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 05-13-2021, 12:26 PM   #121
Recycles dryer sheets
 
Join Date: May 2019
Posts: 269
No pension here other than SS which we’re not old enough to start taking yet.
JRon is offline   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 05-13-2021, 12:35 PM   #122
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Nov 2009
Posts: 6,013
Quote:
Originally Posted by disneysteve View Post
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.
Some of us, including me, have pensions but they were frozen when the company phased them out for new employees while keeping some of the pension program for others.

My frozen pension covered about 17% of my peak, FT salary. But because I twice reduced my weekly hours worked starting the year (2001) they froze my pension, by the time I ERed, that same pension eventually represented about 42% of my final, PT salary.

That cash-balance substitute (how many of you have that type of retirement program?) can pay, as a monthly benefit, about 6% of my PT salary.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is offline   Reply With Quote
Old 05-13-2021, 12:53 PM   #123
Thinks s/he gets paid by the post
 
Join Date: Apr 2010
Posts: 4,095
The real issue for those with pension income is the amount of the pension, whether or not it is has a cola adjustment, other DB pension benefits such as dental, eyecare, , and finally...how much of your retirement expenses are covered by pensions.
brett is online now   Reply With Quote
Old 05-13-2021, 12:58 PM   #124
Confused about dryer sheets
 
Join Date: Apr 2021
Location: NY
Posts: 3
I have a government pension that covers around 65% of my final salary. It has a small COLA and a 75% survivorship option. I also had a 457b that I rolled over into a tIRA, of which I'm now starting to convert to a Roth. Haven't claimed SS yet at 64. We also consider ourselves extremely fortunate.
LMR1229 is offline   Reply With Quote
Old 05-13-2021, 01:00 PM   #125
Thinks s/he gets paid by the post
Cobra9777's Avatar
 
Join Date: Jul 2012
Location: Texas
Posts: 2,383
I have a small non-COLA corporate pension. It's about 20% of my final base pay. It could have been a lot bigger but I quit at 52 and started collecting immediately. DW has a government pension from a municipality in Texas. It has a partial COLA (70% of CPI) and represents 65% of her final pay. The two pensions combined cover roughly 50-60% of our expenses.

We also both have retiree health insurance through our prior employers. The subsidy on those is equivalent to about half my pension.
__________________
Retired at 52 in July 2013. On to better things...
AA: 55% stock, 15% real estate, 27% bonds, 3% cash
WR: 2.7% SI: 2 pensions, some rental income, SS later
Cobra9777 is offline   Reply With Quote
Old 05-13-2021, 01:01 PM   #126
Recycles dryer sheets
 
Join Date: Dec 2016
Location: Living the Dream!
Posts: 434
Quote:
Originally Posted by Drake3287 View Post
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.

I’m CalPERs too. And on my lane I have a retired CHP officer and a couple from State Tax Board. We all wave and smile when we see each other at the mail box. No words exchanged but we all know we have comfortable pensions.
1242Vintage is offline   Reply With Quote
Old 05-13-2021, 01:38 PM   #127
Thinks s/he gets paid by the post
euro's Avatar
 
Join Date: Oct 2015
Posts: 1,657
Nope, no pension. Megacorp turned it into a cash balance plan about halfway in...... well, I suppose I could have taken an annuitized payout instead of lump sum - does that count as pension?
euro is offline   Reply With Quote
Old 05-13-2021, 03:37 PM   #128
Recycles dryer sheets
Dean56's Avatar
 
Join Date: Aug 2018
Posts: 115
I'll be getting a corporate pension when I retire.
Megacorp froze our pensions in 2008.
Dean56 is offline   Reply With Quote
Old 05-13-2021, 03:51 PM   #129
Recycles dryer sheets
JohnnyBGoode's Avatar
 
Join Date: Apr 2016
Location: Bay Area
Posts: 157
I think it is quite telling that (according to this poll at least) almost 2/3 of the participants on this board have a corp or govt pension. This is a far higher percentage than the typical American. https://www.cnbc.com/2020/01/17/here...nt-income.html

Just goes to show that FI is remarkably difficult without a pension.
JohnnyBGoode is offline   Reply With Quote
Old 05-13-2021, 04:34 PM   #130
Recycles dryer sheets
 
Join Date: Dec 2018
Posts: 120
what does SIRE stand for?
Mountain skier is offline   Reply With Quote
Old 05-13-2021, 04:52 PM   #131
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
MRG's Avatar
 
Join Date: Apr 2013
Posts: 10,143
No pensions here. When I started Megacorp in 84 they said no pension but we have profit sharing. They contributed 10% of our wages into a private fund. A year later a coworker did a presentation on how compounding with past returns projected out. Numbers said we'd have a million in 20 years. Didn't quite work out but there was changes due to a 401k addition, we still could get the 10% but you had to contribute some too.

DW gets 1400, SS today, I'm planning waiting till 70 as I'll get close to the maximum amount.
MRG is online now   Reply With Quote
Old 05-13-2021, 04:54 PM   #132
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: NC
Posts: 17,109
Quote:
Originally Posted by Mountain skier View Post
what does SIRE stand for?
SIRE - Secure Income, Retired Early

SI generally applied to pensions, FI depends on personal assets for income.

https://www.early-retirement.org/for...rum-34884.html
__________________
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 / 30% bond funds / 20% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 05-13-2021, 04:59 PM   #133
Thinks s/he gets paid by the post
powerplay's Avatar
 
Join Date: Oct 2008
Posts: 1,571
I have a federal pension.
powerplay is offline   Reply With Quote
Old 05-13-2021, 05:07 PM   #134
Recycles dryer sheets
 
Join Date: Dec 2018
Posts: 120
Quote:
Originally Posted by Midpack View Post
SIRE - Secure Income, Retired Early

SI generally applied to pensions, FI depends on personal assets for income.

https://www.early-retirement.org/for...rum-34884.html
Thank you
Mountain skier is offline   Reply With Quote
Old 05-13-2021, 06:42 PM   #135
Dryer sheet aficionado
 
Join Date: Jul 2016
Posts: 33
DH has two corporate (non-cola) pensions, fully funded by the company, and totals about $46K/yr. Forty years in with four more months to go until ER!
Deej is online now   Reply With Quote
Old 05-13-2021, 06:58 PM   #136
Thinks s/he gets paid by the post
martyp's Avatar
 
Join Date: Sep 2010
Location: Bangkok
Posts: 1,204
I have a University of California COLA’d pension plus Social Security now. I forget what % of my salary it is. I want to say 75% but that was 10 years ago and the cost of living increases have increased that now. I have some savings on top of that. I lost 20% of those savings in the 2009 crash but that wasn’t enough to deter my ER decision. I am now living in Thailand so my pension provides a comfortable lifestyle and I can still save some.
__________________
Happy, Wild, and Free
martyp is offline   Reply With Quote
Old 05-13-2021, 07:39 PM   #137
Thinks s/he gets paid by the post
 
Join Date: Apr 2010
Posts: 4,095
Pensions pay approx 75 percent of our pre covid spending expenses. They cover our entire living expenses during covid with excess monies sent to saving.

Savings this year will pay for our new roof! Given the choice, we would rather have travelled and pulled the rood money from investments.
brett is online now   Reply With Quote
Old 05-13-2021, 08:30 PM   #138
Recycles dryer sheets
 
Join Date: Nov 2015
Posts: 203
I will have a federal pension in my 60's, but if I FIRE it will not be much.
teej1985 is online now   Reply With Quote
Old 05-13-2021, 10:41 PM   #139
Dryer sheet aficionado
 
Join Date: Oct 2020
Posts: 39
I retired from the military almost 3 years ago after 26 years w/ pension and va disability. Combined equal more than my active base pay by a good bit. Both have historically been sufficiently cola'd.
Mook1e is offline   Reply With Quote
Old 05-13-2021, 11:08 PM   #140
Recycles dryer sheets
 
Join Date: Jan 2021
Location: Northern California
Posts: 104
I'm thinking the poll results were skewed by the title. I have no pension but DH has not not only a private pension from the current job, but recently got a mailing that outlined another micro-pension (private). That jogged the memory about a third, private micro-pension. I thought that was unusual until I saw Alan's response.
oiseux is online now   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 11:50 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.