Our corporation had a pretty generous DB pension plan along with a 401K with 100% matching. I also received annual stock grants that I always cashed when vested. With our pension plan, you are eligible to collect from the pension plan starting at age 55 or if your age plus the number of years of service is 80. So technically, you could start receiving benefits at age 45 if you worked from age 20 for the corporation. The actual benefit depends on the number of years of service. Starting in 2006, new employees were no longer eligible for the pension plan. In 2009, the 401K matching dropped to 50%. Then in 2016, just one year after I retired, pension benefit accruals/credits stopped so the increase in benefits from the number of years of service was effectively capped. There is no COLA adjustment with my level income pension and the benefits drop by the social security amount at age 62. So there is no incentive to delay SS for us and in fact we add a COLA adjusted component by taking SS at age 62.
Like others here, our pension more than covers our living expenses and our investments continue to grow. With zero debt in retirement, we have been saving more in retirement than ever before. Other than covering excess income taxes on interest income from taxable accounts, there have been no withdrawals. Our investment accounts are now just insurance in the unlikely event that our pension is no longer solvent and the corporation decides to terminate benefits completely and the PBGC benefits fall short. Private corporation pensions were great while they lasted.