Poll: Do you have a pension?

[monte1022]

You have to take it in context of this forum. It's a chicken/egg thing. Folks with pensions were more likely to be able to plan for an ER, and quite possibly took pension-paying jobs and careers toward that goal.

Also our forum membership tends to skew a bit higher than the general population, including a large chunk of members who are retired, and/or worked their prime working years when pensions were more common in private businesses.

For the rest of us (GenX and younger) pensions have largely disappeared from Corporate work, staying only in the public sector. That doesn't mean ER is out of reach at all, just different. We gave up pensions and got 401k's instead. Not as good often, but doable.

Fwis I'm younger than you, no pensions, and DH and I retired 5 years ago with less than 3m to start.

Those of us without a pension have to calculate how much money is needed to make up for one missing leg of the retirement stool. I knew early on that my employer did not offer a pension and thus have always tried to save/invest aggressively to fill that gap. The "how much" number is the challenge. Right now, I am thinking my current 3m is still a bit short especially since inflation is here. Those with cola's pensions are golden. Those without cola'd pensions had better have substantial funds on the side.

 

[Koolau]

Those of us without a pension have to calculate how much money is needed to make up for one missing leg of the retirement stool. I knew early on that my employer did not offer a pension and thus have always tried to save/invest aggressively to fill that gap. The "how much" number is the challenge. Right now, I am thinking my current 3m is still a bit short especially since inflation is here. Those with cola's pensions are golden. Those without cola'd pensions had better have substantial funds on the side.

It does appear that even the gummint is beginning to concede that inflation is real and that it's actually here. IIRC, when inflation was higher in the past, equities would more or less keep you even. But when inflation began to "roar" equities began to lose out to bonds and especially CDs - because issuers knew they had to make these instruments attractive. It was about then that the FED was stepping in to slow inflation by tightening credit which retarded equities. It can be a vicious game to play though YMMV.

 

[jeffst]

Megacorp pension would have been nice.
But they went CH11 2009.
Payout from PBGC should be ~ 1/2

 

[Pittfan]

Pension

Have a older version of federal pension (csrs) approx 117000. Plus 403b, is a savings and eligible for some social security but haven't applied yet because it's subject to the WEP.

 

[Rustic23]

Multiple, 2 Gov, SS, two private, mine and dw IRAs, and savings.

All done on 90% single income, LBOM.

 

[Murph]

Not sure where you categorized it, but I have a 401k, no pension.

 

[Koolau]

Not sure where you categorized it, but I have a 401k, no pension.

401(k)s would, I suppose fit within "no pension, just SS and savings." Having said that, there are a few folks who will not see SS. Also, 401(k)s, being self directed, can be mismanaged to the extreme. I think I did just "okay" with mine and STILL I put way too much into it - meaning that NOW, my RMDs will (soon) force me into a higher (and yet to be announced by new administration) taxation level. It's not unlikely my mistakes will cost me money in the long run (and YES I did ROTH some of my 401(k) back when I could titrate my tax rate.) But, I'm not bitter so YMMV.

 

[MoPops]

I’m on my own. No pension of any kind. Maybe that’s why I waited until 65 to retire. Ha!

 

[meleana]

I just filled in a ton of paper work to get my $29.00 per month pension beginning 7/1 when I turn 65. I was at the job 3 years and then they closed our dept.

It’s the only pension I have and darn it- I want it!

 

[cag61]

You really need to fix the poll, I have both a Government and Corporate pension, but the poll doesn't allow that.

Some might have a Military one or a Non-Profit

 

[Koolau]

I just filled in a ton of paper work to get my $29.00 per month pension beginning 7/1 when I turn 65. I was at the job 3 years and then they closed our dept.

It’s the only pension I have and darn it- I want it!

My mom got talked into one of those itty-bitty annuity options on some savings or insurance plan. It paid something like $37/month. She LOVED it for some reason. It was technically the only other money she got beside her (maybe) $grand/month SS. Like the song ("Polk Salad Annie") said, "she did alright." YMMV

 

[RaySharpton]

I have a corporate pension of 37% and 63% balance Social Security. I haven't touched my corporate 403b, and I manage to bank an extra $2k each month.

 

[BillL14FF]

Yes, government pension + 40% SS, wife pension + SS.

 

[Wishing]

Two pensions - one from a University position and one corporate. Not drawing on either as yet.

 

[tmm99]

I just filled in a ton of paper work to get my $29.00 per month pension beginning 7/1 when I turn 65. I was at the job 3 years and then they closed our dept.

It’s the only pension I have and darn it- I want it!

It's still money, so yeah!

Didn't they give you a lump sum option though?

 

[The Flush]

2 corp pensions (8 and 11 years of service from early in my career) that will probably be small, plus FERS which according to plan will be about 18 years of service as a GS13 which will be less small. I had another corp pension close their plan and send me a check which I rolled to an IRA. One of my remaining corp pensions also tried to get me to take cash a few years ago, but inertia led me to do nothing.

 

[HaveEnough]

What's a pension?
Saved and paid a ton of taxes.

 

[gooddog]

I have two pensions.
Wife has one pension.
Savings on top of that.
We don't get SS due to 'safety' pension.

 

[Splash]

Corporate defined contribution plan.

Haven't decided yet if I will roll the balance into an IRA or draw as non-cola pension in the future. I currently consider the balance as part of my Fixed Income portfolio earning interest at the 30 year treasury rate.

 

[icono5]

Defined *contribution pension, plus taxable savings and a few IRAs.

 

[cnocmmz]

Government Pension
Corporate Pension
Just savings & Social Security

Mil pension, GS pension, DW has Pension and her SS
Total close to 11k. Once my SS kicks in the fun begins.
Hopefully I can start tapping investments soon also at 62

 

[RobbieB]

Worked 32 years. Had 8 jobs (different Co's) No pension.

 

[Retired Expat]

No pension, no SS yet. I consider my rental properties my Pension.... Investments and 401k to live off of in my “old age”.

 

[thatguy]

We retired at 57 & 55. We have 2 company pensions. $46.4k total pension income. That and my SS covers our expenses, mostly.
There is also a couple 401ks, and DWs yet unclaimed SS.

 

[swabby01]

Yes, Corporate Pension Frozen in 2009 and I retired in 2018. Company treated me great and we are quite comfortable on it alone. I may start drawing SS at FRA later this year. Haven't touched 401K, IRA or SS.