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Old 02-10-2014, 12:21 PM   #41
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Yep. ~$130/month starting in 2038. I'm planning on earmarking it for wine. And I'm hoping inflation doesn't go rampant or all I'll be drinking is an inflation adjusted two buck chuck.
Which is already $2.49 Chuck!
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Old 02-10-2014, 12:23 PM   #42
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Tiny pension from a state university job years ago. We just auto-deposit it to our monthly allowance and adjust accordingly.

While it is not high enough to make a noticeable difference in our lifestyle, I can understand why some folks get that warm secure feeling each month when that pension or annuity check arrives.
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Old 02-10-2014, 12:37 PM   #43
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I did not work full time any place that offered pensions or other retirement benefits and spent many years as a part time independent contractor at a home office while the kids were little (okay, my dining room, usually at midnight while everyone else slept) or on site. My SS would be on the low side although I paid into it for 30 years, and often at the 13 percent self-employed rate, so I will be piggybacking on DH's SS instead.

We do have DH's pension. He took the 100 percent survivor option so it will continue should I live longer than he does. It is about 20 percent of his final year's gross pay but comes to 50 percent of his net (no deductions for SS, health insurance, 401k contributions, state taxes). The pension plus the Vanguard IRA's dividends and capital gains payouts cover most of our essentials; we pull from the IRA's money market chunk to cover property taxes and big ticket things like travel, home repairs, etc. His pension like many others here was frozen but he was young enough that the replacement benefits, which morphed into a 401k with minimal matching, turned out mighty fine.

We plan to take SS at 70 so that its growth by then may offset the lack of a cola for the pension.

We feel most fortunate that all the parts are working together and to be ER'd for five years plus. Our kids are more astute financially about their future retirements than DH and I were so I hope they will be okay to ER in a few decades themselves.
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Old 02-10-2014, 12:40 PM   #44
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yes, I will start receiving megacorp pension at 55. they no longer offer it to new hires, but everyone up to about 2002 is covered. it would have been larger if I worked to "full retirement" (age+service), but the penalty for leaving a few years early wasn't too bad. oh, and no COLA, so certainly not the "foundation" for a longevity plan. but very helpful.
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Old 02-10-2014, 01:22 PM   #45
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CSRS pension which has a COLA along with health care benefits at the same rate as when working. I also have a ROTH and TSP. The pension covers all my current expenses so the retirement accounts are available for future expenses or wants. No SS security in my future.
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Old 02-10-2014, 01:27 PM   #46
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Which is already $2.49 Chuck!
Several years ago it was $2.99 at my local TJ's so the current $2.49 reflects a price reduction. It was never 2 buck chuck here.
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Old 02-10-2014, 01:54 PM   #47
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No pension for us.

My FIL lost the bulk of his pension and promised health benefits when the company he devoted his (42) working years to filed bankruptcy. A valuable lesson learned there.
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Old 02-10-2014, 01:56 PM   #48
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3 here. One non-COLA for 28.5k and another COLA for 9k plus another variable for 6.5k (variable based on total income remaining below $75k). So $43k plus investment income. Tax rate of 18% includes medicare.
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Old 02-10-2014, 02:00 PM   #49
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Several years ago it was $2.99 at my local TJ's so the current $2.49 reflects a price reduction. It was never 2 buck chuck here.

Yeah, we learned October 2012 that in Oregon, it was 3 buck chuck. The TJ's clerk told me the difference was sales tax. Not a math major, there. I figured a price increase would work its way down the coast eventually.
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Old 02-10-2014, 02:11 PM   #50
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I have a non-cola Mega-corp DB pension that I began receiving at age 55. It was reduced at age 62 by a percentage of my SS income. The reduction was applied whether I took SS or not. Needless to say, I began SS at age 62. The two combined provide 63.5% of current annual living expenses.
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Old 02-10-2014, 03:53 PM   #51
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Pension:
Yes; non-COLAed; DBP no longer offered to employees that hired on after 1/1/06. Pension was calculated based on years of service and salary.

DH retired at age 56 so there was some reduction for retiring prior to age 60.

The company also pays $800/mo. toward our health care premiums; we pay the rest. This benefit is not guaranteed.

Other sources of retirement income:
401k
IRA
Taxable accounts

EDIT: Forgot to add that we both will get SS (DH much more than I) and have not yet decided when we will take it. We're both 57.
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Old 02-10-2014, 04:31 PM   #52
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Yes, we have pensions, in fact we're COLA DRINKERS - Cost Of Living Adjusted Dual Retirement Income No Kids Early RetireeS.

DW and I are both retired Military. No Survivor Benefit, by choice.

Roth IRA, TSP (401k), rental income and soc security some day.
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Old 02-10-2014, 04:34 PM   #53
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Another dinosaur here.
If you're willing to let people shoot at you, the military has a great DB pension plan. Full COLA (so far, at least), but no survivor benefit (DW didn't want me to include that, and she's smarter than I am).

Also, DW got a good (small) non-COLA pension (basically they bought her a SPIA when she left) from the insurance company she spent 30 years with. Also no survivor benefit.

We are beginning to dip our toes into SS this year, and will collect it in full just a few years down the road.

Since these cover practically all our essential living expenses, our portfolio just has to cover our discretionary spending plus a little.

We consider ourselves extremely lucky.
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Old 02-10-2014, 04:43 PM   #54
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Two pensions...Civil Service FERS and Military Reservist. I just got old enough to start collecting on the Military one. Both are reduced 10% ish for ~50% Survivor Benefit.

FERS will start getting COLAed is 2 years, Military is COLAed.

In addition, we have IRAs and TSP; SS in a few years. Life is good.
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Old 02-10-2014, 06:02 PM   #55
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I have a small FERS ("diet-COLA") pension.

I joke about its size a lot, but actually I do look forward to that mid three figure deposit into my bank account each month.
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Old 02-10-2014, 06:24 PM   #56
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None here, not too worried about myself but some of the individuals in my generation are going to have a rough time without someone else forcing them to save via a pension...
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Old 02-10-2014, 06:30 PM   #57
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None here, not too worried about myself but some of the individuals in my generation are going to have a rough time without someone else forcing them to save via a pension...
Not only our generation but especially the ones following. DW's nephew is a great guy, 37, married, two wonderful little girls, but upside down on their townhouse and want to move for better schools for the girls and can't. They're focused on that.

He mentioned that all he's doing is contributing up to the company match on the 401k. I suggested he needed to save a lot more than that and his reply was that he couldn't afford to.

I said "Brad, you can't afford not to". No response. Sigh.
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Old 02-10-2014, 06:56 PM   #58
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Yes, we have pensions, in fact we're COLA DRINKERS - Cost Of Living Adjusted Dual Retirement Income No Kids Early RetireeS.

DW and I are both retired Military. No Survivor Benefit, by choice.

Roth IRA, TSP (401k), rental income and soc security some day.
I love it, COLA DRINKERS! And I agree on the No Survivor Benefit, after all they say no one gets out of this alive.
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Old 02-10-2014, 07:06 PM   #59
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I love it, COLA DRINKERS! And I agree on the No Survivor Benefit, after all they say no one gets out of this alive.
I disagree . My husband died less than two years after retirement .Luckily he had opted for the survivor benefit . I get 60% of his Cola pension & medical benefits .
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Old 02-10-2014, 07:08 PM   #60
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I am fortunate to have a pension from Megacorp as, they no longer offer it to new employees. It is non-COLA and will start out covering about 70% of our planned retirement budget. The balance we can make up from savings/investments that would start at a very low (<2%) SWR. If I retire later this year we'd plan to take SS no earlier than 2021, but that timing would depend upon our actual expenditures in the preceding years.
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