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View Poll Results: If you have/will get one; when and how much?
Before age 50 15 7.04%
Age 50-55 27 12.68%
Age 56-60 24 11.27%
Age 60-62 13 6.10%
Age 63-65 7 3.29%
After age 65 10 4.69%
Less than $10K 16 7.51%
$10K-20K 17 7.98%
$20K-30K 14 6.57%
$30K-40K 16 7.51%
$40K-50K 12 5.63%
More than $50K 12 5.63%
No Pension 30 14.08%
Voters: 213. You may not vote on this poll

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Re: Pension?
Old 10-30-2005, 10:22 PM   #21
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Re: Pension?

My work's pension is a sliding scale from 55 to 62, where at 62 you get 80% of your last 3 years average, and every year before then is 5% less (if you retire at 61, you get 75%, at 55, the earliest year you can retire, you get 45%)-this is a non-COLA'd pension so inflation will destroy it's value over time. If you leave the company before 55 but have 5+ years in, you can collect at 65. I'm hoping to ER before I hit that sliding scale, but it is nice to know it's there to fall back on.
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Re: Pension?
Old 10-31-2005, 02:55 AM   #22
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Re: Pension?

Wow.* Amazed at the high percentage of pensions, though that may be more a reflection of the population here, logically.* I've worked in private industry all my life, where we were lucky to have a 401(k) available.

Really impressed by Rich ... over $94K?* Wow.* Congrat's! Interesting how government employment is the pension winner at the end of the day ... and probably much more likely to be there.
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Re: Pension?
Old 10-31-2005, 10:16 AM   #23
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Re: Pension?

I have a federal CSRS pension of $58k with full COLA (retired at age 55). DW has a small pension from teaching of $7.5k. These cover ALL regular living expenses. We only tap the nestegg for the "extras". We paid cash for our new home and have no debt. With a net worth > $1.5M and a fairly simple lifestyle we don't have to worry about money. Working for Uncle Sam for 32 years was not always the most pleasant thing to do but I sure like the results now.

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Re: Pension?
Old 10-31-2005, 02:21 PM   #24
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Re: Pension?

My husband just retired two weeks ago. He will receive a government COLA penson -- (it all kicks in December 1st) --- yahoo. Plus he also has a deferred comp account. We both are major savers. His "hobby" years ago was the stock market so we have some winners and losers along the way. I have 401K rollover from a previous job, and also a 401K at my present job. No pension for me..
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Re: Pension?
Old 11-02-2005, 11:00 AM   #25
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Re: Pension?

32 years old right now.* If all goes according to plan, I'll be eligible to start collecting a pension (and ER) at age 48.* My pension will pay me 45% of whatever my gross income is at the time I retire... and also provide very complete medical coverage (the same as I have right now). I'm currently earning around $70,000. By the time I retire, it'll probably be around $90,000.

Now... do I think that will be there by the time I want to ER?* Who knows...* *My guess is that it will be there in some capacity (I'll probably still be eligible to get the $, but the medical benefits I'm currently eligible for will probably be reduced some).
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Re: Pension?
Old 11-03-2005, 02:49 PM   #26
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Re: Pension?

I have a pension of $400/month starting at age 65. DH has a pension of $400/month, which he can start taking anytime now but it will increase if he waits. I'll take SS at 62, DH at 66. We each have 401ks. I guess that's the best way for us, but time will tell. I'll probably retire before 62; DH will go until 66.
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Re: Pension?
Old 11-03-2005, 05:34 PM   #27
 
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Re: Pension?

$47,512 pension at age 47 (now 48).* Federal CSRS retirement.*

Currently prowling the eastern seaboard.*

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Re: Pension?
Old 11-04-2005, 07:45 AM   #28
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Re: Pension?

Tozz, how you liking the little diesel motorhome? When we bought our motorhome we looked at a variety on the sprinter chassis but didn't end up getting one because they were so small. The model you have wasn't available at the time. We are very happy with what we got, but I envy your mileage.
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Re: Pension?
Old 11-05-2005, 09:36 AM   #29
 
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Re: Pension?

I find the mini-RV is perfect for my needs.* It's fine for a couple of people, and suited for those that travel more than plop down in one spot for weeks.* We got 20mpg on the flat highway, though headwinds or hilly terrain reduce that somewhat.

Martha, I have gone many miles.* I have seen many things.* As long as I am still here with the young yearners, rather than assuming my rightful perch in the bloviating blowhards forum, I am pleased to report that Early Retirement thrives in the southern states.* And by all indications these early retirees live lush lubricious lives!* Forget the state and national campgrounds.* All you have to do is buy 1970 vintage travel trailer, drag it into a private "campground," and, well, forget to leave.* Attach a prefab Home Depot storage shed, add Christmas lights, and embrace your early retirement dream come true.
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Re: Pension?
Old 11-05-2005, 09:47 AM   #30
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Re: Pension?

Quote:
Originally Posted by tozz
Forget the state and national campgrounds. All you have to do is buy 1970 vintage travel trailer, drag it into a private "campground," and, well, forget to leave. Attach a prefab Home Depot storage shed, add Christmas lights, and embrace your early retirement dream come true.
Don't forget the washer and dryer sitting outside the trailer and the insulation wrapped around the dump lines.

We prefer the Jalopeno lights ourselves.
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Re: Pension?
Old 11-05-2005, 09:55 AM   #31
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Re: Pension?

Quote:
Originally Posted by Martha
Don't forget the washer and dryer sitting outside the trailer and the insulation wrapped around the dump lines.
I prefer the high-rise model with the commanding view of the countryside...

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Re: Pension?
Old 11-05-2005, 10:10 AM   #32
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Re: Pension?

Quote:
Originally Posted by REWahoo!
I prefer the high-rise model with the commanding view of the countryside...

Is this the new improved fish camp? Call Uncle Mic and all the fishing folks!
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Re: Pension?
Old 11-08-2005, 11:16 PM   #33
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Re: Pension?

No pension - hoping the merger will resume since the acquirer offers pension. Previous years of service will count. This will equate to $30K per year.
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Re: Pension?
Old 11-10-2005, 11:20 AM   #34
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Re: Pension?

We have a pension in which we are vested after 5 years ( I just got my 5 years in in September! ). We can take it any time after employment is terminated, as a lump sum ( rollover or not ), or as an immediate or deferred annuity. Unfortunately, they just cut future benefit accrual for service time after 1/1/2005. My current benefit would be 12k at age 27 with 5 years of service. If I stuck around until Normal Retirement Age ( heaven forbid ), it would be valued at about 780k or 5300/month.
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Re: Pension?
Old 11-10-2005, 01:56 PM   #35
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Re: Pension?

Results so Far---

The percentages in the poll are inaccurate due to construction of the poll....sort of like in real life polls. :

However, once the figures are adjusted to represent an apples to apples comparison, the data looks like this...(numbers rounded so I don't have to type so much).

No Pension...Survey Says........25% have none.
For the other 75% of respondents who say they do or will have one...........

<$10K ............Survey Says........17%
$10-20K..........Survey Says........18%
$20-30K..........Survey Says........15%
$30-40K..........Survey Says........18%
$40-50K..........Survey Says........15%
>$50K.............Survey Says........15%

So....the distribution is pretty uniform from udner $10K to over $50K with a median of around $35K. That is not too bad based on the over-all frugal life-style expressed by many here. That is a good base to work from especially with a decent amount of investments to draw on too.

Disclaimer: This survey is only as accurate as the data provided and is not intended to represent all members of this forum since, like the rest of the US population, few people that could vote actually did. The results of this survey should not be used for any other purpose than as a thought-provoking moment in your day. The views represented in this poll are not necessarily those of the management of this board. Any similarities to persons living or dead is coincidental. No animals were harmed during the taking of this poll.

May the poll be with you.........remember the dark side of the poll is strong..etc.
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Re: Pension?
Old 11-10-2005, 07:28 PM   #36
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Re: Pension?

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Re: Pension?
Old 11-12-2005, 12:58 PM   #37
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Re: Pension?

I didnt read this whole thread so if this has already been said sorry !

For you young ones out there the US military has one of the best pension plans around. Serve 20 years and you get half your base pay every year, with cola, and medical for the rest of your life. You can stay in for a max of 30 years if as of now.

All that beeing said, 16 YEARS LEFT!
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Re: Pension?
Old 11-20-2005, 07:17 PM   #38
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Re: Pension?

T-3 and counting...Gonna have...31 years Fed (FERS..no COLAS till 62) $1800/mo net @54 with $380,000 in TSP (Fed 401k), Air National Guard $2,200/mo net @60 (full COLAS), S/S $1200 @62, wifies S/S $600 /mo @ (me) 64.

Thanks to whoever for Fiercalc. Really makes bumping these numbers together easy.
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Re: Pension?
Old 11-20-2005, 08:17 PM   #39
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Re: Pension?

There are many peope on this board receiving or expecting pensions from the government. Some of the pension benefits are very generous (e.g., $60 - 100K per year). The majority are vey confident that the government will never default its pension obligations or reduce the amount of promised benefits.

Why are you so sure that this will never happen? Can we trust the government? There have been so many discussions about the possibility that the government may default payments to social security. Why would'nt the government do the same the same to pensions? What if the government decides to default its obligations? How do you feel about that?
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Re: Pension?
Old 11-20-2005, 09:35 PM   #40
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Re: Pension?

Quote:
Originally Posted by Spanky
There are many peope on this board receiving or expecting pensions from the government. Some of the pension benefits are very generous (e.g., $60 - 100K per year). The majority are vey confident that the government will never default its pension obligations or reduce the amount of promised benefits.

Why are you so sure that this will never happen? Can we trust the government? There have been so many discussions about the possibility that the government may default payments to social security. Why would'nt the government do the same the same to pensions? What if the government decides to default its obligations? How do you feel about that?
Well, just think. The government consists of the people who will benfit from the government pensions. Social security recipients and future recipients are all the poor slobs (the rest of us) who will pay those government pensions. So I can see this line of thought, "Hey guys, lets screw those SS slobs, and save more for us. All in favor? Ay! All opposed Great, looks like the ais have it!"

As Damon Runyon said, "The race is not always to the swift, nor the battle to the strong - but that's the way to bet."

Ha
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