Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Retired at 54, pensionless at 74
Old 07-01-2009, 06:31 AM   #1
Full time employment: Posting here.
Cattusbabe's Avatar
 
Join Date: Apr 2006
Posts: 814
Retired at 54, pensionless at 74

http://www.nytimes.com/2009/07/01/bu...n.html?_r=1&hp
__________________

__________________
A todos los amantes del mundo. No importa el color de su piel, la pasion es universal.
_______________

La tavola e il letto non hanno restrizioni.
_____________
Any day your on this side of the grass is a good day.
Cattusbabe is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-01-2009, 06:45 AM   #2
Full time employment: Posting here.
 
Join Date: Dec 2006
Posts: 886
Idiots like that guy crack me up. Works for 30 years making as much as 50 - 60K a year. Apparently puts no money aside himself to supplement his retirement, which he knew in advance he would take early in the 30-and-out program. Then get's his standard pension when he chooses to quit his job at 54 and complains it's not the life he's used to. LOL

He's used to blowing 60K a year without a worry in the world apparently. Brings a tear to my eye.
__________________

__________________

Trek is offline   Reply With Quote
Old 07-01-2009, 07:25 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,971
Not even worth commenting...more tiresome entitlement-minded nonsense.
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 07-01-2009, 08:32 AM   #4
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
From the article:

Quote:
“What we’re getting isn’t enough to live on,” said Dwayne Humphries, a 54-year-old G.M. retiree in Arlington, Tex., who completed his 30 years last year, retired, and is now getting the standard $3,150 a month, or $37,500 a year. Roughly half of the total, $19,000 a year, is the basic benefit. The rest duplicates Social Security.
Complaining about a $37,500 a year pension at age 54? Just shut up. I'd practically kill for that.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 07-01-2009, 08:36 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
freebird5825's Avatar
 
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,017
No crocodile tears here.
__________________
"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
freebird5825 is offline   Reply With Quote
Old 07-01-2009, 08:39 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,384
Save your tsk-tsking folks, the only pensions worth worrying about, and the only truly abusive ones, are in the public sector.

Notice the reference to "spiking" in public pensions? A completely corrupt practice in a completely corrupt system.

Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Old 07-01-2009, 08:51 AM   #7
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Quote:
Originally Posted by haha View Post
Save your tsk-tsking folks, the only pensions worth worrying about, and the only truly abusive ones, are in the public sector.
That would be even more true if the line between public and private sector weren't being blurred by so many bailouts in the so-called private sector.

And yeah, the spiking is a problem. It's part of what killed Vallejo -- cops, for example, often volunteered to work ridiculous amounts of overtime for their last few years of service and, in some cases, doubled their pension (as early as age 50 or so).
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 07-01-2009, 08:54 AM   #8
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,860
Quote:
Originally Posted by ziggy29 View Post
Complaining about a $37,500 a year pension at age 54? Just shut up. I'd practically kill for that.
I wouldn't feel too comfortable about it being from GM, though. Sure, GM is still in business right now but who knows what changes might occur in the next decade or two.

Also I am not clear on whether the pension is COLA'd or not. If it isn't, then he could have problems down the road.

The article says he isn't getting SS on top of the pension - - I gather that some of his pension replaces his SS.

Most of us would have saved a nestegg, though! Gee.

I can (almost) sympathize with this guy. Even though I will be in an exceptionally good position to retire in November, retirement will mean that instead of getting paid every other Tuesday like clockwork, everything will depend on my calculations being correct. Giving up a job in this economy is a little scary, like stepping off a cliff. Sounds like this guy never thought about that and misses that regular paycheck.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Old 07-01-2009, 08:55 AM   #9
Recycles dryer sheets
 
Join Date: Jul 2008
Posts: 150
Quote:
Originally Posted by haha View Post
Save your tsk-tsking folks, the only pensions worth worrying about, and the only truly abusive ones, are in the public sector.

Notice the reference to "spiking" in public pensions? A completely corrupt practice in a completely corrupt system.

Ha
I completely agree. Federal, states and local goverment workers are getting a great deal at tax payer expenses. No wonder why there are so much wastes.

Like most, I've worked continously in the private sector for the last 33 years and have nothing to look forward to except for SS benefits.

I'll shed no tears.
__________________
huusom is offline   Reply With Quote
Old 07-01-2009, 08:55 AM   #10
Thinks s/he gets paid by the post
BunsGettingFirm's Avatar
 
Join Date: Jan 2004
Posts: 1,502
Quote:
Originally Posted by ziggy29 View Post
From the article:



Complaining about a $37,500 a year pension at age 54? Just shut up. I'd practically kill for that.
Thank goodness you said kill. I was worried for a second that you were going to say marry.

As for the person portrayed in the article, he came off sounding like a whiny 5 year old because he kept saying that 37.5k is not enough. His situation is not great not because of the amount his is receiving but because of the fact that more than 1/2 of his income is from a non-COLAed pension from a company with uncertain future.

Like Haha said, it's the public sector pensions that are going to cost the tax payers an arm and a leg. Spiking is truly despicable.
__________________
BunsGettingFirm is offline   Reply With Quote
Old 07-01-2009, 08:56 AM   #11
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Quote:
Originally Posted by Want2retire View Post
Most of us would have saved a nestegg, though! Gee.
Well, I think that's part of the problem. I think to some degree, knowing you have a big pension coming may "anesthetize" people when it comes to saving your own wad for the third leg of the "retirement income stool." This makes them particularly vulnerable to insolvent pensions that may not last -- and they have no personal savings to fall back on. People in this situation also need to roll their own inflation protection.

Still, isn't $37,500 below the limits of what PBGC will cover? I'd think he's safe unless the government goes under completely.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 07-01-2009, 09:03 AM   #12
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,860
Quote:
Originally Posted by ziggy29 View Post
Well, I think that's part of the problem. I think to some degree, knowing you have a big pension coming may "anesthetize" people when it comes to saving your own wad for the third leg of the "retirement income stool." This makes them particularly vulnerable to insolvent pensions that may not last -- and they have no personal savings to fall back on. People in this situation also need to roll their own inflation protection.
You are SO right about that. I have noticed that federal employees under CSRS (the old system), who have larger pensions, almost never seem to have much of any nestegg saved at all when they retire. They are probably anesthetized when it comes to saving a nestegg, as you pointed out.

Quote:
Originally Posted by ziggy29
Still, isn't $37,500 below the limits of what PBGC will cover? I'd think he's safe unless the government goes under completely.
I hadn't thought of that! Good point. He would probably get reimbursed by PBGC. And hopefully the pension is COLA'd - - if it wasn't, the article would probably have mentioned that (tearfully).
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Old 07-01-2009, 09:08 AM   #13
Thinks s/he gets paid by the post
 
Join Date: Dec 2004
Posts: 1,798
Quote:
Originally Posted by haha View Post
Save your tsk-tsking folks, the only pensions worth worrying about, and the only truly abusive ones, are in the public sector.

Notice the reference to "spiking" in public pensions? A completely corrupt practice in a completely corrupt system.

Ha
I can see where retiring at 62 years old and getting 33% of top three years average is a bit abusive after 30 years service. NOT!
__________________
You don't want to work. You want to live like a king, but the big bad world don't owe you a thing. Get over it--The Eagles
lets-retire is offline   Reply With Quote
Old 07-01-2009, 09:17 AM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,384
Quote:
Originally Posted by lets-retire View Post
I can see where retiring at 62 years old and getting 33% of top three years average is a bit abusive after 30 years service. NOT!
Cherry-picking?
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Old 07-01-2009, 09:18 AM   #15
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Quote:
Originally Posted by lets-retire View Post
I can see where retiring at 62 years old and getting 33% of top three years average is a bit abusive after 30 years service. NOT!
I'm not sure that's the typical public sector pension, at least not at the state and local level. Sounds more like FERS to me. And when most people talk about unsustainable public pension costs, FERS isn't what comes to mind.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 07-01-2009, 09:31 AM   #16
Thinks s/he gets paid by the post
Leonidas's Avatar
 
Join Date: May 2006
Location: Where the stars at night are big and bright
Posts: 2,847
Quote:
Originally Posted by haha View Post
Notice the reference to "spiking" in public pensions? A completely corrupt practice in a completely corrupt system.
Let's not forget that the reason these pension funds are screwed up is because the politicians stuck their racoon paws in and started playing games.
Quote:
"While Vallejo may become the beginning of the trend," [Chicago-based bankruptcy attorney James] Spiotto says, "we ought to be looking at alternatives." Over the years, he points out, local leaders made spending decisions and assumed the next administration would be able to deal with it. "This has been a gift we've given to each generation, and sooner or later, we'll have to deal with it. It's becoming a growing reality that that sooner is coming now."
My pension is an independent body separate from the city's finances, and it did just fine until they gave us our first contract. The politicians, unwilling to fully fund competitive salaries, started robbing the pension plan by creating an artificial pension increase through contract manipulation. In the end the pension system had to file suit against the city. Ultimately, a new administration came in that balked at paying the fiddler for a tune called by prior administrations and they renegotiated the contract.

As for spiking, most of that has been removed from the current contract. But, as least in my case, it wasn't the employees' creation. The city made the proposal knowing the impact on the pension, they just didn't care. They wanted to backload the contract rather than pay more up front. When employee negotiators questioned the tactic (especially the "spiking" issue), the city tossed out numbers that showed a negligible impact and urged them to accept the deal.

I can't deny that many of us questioned the fiscal soundness of some of those provisions in the first contract, but we were told "the city gave us most of the money on the backside, it's the only way they would do it, take it or lose it." My pension did spike because of my last year at work, and although I definitely did not shy away from any opportunities to increase it, the greatest boost to the pension came from the city moving me around to benefit its operations.

As a taxpayer and an employee, I trusted the folks writing the checks to make sound fiscal decisions and stay within a budget. Boy, was that silly!
__________________
There is no pleasure in having nothing to do; the fun is having lots to do and not doing it. - Andrew Jackson
Leonidas is offline   Reply With Quote
Old 07-01-2009, 09:34 AM   #17
Recycles dryer sheets
 
Join Date: Jan 2009
Posts: 190
Quote:
Originally Posted by ziggy29 View Post
I'm not sure that's the typical public sector pension, at least not at the state and local level. Sounds more like FERS to me. And when most people talk about unsustainable public pension costs, FERS isn't what comes to mind.
When I worked at the FAA, it was 25 years service any age or 20 years age 50, and 50% high three. After 9/11, pay grades spiked so the average controller was making $150,000 a year and because it can't go down, they're still making that.

I could have had a $75K a year pension for life, retire at age 47, all at taxpayer expense! Retirement was all anyone with over a decade of service ever talked about, and every pay day everybody sat around looking at their pay stubs with $$$ signs in their eyes. Only 4 hours a day of work, 4 weeks vacation a year and all that money. I loved it as an employee but was disgusted as a taxpayer.
__________________
Kabekew is offline   Reply With Quote
Old 07-01-2009, 09:44 AM   #18
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,860
Quote:
Originally Posted by ziggy29 View Post
I'm not sure that's the typical public sector pension, at least not at the state and local level. Sounds more like FERS to me. And when most people talk about unsustainable public pension costs, FERS isn't what comes to mind.
Yes, that is the standard FERS pension for the vast, vast majority of federal employees on FERS (with the exception of federal law enforcement, flight controllers, and other positions that require early retirement due to physical requirements of the job).
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Old 07-01-2009, 10:45 AM   #19
Thinks s/he gets paid by the post
 
Join Date: Dec 2004
Posts: 1,798
Quote:
Originally Posted by Kabekew View Post
When I worked at the FAA, it was 25 years service any age or 20 years age 50, and 50% high three. After 9/11, pay grades spiked so the average controller was making $150,000 a year and because it can't go down, they're still making that.
With 12(d) (the law enforcement, air traffic controller, nuclear materials courier enhancement) retirement O/T is not taken into consideration for the law enforcement jobs. The only exception I know of for the law enforcement type jobs is Customs and Border Protection Officers (not Border Patrol), who receive 1/2 of their O/T figure included for the calculations. Their O/T is limited to 35k per year and there is a provision that does not allow "spiking" the system. If there is a large increase in O/T the last 3-5 years it is not included in the calculation. Federal law enforcement does have something called administrative uncontrolled O/T and law enforcement availability pay that is included, but those are capped at 25% of base pay. All of the retirements under 12(d) are limited to 53%. That is if the person started working in the covered position at 18 years old and goes to the mandatory retirement age of 57. I don't see too many 18 year olds getting a 12(d) covered position. I would think it would be very difficult for someone in their early 20's to obtain most of the 12(d) covered positions.
__________________
You don't want to work. You want to live like a king, but the big bad world don't owe you a thing. Get over it--The Eagles
lets-retire is offline   Reply With Quote
Old 07-01-2009, 11:03 AM   #20
Thinks s/he gets paid by the post
Leonidas's Avatar
 
Join Date: May 2006
Location: Where the stars at night are big and bright
Posts: 2,847
Quote:
Originally Posted by lets-retire View Post
Federal law enforcement does have something called administrative uncontrolled O/T and law enforcement availability pay that is included, but those are capped at 25% of base pay.
Do both of those still exist? I thought AUO was replaced by LEAP.

LEAP is not a bad idea if managed well. I supervised a federal task force of feds, state, local and military for a number of years and had to constantly deal with all of their different overtime systems. From a supervisor's viewpoint the LEAP was good because I knew that my federal agents didn't "run out" of overtime and were available to work extra hours regardless of budget cycles. The only down side was occasionally I would have one balk about "working for free". Usually a reminder of the AUO/LEAP pay was good enough to bring them in line, but a couple of times the reply I got was "but I get paid for that without working extra while you guys get paid overtime."
__________________

__________________
There is no pleasure in having nothing to do; the fun is having lots to do and not doing it. - Andrew Jackson
Leonidas is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
How do you know you are retired? calmloki Other topics 21 01-19-2008 06:46 AM
Retired? HFWR Other topics 40 12-28-2007 10:21 AM
Hello - Retired in TX Wags Hi, I am... 17 08-22-2007 04:07 AM
Are you retired? JustCurious FIRE and Money 31 01-06-2007 04:09 PM
You're Not Retired BigJohn Other topics 29 02-19-2004 10:04 PM

 

 
All times are GMT -6. The time now is 04:31 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.