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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05-13-2021, 12:26 PM
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#121
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Recycles dryer sheets
Join Date: May 2019
Posts: 318
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No pension here other than SS which we’re not old enough to start taking yet.
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05-13-2021, 12:35 PM
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#122
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2009
Posts: 6,683
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Quote:
Originally Posted by disneysteve
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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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!"
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05-13-2021, 12:53 PM
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#123
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2010
Posts: 5,862
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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.
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05-13-2021, 12:58 PM
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#124
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Confused about dryer sheets
Join Date: Apr 2021
Location: NY
Posts: 3
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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.
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05-13-2021, 01:00 PM
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#125
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Thinks s/he gets paid by the post
Join Date: Jul 2012
Location: Texas
Posts: 3,024
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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: 85/15 WR: 2.7% SI: 2 pensions, SS later
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05-13-2021, 01:01 PM
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#126
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Full time employment: Posting here.
Join Date: Dec 2016
Location: Living the Dream!
Posts: 844
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Quote:
Originally Posted by Drake3287
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.
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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.
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05-13-2021, 01:38 PM
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#127
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Thinks s/he gets paid by the post
Join Date: Oct 2015
Posts: 2,307
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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?
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05-13-2021, 03:37 PM
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#128
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Recycles dryer sheets
Join Date: Aug 2018
Posts: 264
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I'll be getting a corporate pension when I retire.
Megacorp froze our pensions in 2008.
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05-13-2021, 03:51 PM
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#129
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Recycles dryer sheets
Join Date: Apr 2016
Location: Bay Area
Posts: 187
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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.
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05-13-2021, 04:34 PM
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#130
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Recycles dryer sheets
Join Date: Dec 2018
Posts: 129
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what does SIRE stand for?
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05-13-2021, 04:52 PM
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#131
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2013
Posts: 11,078
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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.
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05-13-2021, 04:54 PM
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#132
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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: 21,206
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Quote:
Originally Posted by Mountain skier
what does SIRE stand for?
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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 / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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05-13-2021, 04:59 PM
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#133
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Thinks s/he gets paid by the post
Join Date: Oct 2008
Posts: 1,608
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I have a federal pension.
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05-13-2021, 05:07 PM
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#134
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Recycles dryer sheets
Join Date: Dec 2018
Posts: 129
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05-13-2021, 06:42 PM
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#135
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Recycles dryer sheets
Join Date: Jul 2016
Posts: 55
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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!
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05-13-2021, 06:58 PM
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#136
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Thinks s/he gets paid by the post
Join Date: Sep 2010
Location: Thailand countryside, Sisaket province
Posts: 1,331
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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
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05-13-2021, 07:39 PM
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#137
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2010
Posts: 5,862
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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.
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05-13-2021, 08:30 PM
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#138
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Full time employment: Posting here.
Join Date: Nov 2015
Posts: 685
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I will have a federal pension in my 60's, but if I FIRE it will not be much.
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05-13-2021, 10:41 PM
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#139
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Dryer sheet aficionado
Join Date: Oct 2020
Posts: 43
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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.
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05-13-2021, 11:08 PM
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#140
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Recycles dryer sheets
Join Date: Jan 2021
Location: Northern California
Posts: 326
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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.
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