else hear the same fanatical talk?
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Old 11-29-2008, 03:47 PM   #89
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I doubt that, but then I did not know they (the G-Men) confiscated all gold back in the 30's until recently, so I guess it could happen. They sure got a lot more information on all of us now - well at least the legal among us.
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Old 11-30-2008, 09:54 AM   #90
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Added my vote. I was ERed/VRIPed Oct 31, have a none COLA pension, wife taking SS as of now, I have to wait 1.5 years until 62. I am allowed to stay in company medical plan until 65 but of course have to pay the monthly rate like everyone else that works at the company. Also have a years severence which wil get me over the hump until I am 62. So far so good, hopefully will not have to touch IRA/401K money
for some time to meet monthly cash flow. Thank god 401K money was in cash
through the market mess,the reason it is in cash is because I did not like the offerings from Principal, also was burned back in 2000 with IRA money at MS.
Hey OAG I was still in highschool back in 1966, but made it to the DMZ in Korea
in 1971, A 1/15 FA 2nd ID.
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Old 11-30-2008, 10:57 AM   #91
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Old 11-30-2008, 11:52 AM   #92
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Originally Posted by Ronnieboy View Post
This is all rumor as I have not read anything concrete, but I keep hearing about the new administration just taking people's 401k's and converting them into the SS fund. I guess that can be the first 'truth vs rumor' thread. Anyone else hear the same fanatical talk?
Here's where we discussed it. As far as I know, it's still under consideration in Congress. It is in the very early stages.
(Subsequent edit: As noted by toofrugalformycat, Congress isn't talking about confiscating 401Ks (and IRAs). I would say they are just studying the possibility of gutting the programs and providing incentives to workers to convert their existing accounts to the govt-run program, which will be part of the Social Security apparatus.
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Old 11-30-2008, 12:46 PM   #93
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Originally Posted by Ronnieboy View Post

This is all rumor as I have not read anything concrete, but I keep hearing about the new administration just taking people's 401k's and converting them into the SS fund. I guess that can be the first 'truth vs rumor' thread. Anyone else hear the same fanatical talk?
This from Factcheck.org

FactCheck.org: Are congressional Democrats talking about confiscating IRA and 401(k) investment accounts?

"We've had many queries about this doozy. They all lead back to a Nov. 4 report posted by the Carolina Journal, a publication of the conservative John Locke Foundation of Raleigh, N.C. Its headline proclaimed, "Dems Target Private Retirement Accounts: Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs." The report is wrong. There's been no such discussion. "

The Factcheck article is much longer with links to what was said.

When something sounds weird, I check factcheck.org, politifact.com, and snopes.com, and usually find a reference to it, true or false, along with documentation.

Edit: Samclem and I posted at the same time - didn't mean to step on him.
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Old 11-30-2008, 02:21 PM   #94
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Most of the people in my family retired early (at age 55-60). They all had some sort of pension / subsidized healthcare package. I will truly be the first one in my family to attempt early retirement on a prayer and a 100% self-built, self-managed portfolio which will be subjected to the whims of the market. In the mean time, I am still required to contribute to a pension fund (SS) which I am unlikely to benefit from. I am not complaining, just saying that the world has changed. Young dreamers who want to have a shot at early retirement will have to save like never before.
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Old 11-30-2008, 03:21 PM   #95
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When something sounds weird, I check factcheck.org, politifact.com, and snopes.com, and usually find a reference to it, true or false, along with documentation.

Thanks for the clarification and links (and samclem).
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Old 12-02-2008, 11:18 AM   #96
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FERS Pension equal to 38+% of final salary @ 56 1/2 (cola's don't start until 62)

Cola'd Reserve military retirement @ 60 should equal > 8% of final salary

SS @ 62 at least 16 % of final salary (only estimating that I will get 70% of what SS statement estimates I will get to be safe) Gov FERS Supplement from 56-62 to make up this amount until SS kicks in

Stop contributing 18% of salary to 401k

These totals equal 80% of final salary


Additional 20% to be tapped from 401k

Will qualify to continue Health Benefits upon retirement from Federal Gov and double up with Tricare @ 60 when start of Mil Retirement check.
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Old 12-02-2008, 12:32 PM   #97
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Percentages of the "hi three" (average of last three years yearly income):

10% from pension (FERS "Diet Cola", FERS is partially COLA'd so I counted it as COLA'd).
12% from SS if I take it at 62, or 16% at 66
6% from TSP (=401K), regular self-COLA'd monthly payments from "G Fund" treasuries.
0% from my pitiful little shrinking Roth. Maybe I'll use it to buy dinner some day.

The majority of my income in retirement will have to be from taxable investments.
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Old 12-02-2008, 12:47 PM   #98
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Percentages of the "hi three" (average of last three years yearly income):

10% from pension (FERS "Diet Cola", FERS is partially COLA'd so I counted it as COLA'd).
12% from SS if I take it at 62, or 16% at 66
6% from TSP (=401K), regular self-COLA'd monthly payments from "G Fund" treasuries.
0% from my pitiful little shrinking Roth. Maybe I'll use it to buy dinner some day.

The majority of my income in retirement will have to be from taxable investments.
Curious -- what % do you contribute to TSP that you won't during retirement? Can't that be added directly to the 28% you listed above?
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Old 12-02-2008, 01:08 PM   #99
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Curious -- what % do you contribute to TSP that you won't during retirement? Can't that be added directly to the 28% you listed above?
Well, my contribution to the TSP is money that goes OUT... the 6% that I listed as what I will receive from the TSP after retirement is money that will come IN after I retire.... So, maybe I should subtract it, rather than adding it?

Right now, I am living on 11% to 20% of my gross pay - - 11% for usual stuff, the other 9% is for things like unexpected root canals, when the TV blows up, and so on. I contribute the maximum plus over-50 catchup to my TSP, and the maximum to my Roth, but I contribute way more than that to my retirement nestegg after taxes.

But hey, you were talking percentage of pay so I was trying to be at least a little comparable! Frankly I can't imagine anybody actually spending everything they earn. Yet some people do that, and then find their retirement is in jeopardy.

I have been very frugal with my money because I had to be after my divorce at age 50. Once I retire, I plan to spend more than I am presently spending.
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Old 12-02-2008, 01:23 PM   #100
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Also known as the "belt, suspenders, and extra set of coveralls" category.
You know it, REW!!! The more safety nets, the better, and I think my ER plan has so many (safety) nets it looks like a shrimp boat.
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