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Old 09-30-2012, 08:28 AM   #101
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I find it curious so few people mention their Social Security benefit in a thread that asks if they have or will have "a pension of any sort".
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Old 09-30-2012, 09:15 AM   #102
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Michael B: I find it curious so few people mention their Social Security benefit in a thread that asks if they have or will have "a pension of any sort".
I'm one of the guilty ones on this (presently 52). My analysis since the 1980's has been consistent: that SS could well be means tested and either bar us, or give us minimal payments. I haven't seen anything yet to assure me that this won't be the case (nor, given the precedent in this area of law, is such assurance ever going to exist).

Thus, we still don't include it in our calculations. IF it is there for us, we'll strive to maximize our take and use those funds to finance our anticipated grandchildren's educations--basically give our kids back some of the tax burden that they are going to bear for supporting our generation.
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Old 09-30-2012, 09:31 AM   #103
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Michael B: I find it curious so few people mention their Social Security benefit in a thread that asks if they have or will have "a pension of any sort".
I'm one of the guilty ones on this (presently 52). My analysis since the 1980's has been consistent: that SS could well be means tested and either bar us, or give us minimal payments. I haven't seen anything yet to assure me that this won't be the case (nor, given the precedent in this area of law, is such assurance ever going to exist).

Thus, we still don't include it in our calculations. IF it is there for us, we'll strive to maximize our take and use those funds to finance our anticipated grandchildren's educations--basically give our kids back some of the tax burden that they are going to bear for supporting our generation.
A pension plan can become insolvent. The thread topic doesn't ask how well funded people's pensions are or if we think Social Security will be around, means tested or what we would do with the money. The question is do or will we have "a pension of any sort?" A few people included their Social Security in their answer but most didn't, and I was just wondering why.
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Old 09-30-2012, 11:06 AM   #104
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Both DH and I retired early.
My current age is 54 (DH is 61).
I retired at age 52 (DH at 59).
I worked 35 years (DH 30 years).
I have a state gov't pension (no pension for DH).

We're both eligible for SS and will be glad if we end up getting 75% of SSA's estimates.
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Old 09-30-2012, 11:13 AM   #105
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Old 09-30-2012, 11:37 AM   #106
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Old 09-30-2012, 11:49 AM   #107
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Quote:
Originally Posted by MichaelB View Post
A pension plan can become insolvent. The thread topic doesn't ask how well funded people's pensions are or if we think Social Security will be around, means tested or what we would do with the money. The question is do or will we have "a pension of any sort?" A few people included their Social Security in their answer but most didn't, and I was just wondering why.
Why: Tunnel vision? I'm another who didn't mention it either.

For example, I've noticed that some people who work in certain environments also don't mention health coverage, because it is a given for all the them, it doesn't come to mind for them. For me, it is an obsession since it costs so damn much. (Yes, I know that wasn't one of the questions.)

Likewise, I forgot to list SS because in my environment, we are all supposed to be getting it. It is a given. This is the tunnel vision of my environment. I consider it different than the classic "db pension", but you are right, it is a type of pension.

Finally, as TN_Steve said, I'm discounting it. They've already changed their promise multiple times in my lifetime (seeing it raised from 65 to 67 is just one of them), so I'm expecting in 20 years, the benefit will be significantly reduced in some way. Just another reason for me to forget it.

Although each year that goes by, I'm sure looking more and more to getting it, for sure.
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Old 09-30-2012, 11:53 AM   #108
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Current age 55.
Retirement age 55 (9 months ago!)
Worked 29 years (I counted internship, residency and fellowship as working, as I earned a pittance, but it was still money coming in!)
No pension.
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Old 09-30-2012, 12:38 PM   #109
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Old 09-30-2012, 01:29 PM   #110
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Originally Posted by Rachel
Current age 55.
Retirement age 55 (9 months ago!)
Worked 29 years (I counted internship, residency and fellowship as working, as I earned a pittance, but it was still money coming in!)
No pension.
If internship, residence and fellowship are not w*rk, I don't know what is!
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Old 09-30-2012, 01:31 PM   #111
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I find it curious so few people mention their Social Security benefit in a thread that asks if they have or will have "a pension of any sort".
To be fair, although the OP says that in his first post, he doesn't include SS himself so the majority of folks just copied his list.

I will be getting SS from 2 countries, and they are significant, which is why I listed them.
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Old 09-30-2012, 02:54 PM   #112
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I am 47
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pension - have to live from my assets for 4 years before, before atart getting it.
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Old 09-30-2012, 03:05 PM   #113
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Likewise, I forgot to list SS because in my environment, we are all supposed to be getting it. It is a given. This is the tunnel vision of my environment. I consider it different than the classic "db pension", but you are right, it is a type of pension.
Ditto, when I hear pension I think of a retirement benefit provided by an employer. SS is SS and assume everyone that works gets it, forgetting there are those fortunate enough not to be forced into it.

As for planning I don't include pension or SS as I have neither of those in my possession and they can be taken away in the future.
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Old 09-30-2012, 04:06 PM   #114
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I will have a pension, social security and savings to get me by. MegaCorp didn't fund the pension for much of the 70's to 90's, counting on stock growth to carry the day, as well as a historically low worker retention rate. The pension was back loaded, delaying costs. Today, there are many boomers retiring with large pensions and the pension is underfunded by a half billion dollars. This is after MegaCorp spent a half billion to buoy the pension. Obvious to me why pension is frozen.
When my office worker/wife had a larger 401/k pension after five years than my fifteen year pension, I fought to get a 401/k too. Now, I think of my pension as a small annuity/bond portion to balance my MFs. For me, personal savings is key, dwarfing pension returns.
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Old 09-30-2012, 04:39 PM   #115
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Old 09-30-2012, 09:17 PM   #116
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Old 09-30-2012, 10:28 PM   #117
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I worked for my last company for 12 years and will be eligible for a small pension and limited health insurance subsidy from them beginning at age 55. I consider this and social security to be "reinforcements". I am relying on my investment portfolio to get me by whether I get the pension and SS or not.
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Old 10-01-2012, 12:31 AM   #118
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Could have received COLAed pension but opted for 60-month payout
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Wife is 52 and will retaire at 55 with COLAed pension / no SS (teacher)
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Old 10-01-2012, 07:58 AM   #119
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Quote:
Originally Posted by MichaelB View Post
I find it curious so few people mention their Social Security benefit in a thread that asks if they have or will have "a pension of any sort".
Certainly a fair observation.

Almost all Americans will/have some level of SS, so it's almost not a question (yes, I respect that we have members from several other countries here). Whereas pensions are becoming very rare especially in the private sector. So right or wrong, I didn't think the OP wanted members to note SS as I assume almost all would answer yes, pensions would seemingly be more of an unknown IMO.

While SS is a pension of sorts, I consider them different animals. SS isn't an investment/insurance vehicle, it's a paygo system as we all know. No pension is funded anything like SS.

And arguably even SS.gov seems to consider pensions something apart from themselves, just the title to begin with How pensions affect your Social Security benefit
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Old 10-01-2012, 12:05 PM   #120
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Quote:
Originally Posted by MichaelB
I find it curious so few people mention their Social Security benefit in a thread that asks if they have or will have "a pension of any sort".
I didn't include it because we are building our plan assuming that SS will either be gone, or we'll be means tested out of it. Pessimistic perhaps, but we'd rather plan for the worst instead of coming up short. We're in our 30s.

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