Join Early Retirement Today
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

Reply
 
Thread Tools Search this Thread Display Modes
Old 05-12-2021, 03:17 PM   #61
Thinks s/he gets paid by the post
MissMolly's Avatar
 
Join Date: Jun 2010
Posts: 1,816
Although I have a state retirement pension, I was surprised to receive a letter a couple of years ago (when I turned 65) telling me I was now eligible to receive my pension from a company I worked more than 30 years ago. The company had been bought out by another which also was closed so I had no idea I had a pension out there. My choice was $84/month for my life or $12,000 after they withheld taxes. Since I would never notice the $84/month I chose the lump sum and split it between my kids. They were happy. I was happy. Found money is fun.
__________________
And whatever your labors and aspirations in the noisy confusion of life, keep peace in your soul. With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be cheerful. Strive to be happy.- Desiderata by Max Ehrmann
MissMolly is online now   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 05-12-2021, 03:23 PM   #62
Moderator
MBAustin's Avatar
 
Join Date: Jul 2010
Posts: 7,468
I didn't answer because I took a buyout of my pension before I started drawing it.
__________________
"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute." William Feather
----------------------------------
ER'd Oct. 2010 at 53. Life is good.
MBAustin is offline   Reply With Quote
Old 05-12-2021, 03:27 PM   #63
Thinks s/he gets paid by the post
Golden sunsets's Avatar
 
Join Date: Jun 2013
Posts: 2,400
Quote:
Originally Posted by Amethyst View Post
For those who envy the CSRS pension, keep in mind that it is taxed at ordinary income rates, unlike investment withdrawals and capital gains. Also, one doesn't get SS except in certain situations; unlike FERS, the pension contribution was 7% of salary in lieu of FICA.
There is actually a third type of government pension, called CSRS Offset. Example: DH spent 21 years under CSRS. He left federal service, but did not cash in his pension. He spent 10 years in the private sector. He then rejoined his old agency for an additional 8 years and became CSRS Offset, paying in to SS but continuing the same pension. So he ended up with a federal pension based on 29 years(actually 30 after adding all of his sick leave to his # of years) and another 20 years under SS.

His SS is not as large as it would have been if he had been in the private sector for his entire career, but it is not insignificant.
__________________
"Luck favors the prepared mind"
Pasteur
Golden sunsets is offline   Reply With Quote
Old 05-12-2021, 03:43 PM   #64
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2003
Location: Kansas City
Posts: 7,934
small non COLA pension (55) and small CRP at the farm ends 2021. Early SS.

Portfolio is the heavy lifter ala 60% plus depending on expenses a given year.

Heh heh heh -
unclemick is offline   Reply With Quote
Old 05-12-2021, 03:51 PM   #65
Thinks s/he gets paid by the post
 
Join Date: Jan 2013
Location: SoCal, SE Florida, Lausanne
Posts: 3,019
Corporate pension with level income that is reduced by the SS amount at age 62.
Freedom56 is offline   Reply With Quote
Old 05-12-2021, 04:00 PM   #66
Full time employment: Posting here.
latexman's Avatar
 
Join Date: Mar 2014
Location: Apex
Posts: 856
DW and I will each have a MC pension and SS. By the time everything is flowing, age 70, we’ll have about 100% of our current income.
latexman is offline   Reply With Quote
Old 05-12-2021, 04:09 PM   #67
Thinks s/he gets paid by the post
 
Join Date: Nov 2005
Posts: 1,437
Quote:
Originally Posted by MissMolly View Post
... I was surprised to receive a letter a couple of years ago (when I turned 65) telling me I was now eligible to receive my pension from a company I worked more than 30 years ago. ...
Same thing happened to me. I had written off the idea of receiving any kind of pension from the old megacorp, but they contacted me out of the blue and said I had a modest non-COLA pension coming. I can start it at any time, but it's worth 8% per year for me to delay until age 70. Currently, my pension would pay for an excellent 2-week annual vacation in some exotic locale. After a bout of hyperinflation, it may not pay for a bus ride. The primary contribution that my pension will make to my life after I start receiving payments is to remind me each month that I'm OLD ENOUGH to receive a pension.
socca is offline   Reply With Quote
Old 05-12-2021, 04:14 PM   #68
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 23,824
I have one of those disappearing fully COLA'd pensions with heavily subsidized health insurance. At last report a couple of months ago the pension plan was 99.5% funded so we sleep well on that score. It is from a county government, not state, and the county stopped offering that plan about 1983. It has been changed several times since. I was grandfathered into it because I started in 1973 and elected to stay in it.

In 1983 the pension plan participants were offered a deal. If they enrolled in the new pension plan they would get back 50% of all their previous pension plan contributions AND future pension contributions would be cut in half too. Of course, the new pension plan was not fully COLA'd (I think the cap is 3%) the payout is not nearly the same, and the medical coverage is not as good either. A lot of guys took the bait and bought new toys - cars, boats, etc. and later regretted it when they retired. One of the big red flags on this deal to me was that the decision to go into the new pension plan could be done at any time, even up to the last day before retirement, but once you signed on the dotted line the decision was irreversible. So I declined, and continued paying the high pension premiums. Now my former employer is eagerly awaiting my demise to get me off the books. I have every intention of setting a new record for longevity. We'll see how that works out.

There was (and remains) a downside to this deal. Remember the high inflation of the 1970's and '80's? When folks in private industry were getting 15% raises and more, we were doing well to get 2%. One year the pay increase was 1%. Annual bonuses? Never saw anything like that either. I figure it all more or less works out.
__________________
When I was a kid I wanted to be older. This is not what I expected.
Walt34 is offline   Reply With Quote
Old 05-12-2021, 04:17 PM   #69
Thinks s/he gets paid by the post
 
Join Date: Aug 2010
Location: Back woods of Fennario
Posts: 1,169
I only voted once and I voted for government pension. DW get teacher retirement from the state of GA. About $2300, of which amongst the withdrawals is a direct monthly healthcare premium for a retirees plan - about $275 for a bronzish plan from BCBS. It is COLAed.

I get a monthly annuity payment from megacorp labeled as a "pension" - $395 - beer money........
__________________
"Time wounds all heels...." - Groucho Marx
LRDave is offline   Reply With Quote
Old 05-12-2021, 04:17 PM   #70
Full time employment: Posting here.
 
Join Date: Jul 2011
Location: Reading, MA
Posts: 866
No pension, per se, but I did pensionize (annuitize) my employer's contribution to my 403(b) with TIAA to the tune of around $8000 per month...
TheWizard is offline   Reply With Quote
Old 05-12-2021, 04:19 PM   #71
Thinks s/he gets paid by the post
 
Join Date: May 2008
Posts: 4,944
Quote:
Originally Posted by Tom57 View Post
Small $400 per month corporate pension I have been collecting since 2001 from a 7 year employment at a German company in the US. DW gets $210 per month since 2002 for a 30 year employment at a major US bank.
Mine is like yours - $365/mo - corp pension (no COLA). It is so tiny but it is still much better than a kick in the butt .

I haven't spend any of it yet, and it's not in my retirement budget/calculations.
tmm99 is offline   Reply With Quote
Old 05-12-2021, 04:23 PM   #72
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
street's Avatar
 
Join Date: Nov 2016
Posts: 6,956
Yep, I took it in a lump.
street is online now   Reply With Quote
Old 05-12-2021, 04:27 PM   #73
Administrator
Gumby's Avatar
 
Join Date: Apr 2006
Posts: 19,540
Quote:
Originally Posted by anethum View Post
No pension. I've sometimes felt that there should be parallel forums for folks w/pensions and those without. ....
I think we can all live harmoniously in a single forum, but it is a good reminder that it is basic human nature to look at things through the lens of our own personal experience. When I post, I try to keep in mind that my situation may not be like yours, but I'm sure I'm not always successful. The best we can do is try to be aware of the fact and how it might affect any advice we may be giving.
__________________
Living an analog life in the Digital Age.
Gumby is offline   Reply With Quote
Old 05-12-2021, 04:27 PM   #74
Full time employment: Posting here.
WestUniversity's Avatar
 
Join Date: Oct 2017
Posts: 717
Corporate pension. Did analysis on annuity vs lump sum. Took it in a lump sumů
__________________
Whatever failures I have known, whatever errors I have committed, whatever follies I have witnessed in private and public life have been the consequence of action without thought... - Bernard Baruch
WestUniversity is offline   Reply With Quote
Old 05-12-2021, 04:30 PM   #75
Thinks s/he gets paid by the post
RetireBy90's Avatar
 
Join Date: Feb 2009
Location: Cville
Posts: 1,405
DW and I are both retired Army and DW draws a small school system pension.
__________________
FIRE 31 Aug, 2018 - Always leave every place better than you found it, always give more than expected or Due
RetireBy90 is offline   Reply With Quote
Old 05-12-2021, 04:35 PM   #76
Confused about dryer sheets
 
Join Date: Apr 2017
Location: Olathe
Posts: 8
Quote:
Originally Posted by pb4uski View Post
+1 but mine is $1,500/month. I set my federal tax withholdings from this one pension to cover our annual federal income tax bill so I don't have to make estimated payments and the remainder goes into checking.
That's smart! Thanks for the idea.
Puzzler is offline   Reply With Quote
Old 05-12-2021, 05:12 PM   #77
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
calmloki's Avatar
 
Join Date: Jan 2007
Location: Independence
Posts: 6,917
No pension a-tall. Do collect $91.30/month in social security after they take out medicare and drug premiums. Our cat is most grateful, as that covers both food AND cat litter.
__________________
"Be kind whenever possible. It is always possible." Dalai Lama
calmloki is online now   Reply With Quote
Old 05-12-2021, 05:21 PM   #78
Recycles dryer sheets
 
Join Date: Nov 2017
Posts: 81
Texas TRS (education) pension. About 70% of final salary.
retire202052 is offline   Reply With Quote
Old 05-12-2021, 05:50 PM   #79
Recycles dryer sheets
 
Join Date: Apr 2015
Posts: 370
CalPERS retirement and I'm embarrassed to say just how much it is, almost criminal. I also get 100% medical and dental for life for both myself and wife.

I never talk about my retirement benefits in front of family or friends. Most of my fellow retirees do the same simply because most people get angry over it.
Drake3287 is offline   Reply With Quote
Old 05-12-2021, 05:54 PM   #80
Thinks s/he gets paid by the post
jollystomper's Avatar
 
Join Date: Apr 2012
Posts: 4,775
Non-COLA corporate pension but relatively large compared to others. It is 39% of my final year base salary. It would have been higher had not megacorp restructured pensions in the late 1990s and then froze the salary component of the pension in the mid 2000s.

We went into retirement planning for it to cover all of our "basic living" expense level and over half of our "extravagant living" expense level, which has worked so far.
__________________
FIREd date: June 26, 2018 - "This Happy Feeling, Going Round and Round!" (GQ)
jollystomper 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
Do you or someone you know have an unclaimed pension heirloom FIRE and Money 4 03-12-2013 09:53 AM
Where Have You Have Lived, Why you chose where you live to Retire or Still Mulling ShokWaveRider Life after FIRE 116 11-22-2012 10:21 AM

» Quick Links

 
All times are GMT -6. The time now is 06:00 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2022, vBulletin Solutions, Inc.