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View Poll Results: Do you have a pension?
Government Pension 166 29.23%
Corporate Pension 195 34.33%
No pension, just SS & savings 207 36.44%
Voters: 568. You may not vote on this poll

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Old 05-12-2021, 11:46 AM   #21
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Corporate pension that kicks in in five years (retired in 2020). It has no COLA and will cover 50% of my current expenses and should hold be over until SS kicks in at FRA (in seven years). Living on savings until then.
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Old 05-12-2021, 11:47 AM   #22
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Quote:
Originally Posted by jazz4cash View Post
I have a small corporate pension for a 36 yr career with the same company. Itís ~40% of my final pay.
If small is "40% of final pay", then I have very small at maybe 20% of final pay.

Corporate, non-COLA, but enough to cover my under-65 medical premiums and DW's Medicare, prescription drug plan, supplemental, and associated deductibles. Like a few others here on the thread, I have federal tax withholding from the pension to avoid having to pay estimated taxes.
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Old 05-12-2021, 11:56 AM   #23
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Dh has a 75k per year, non Cola pension from a company that does a lot of government contracts (aerospace)

I am either retiring in June 2022 or June 2023 from public education. I work in a district that has good funding so salaries are good. My pension will either be about 86K or 96k depending on which year I retire. No cola, but a 2% increase each year but itís based on your original pension amount, not cumulative.
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Old 05-12-2021, 11:57 AM   #24
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Nothing for me. Have several friends with pensions. Needless to say they don’t know what SORR means or the concept of SWR.
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Old 05-12-2021, 12:02 PM   #25
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Nothing here, and it’s been good for me. When MegaCorp eliminated pensions and everyone’s “accumulated value” was frozen when I was 40 (worth $200K at 55), it forced me to get really serious about retirement planning. Fortunately I’d saved a decent amount in taxable and 401k but I didn’t have a real plan. It’s worked out well. Though we’re 66/64, we’ll be more than comfortable on SS, RMDs and dividends from taxable from 72 on. Withdrawals will be mostly for fun…

I have a couple of friends with USPS pensions who are completely clueless about financial planning/investing. I hope their pensions outlive them…

I also have a few friends without pensions who’ve dramatically curtailed their spending in retirement, and they only retired in the last few years. They didn’t seriously plan either evidently, a couple have taken part time jobs.

Fingers crossed we’ve planned well enough.
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Old 05-12-2021, 12:14 PM   #26
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I have a military pension for 28+ years of active duty. My wife and I both took SS at 62. We live fine on those income streams. In fact, most months we bank the SS and use it for non-routine expenses such as vacations.
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Old 05-12-2021, 12:15 PM   #27
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I have 4 private pensions, 2 US and 2 UK, all but one is fixed and have been for 11years now so I am very grateful that inflation has been so low for so long. None are very large but combined

I now have my UK SS. By the end of the year DW will have her UK and US SS. I will start my US SS in 3.5 years.
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Enough private pension and SS income to cover all needs
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Old 05-12-2021, 12:23 PM   #28
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I will have both....small military pension starting at 60, and a middling corporate pension at 62...combines about $60K
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Old 05-12-2021, 12:28 PM   #29
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My pitance ($847/mo at 67) looked good until the govmnt started printing TRILLIONS.

I don't expect it will pay the grocery bill by the time I collect.
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Old 05-12-2021, 12:50 PM   #30
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Corporate DB pension worth $38k/yr today with 50% survivor or delay BCD to age 65 and it's worth $75k/yr.
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Old 05-12-2021, 12:52 PM   #31
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I suspect only gov't and military retirees receive what could be regarded as a "full" pension anymore.
What would be considered a full pension? FERS employees, folks who converted to FERS or started in the federal government around 1987 or later do not get anything like the previous federal pension plan which could be as high as 80% of final pay.

DH and I both were under FERS and our pensions (before survivors benefits,
a 10% reduction, or health insurance) are about 30-32% of our pay with no COLA increases until age 62. We do get a special supplement if we retire before 62 which is equal to only a portion of our SS payments at age 62. That adds another 13% or so. For DH and I from minimum retirement age to 62 we get about 40-43% of our final annual salary before survivor benefits and HI. After 62 we get less than 30% net of survivors benefits (29% for me after a 30+ year career).We also paid into SS and have investments plus DH is a disabled vet which makes pensions just a portion of our retirement income stream.

Maybe some state pensions are full pensions but certainly not federal employees any longer. (We are thankful to have any pension at all but it's nothing like my former co-workers who were under CSRS).
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Old 05-12-2021, 01:02 PM   #32
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How is this for a small, micro mini pension. $105/month. Non-cola, not that it matters.

From job I had for 7 years in the1980's.

Funny part is, they found me.

Dinner out once a month.
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Old 05-12-2021, 01:08 PM   #33
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2 corp pensions totaling $72k per year at age 65, non-cola. Will live on savings from ER until then. 2 SS will be about $54k per year, less any haircut put in place before then.
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Old 05-12-2021, 01:27 PM   #34
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Corporate DB Pension non cola w/survivor benefit

SS Pension

Gov't Old Age Security payment (not a pension)

Savings/investment income
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Old 05-12-2021, 01:29 PM   #35
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Small expected 60k lump sum pension in 4 years from a Wall Street banking firm.
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Old 05-12-2021, 01:37 PM   #36
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Me corporate pension 2000/month noncola 100% survivor. Wife corporate pension 1500/m cola 0% survivor. We tried to live off on just these 2 for a month just in case SHTF. We could and still left with some change. No debts and subsidized HI helped. A big expense like roof or new car wouldn't cut it.
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Old 05-12-2021, 01:48 PM   #37
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I'm surprised by the poll results - 60% have pensions (I'm in the other 40%). I expected that number to be a lot lower.
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Old 05-12-2021, 01:53 PM   #38
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Your poll is missing an option for Union pensions. I have not one, but two of those.
They do differ greatly from a corporate pension or government pension because any number of employers can pay into the same fund. On my small pension I worked for two different aerospace manufacturers in the Seattle area.
The much larger pension is with the Operating Engineers.
Dozens of different employers have paid into that over the last 30 years.
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Old 05-12-2021, 02:09 PM   #39
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I will have a government pension and do have a small non COLA pension...poll doesn't cover my situation.
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Old 05-12-2021, 02:17 PM   #40
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No pension. Only what I saved and SS when I take it, years from now.

Not gonna lie, I have pension envy
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