View Poll Results: Do you have a pension?
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Government Pension
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166 |
29.23% |
Corporate Pension
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195 |
34.33% |
No pension, just SS & savings
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207 |
36.44% |
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05-12-2021, 11:46 AM
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#21
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Recycles dryer sheets
Join Date: Oct 2019
Location: Los Angeles
Posts: 83
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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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05-12-2021, 11:47 AM
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#22
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Thinks s/he gets paid by the post
Join Date: Apr 2008
Posts: 2,024
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Quote:
Originally Posted by jazz4cash
I have a small corporate pension for a 36 yr career with the same company. It’s ~40% of my final pay.
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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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05-12-2021, 11:56 AM
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#23
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Recycles dryer sheets
Join Date: Mar 2014
Posts: 313
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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 it’s based on your original pension amount, not cumulative.
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05-12-2021, 11:57 AM
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#24
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Dryer sheet aficionado
Join Date: Jan 2018
Location: Front Range
Posts: 27
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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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05-12-2021, 12:02 PM
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#25
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,305
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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.
__________________
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: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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05-12-2021, 12:14 PM
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#26
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Thinks s/he gets paid by the post
Join Date: Jun 2002
Posts: 1,637
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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.
__________________
friar1610
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05-12-2021, 12:15 PM
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#27
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Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,130
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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.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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05-12-2021, 12:23 PM
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#28
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Recycles dryer sheets
Join Date: Nov 2012
Location: Kearneysville
Posts: 244
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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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05-12-2021, 12:28 PM
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#29
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Posts: 2,603
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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.
__________________
FIRE'd since 2005
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05-12-2021, 12:50 PM
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#30
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Recycles dryer sheets
Join Date: Feb 2021
Posts: 101
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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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05-12-2021, 12:52 PM
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#31
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Recycles dryer sheets
Join Date: Jun 2018
Posts: 176
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Quote:
I suspect only gov't and military retirees receive what could be regarded as a "full" pension anymore.
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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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05-12-2021, 01:02 PM
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#32
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Thinks s/he gets paid by the post
Join Date: Dec 2014
Location: St. Charles
Posts: 3,919
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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.
__________________
If your not living on the edge, you're taking up too much space.
Never slow down, never grow old!
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05-12-2021, 01:08 PM
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#33
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Recycles dryer sheets
Join Date: Dec 2012
Posts: 164
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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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05-12-2021, 01:27 PM
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#34
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2010
Posts: 5,915
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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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05-12-2021, 01:29 PM
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#35
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,300
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Small expected 60k lump sum pension in 4 years from a Wall Street banking firm.
__________________
TGIM
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05-12-2021, 01:37 PM
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#36
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Recycles dryer sheets
Join Date: Jan 2017
Posts: 155
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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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05-12-2021, 01:48 PM
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#37
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Thinks s/he gets paid by the post
Join Date: Feb 2021
Posts: 2,351
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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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05-12-2021, 01:53 PM
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#38
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Thinks s/he gets paid by the post
Join Date: Feb 2021
Location: Puget Sound
Posts: 3,258
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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.
__________________
Class of 2023
OMY to 2024
Started pension April 1 2024
Operating Engineer for a commercial plumbing contractor
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05-12-2021, 02:09 PM
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#39
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Thinks s/he gets paid by the post
Join Date: Jul 2004
Posts: 1,558
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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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05-12-2021, 02:17 PM
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#40
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Full time employment: Posting here.
Join Date: Mar 2015
Location: Nashville
Posts: 519
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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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