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Old 02-11-2014, 05:39 PM   #101
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Between DW and I we have 6 income streams not including personal investments. Only two of them are SS.
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Old 02-11-2014, 07:21 PM   #102
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Originally Posted by chicago_meatball View Post
But I found it strange I could begin withdrawing at 60 and she has to wait until 65. Does that mean they changed the rules between when we each started working.

She was hired directly into megacorp, where as I was acquired through an acquisition. Could this be related to the takeover?
It could be. I went through two megacorp acquisitions. For a while they blended the first two pension plans, though the calculations are done on each part separately. The two parts have different age requirements. Folks who came in via the acquisition got to keep the lower age, but those with the purchasing company didn't see any change to their pension's higher age requirement. Your situation might be similar, though flipped.

Six years after my second acquisition, the current owner dropped all pensions for new employees. Four years after that, they froze the pensions for us old-timers.
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Old 02-11-2014, 08:44 PM   #103
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Actually have seven income streams
Military, private pension, county pension, wife SS, my SS, My IRA, Wife's IRA.

Have to admit takes a couple of those just to cover Medicare premiums, but heck no complaints.
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Old 02-12-2014, 03:34 AM   #104
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Yes, Civil Service Retirement System with COLA and health benefits.
Sounds like a nice package. What type of organization?
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Old 02-12-2014, 04:42 AM   #105
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Small US pension, plus the UK state pension, and another small pension from another EU country.
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Old 02-12-2014, 04:47 AM   #106
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The OP is asking whether we have a pension. Income streams, such as SS or annuities, in my opinion, are different.

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Originally Posted by Rustic23 View Post
Actually have seven income streams
Military, private pension, county pension, wife SS, my SS, My IRA, Wife's IRA.

Have to admit takes a couple of those just to cover Medicare premiums, but heck no complaints.
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Old 02-12-2014, 10:34 AM   #107
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Sounds like a nice package. What type of organization?
Department of Defense (USAF) at Cavalier AFS in ND. I was a software engineer there for 25 years. Also have income from 401K and a small amount from Social Security.
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Old 02-12-2014, 10:40 AM   #108
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Hey, does your organization offer any kind of pension program? If so, do you have one and what is it like? Also, do you also have any other source of retirement income?
Yes - 30% of salary
Yes - rental property and a IRA. (ssn this July)
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Old 02-12-2014, 10:47 AM   #109
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The OP is asking whether we have a pension. Income streams, such as SS or annuities, in my opinion, are different.
He also asked about other sources of retirement income.

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Originally Posted by PERSonalTime View Post
Hey, does your organization offer any kind of pension program? If so, do you have one and what is it like? Also, do you also have any other source of retirement income?
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Old 02-12-2014, 01:55 PM   #110
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I am fortunate to be under FERS. I bought back 20 years of military service at a hefty price but In four years at 55 I will FIRE with my pension more than covering living costs. I will finance travel and medical care with Roth and TSP. Covered son's college with a 529 years ago. I will have no debt and live in a low cost area (Roll Tide). Planning, planning, planning, living below my means, and saving got me hear.
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Old 02-12-2014, 03:27 PM   #111
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I have a DB non-COLA pension from Megacorp that I started collecting at age 50 (last year) without any reduction/penalty. Although it was frozen in 2009, so not all it could've been, but still about 30% of final salary. I'm just thankful I started when I did and the plan remained in tact through a couple of transitions/mergers. It "appears" to be fully funded and healthy, for now...
But being a pessimist (or is it a REALIST?) I expect some default/bankruptcy shenanigans at some point during my life. But as long as that doesn't happen until after I'm 55 the PBGC max monthly guarantee will cover it. Of course, that assumes the PBGC will still exist and be solvent.
Anyway, suffice to say that this dinosaur knows there are asteroids out there, but tries not to obsess over them striking.
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Old 02-12-2014, 07:19 PM   #112
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Yes, the spouse does have to sign off. For a lot of reasons it can make sense, depending on the circumstances.
For us it made sense. DW is 10 yrs older than I . Her pension is just about equal to mine. We chose to buy some term life insurance on both of us while we wait to draw SS someday and continue to have mortgage.
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Old 02-12-2014, 07:42 PM   #113
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Yes, as of now I get $88 for every year of employment.
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Old 02-12-2014, 09:09 PM   #114
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Yes, as of now I get $88 for every year of employment.
Is that a monthly or annual amount?
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Old 02-12-2014, 09:16 PM   #115
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They put a lot of effort into persuading members of the old pension plan to switch to the new one by offering 1/2 of one's pension contributions back in a lump sum. I thought it would be foolish to do that and didn't but a lot of guys took the bait, buying cars, boats, Harleys, and such. They sure are regretting it now.
Delayed gratification wins yet again.
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Old 02-12-2014, 09:29 PM   #116
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Is that a monthly or annual amount?
It's per month.
$88 for every year of employment.
I have been employed for 34 years.
If I retire now I will receive $2,992 per month, $88 * 34 years = $2,992.
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Old 02-12-2014, 09:34 PM   #117
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After reading all of the replies, I guess I am one of the lucky ones. I work at a law enforcement agency that pays 3% for final highest year at 50. This is a defined benefit for life with A 3% maximum yearly COLA. I plan on reaching FIRE in 3 years when I turn 50 with a 6 figure salary. The new hires are at a 2.7 @ 57 rate which is still great after reading everyone's comments.
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Old 02-13-2014, 02:13 AM   #118
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Indeed. Sometimes it may be possible to buy a life insurance policy on the pensioner which is enough to replace the survivor income, for less than the monthly cost of taking the joint-and-survivor option. When that is the case it can indeed make sense to forego all survivor income, take the higher pension payout and get some life insurance with the increased pension payments.
We decided to go this direction, with DH's COLA'd pension. Now I have regrets and I'd suggest anyone considering this really look at all sides.
I was so submerged in work, I just didn't do the research and think through this as I should have. (After all, I had my own (non-COLA) pension and 401k and stock options, and retirement was years ahead for me.)

We agreed DH would get a 15-year life insurance policy, enough to pay off the mortgage and bills, should something happen to him early on.

What didn't kick in for me at the time was my pension isn't COLA'd. And my retiree med subsidy before Medicare is being reduced or may go away(though ACA might help if necessary). As mentioned before, it's not necessarily true that expenses get cut that much if you lose your spouse, and taxes may actually go up. Oh, yeah, and the stock options have been a bust.

That aside, I should be ok with the IRA back-up and we've paid off the house, but should something happen to DH, my SOL will be significantly adjusted. Just a caution to anyone considering signing away the survivor benefits.
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Old 02-13-2014, 02:24 AM   #119
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Hey, does your organization offer any kind of pension program? If so, do you have one and what is it like? Also, do you also have any other source of retirement income?
Late to the thread.

One of my past employers offered a DB plan and I am vested in that plan. However, I was only with that company about 12 years so the pension benefit is modest. Participants can begin drawing benefits at age 55 and the benefits increase between ages 55 and 65 so there is no reason to defer drawing benefits after age 65.

My last employer offered a DC plan where they contributed from 5-8% of your earnings (depending on your level in the firm) to a DC plan and you selected what the money was invested in. The investment choices were identical to our 401k plan choices. The plan offers an annuity option that appears to be favorably priced so my current plan is to let that DC balance grow and then take the annuitization option if it is still favorable.

Both employers offered a 401k plan with a match and my last employer offerred a HSA an contributed ~$50/pay period to the HSA IIRC.

So my sources of retirement income will be personal savings (particular in the early years - and I include 401k money under the personal savings umbrella), SS, and the abovementioned pensions. Three legged stool but with uneven legs.
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Old 02-13-2014, 06:24 AM   #120
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My former Megacorp eliminated further pension contributions in 1994, pension balances were frozen for all active employees, and the funds were only available at retirement age. They eliminated a retiree health care plan a few years later and replaced it with nothing (not sure what they did RE: retirees at the time).

I've seen charts showing the percentage of public sector employees with defined benefit plans are considerably higher, but couldn't find it just now.
After having read the posts in this thread, it's interesting to compare them to this data. Although I expect there's some self-selection occurring here, there seems to be a much higher percentage of posters with solid DB pensions than nationally (~14%) as indicated by the graph.

We are indeed a fortunate group.

PS: what's discouraging is that >50% of workers have nothing according to this chart. Not a good trend.
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