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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05-26-2021, 10:27 PM
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#241
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2012
Posts: 6,181
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Quote:
Originally Posted by Montecfo
Again, somewhat surprising that the "early" retirement board consists mostly of pensioners.
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In the past some Megacorps allowed you to collect pensions fairly early. I started at Megacorp at 21. by age 51 with 30 years I was eligible to retire with a pension. It was not small at that point, and with a lower desired lifestyle I could have retired, but chose to keep working for 9 more years so it grew to support our desired retirement lifestyle (and I liked my job so it wasn't a chore).
__________________
FIREd date: June 26, 2018 - "This Happy Feeling, Going Round and Round!" (GQ)
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05-27-2021, 01:27 PM
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#242
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Recycles dryer sheets
Join Date: Apr 2021
Posts: 173
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Kinda off topic but for anyone starting out, there are still companies that offer pensions. UPS is one of them.
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05-27-2021, 08:22 PM
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#243
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Thinks s/he gets paid by the post
Join Date: Feb 2008
Location: Indialantic FL
Posts: 1,330
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Two military pensions,DW SS, and two V
VA Disability payments, rental income and interest income on a note we hold. Our retirement savings are for LTC at this point. Total about $150K annually.
__________________
JimnJana
"The four most dangerous words in investing are 'This time it's different.'" - Sir John Templeton
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05-27-2021, 09:35 PM
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#244
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 17,915
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Quote:
Originally Posted by Miarocks
Congrats on your wonderful pensions. Wow. Are you aware of the WEP and GPO provisions in relation to Social Security benefits (how they are impacted by your government pensions)? These laws greatly impact my husband and myself, so much so that I will not receive a spousal or survivor benefit from DH’s Social Security. Also, his SS benefit is reduced by $330/month due to the WEP. I find that many people who have/will have government pensions are unaware of these two very important laws.
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Several folks here over the years have commented on the WEP and GPO provisions as it applied to their gummint pensions. I understand it can be a substantial effect (never in gummint service myself - except paying all those taxes ) I would doubt too many folks here to whom it applies would be blind sided by it personally if that was a part of your question.(?) YMMV
__________________
Ko'olau's Law -
Anything which can be used can be misused. Anything which can be misused will be.
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05-28-2021, 05:56 AM
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#245
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Thinks s/he gets paid by the post
Join Date: Mar 2014
Location: Apex and Bradenton
Posts: 1,848
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Quote:
Originally Posted by Montecfo
Again, somewhat surprising that the "early" retirement board consists mostly of pensioners.
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On average, if person A draws two cards (investments and SS) and person B draws three cards (investments, SS, and pension), person B will usually win.
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05-28-2021, 07:19 AM
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#246
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Thinks s/he gets paid by the post
Join Date: Sep 2013
Location: Ventura County
Posts: 1,433
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When comparing the value of a pension to savings I ( like many here) use immediateannuities.com to estimate the equivalent cash value. It's been a while since ive done so and I just found that, much to my surprise, my pension is now 'worth' 20% more than the day I started drawing it - despite me being almost 5 years older and having drawn those years of payments from it. Interest rates must be REEALLY low for that to happen.
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05-28-2021, 12:30 PM
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#247
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Recycles dryer sheets
Join Date: Oct 2018
Location: Grand Rapids
Posts: 466
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Quote:
Originally Posted by 1242Vintage
Both wife and I are drawing government pensions totaling $11.4K/mo plus a $1.9k stipend for healthcare. Also paid into and will get Social Security in a few years.
Haven’t touched a dime in various IRAs, 401(k) or 457 plans since retirement.
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Geeeez - must be nice! My DW didn't have much chance to make income, what with various health problems (e.g., well over 10 years fighting brain cancer) and other concerns along with filling the primary role in raising the kids. My own government pension totals a little over $7K/mo and I thought I was doing well! I'm hoping to see a raise of a little over $1K/mo soon, but even in the absence of that we're still not touching much of the egg; only for things we really want. It's really super to be debt free with home & auto fully paid. We'll also draw Social Security in a few years but who knows what'll happen with SS, right? I'm very thankful - it's a retirement I didn't think we would have once upon a time.
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05-30-2021, 12:57 PM
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#248
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 7,677
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Quote:
Originally Posted by jazz4cash
That’s sounds good but I’m not sure what it means.
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IMeant there is a good chance I won't outlive my money.
(A FIRE concept )
__________________
For the fun of it...Keith
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05-30-2021, 01:15 PM
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#249
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 17,915
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Quote:
Originally Posted by jollystomper
In the past some Megacorps allowed you to collect pensions fairly early. I started at Megacorp at 21. by age 51 with 30 years I was eligible to retire with a pension. It was not small at that point, and with a lower desired lifestyle I could have retired, but chose to keep working for 9 more years so it grew to support our desired retirement lifestyle
(and I liked my job so it wasn't a chore).
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Rereading this I had periods where I loved my j*b and periods where I became nearly catatonic because I didn't want to go in for weeks - heck years - at a time. It occurred to me that "liking" what you do is even more blessed than a pension, but very much a YMMV.
__________________
Ko'olau's Law -
Anything which can be used can be misused. Anything which can be misused will be.
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05-30-2021, 01:44 PM
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#250
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2005
Location: Chicago
Posts: 13,186
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Quote:
Originally Posted by Koolau
Rereading this I had periods where I loved my j*b and periods where I became nearly catatonic because I didn't want to go in for weeks - heck years - at a time. It occurred to me that "liking" what you do is even more blessed than a pension, but very much a YMMV.
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I certainly agree that liking what you do, how you're spending your life, can be more important than money (within reasonable constraints). It's so, so sad to read stories here on the forum posted by folks who spent years and years of their lives loathing what they did with their time. That is simply life's capital (time) being pissed away. And unlike investments, once lost/wasted/squandered, time never recovers.
And, yes. YMMV.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
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05-30-2021, 02:22 PM
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#251
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Thinks s/he gets paid by the post
Join Date: Jan 2005
Location: northern Michigan
Posts: 2,215
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Quote:
Originally Posted by stepford
When comparing the value of a pension to savings I ( like many here) use immediateannuities.com to estimate the equivalent cash value. It's been a while since ive done so and I just found that, much to my surprise, my pension is now 'worth' 20% more than the day I started drawing it - despite me being almost 5 years older and having drawn those years of payments from it. Interest rates must be REEALLY low for that to happen.
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Yep. I have a very modest pension, but I'm very happy to have it. All I have to do is stay alive in order for that monthly check to keep coming in.
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05-30-2021, 07:44 PM
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#252
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Thinks s/he gets paid by the post
Join Date: Oct 2020
Location: Sugar Land, Texas
Posts: 1,245
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Technically I do but not sure if I would get anything. I worked partial 2005 and full 2006 year. Fidelity website says to call so I will do just that and find out.
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05-30-2021, 08:16 PM
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#253
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Thinks s/he gets paid by the post
Join Date: Jul 2011
Location: Reading, MA
Posts: 1,798
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Yes, I'm planning to stay alive until age 112 minimum ..
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05-30-2021, 09:36 PM
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#254
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Thinks s/he gets paid by the post
Join Date: Oct 2020
Location: Sugar Land, Texas
Posts: 1,245
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Quote:
Originally Posted by TheWizard
Yes, I'm planning to stay alive until age 112 minimum ..
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What if you live beyond 112?
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05-30-2021, 10:01 PM
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#255
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,327
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Quote:
Originally Posted by kcowan
IMeant there is a good chance I won't outlive my money.
(A FIRE concept )
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Ok. As long as it’s not because the end is near...
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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05-30-2021, 11:18 PM
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#256
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Thinks s/he gets paid by the post
Join Date: Oct 2007
Location: Willamette Valley, Oregon
Posts: 1,979
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Got a fat state government pension with 2% max COLA (now at $8700/month), and SS of $1600/month, taxable account income federal tax free of $1200/month.
So, the RMD's required out of my tIRAs, of about $6700/month present me with the opportunity each year to decide to which 501c(3) charitable organizations to make Qualified Charitable Distributions to, and how much to give each one. Presents me with a gratifying but sobering need to discern what organizations reflect my values, and where and how I can make maximum impact to further those values. I am in the enviable position of being able to make sizeable enough donations to be very impactful to some organizations.
__________________
Dreams Worth Dreaming are Dreams Worth Planning For. I Spent a Career Planning for Early Retirement.
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06-02-2021, 04:18 PM
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#257
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Full time employment: Posting here.
Join Date: Dec 2016
Location: Living the Dream!
Posts: 853
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Quote:
Originally Posted by Miarocks
Congrats on your wonderful pensions. Wow. Are you aware of the WEP and GPO provisions in relation to Social Security benefits (how they are impacted by your government pensions)? These laws greatly impact my husband and myself, so much so that I will not receive a spousal or survivor benefit from DH’s Social Security. Also, his SS benefit is reduced by $330/month due to the WEP. I find that many people who have/will have government pensions are unaware of these two very important laws.
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Thanks. As I was nearing retirement I met with a Social Security representative on this item. He reviewed my file, provided me with a written estimate, and confirmed that under current laws I will not impacted by WEP or GPO.
My wife on the other hand was a very part-time school teacher as her second career and unfortunately will be impacted.
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06-02-2021, 04:46 PM
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#258
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2016
Location: Northern Virginia
Posts: 7,591
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Quote:
Originally Posted by latexman
On average, if person A draws two cards (investments and SS) and person B draws three cards (investments, SS, and pension), person B will usually win.
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Ok, but the point I am making is somewhat different, although I realize the poll does not provide enough information to draw solid conclusions. But it *suggests* workers who do not draw pensions are far less likely to be able to retire early.
Most people here draw pensions according to the poll. Yet most workers do not have access to them (never did but it is worse now).
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06-02-2021, 05:00 PM
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#259
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Moderator
Join Date: Nov 2015
Posts: 13,926
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Quote:
Originally Posted by Montecfo
Again, somewhat surprising that the "early" retirement board consists mostly of pensioners.
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I would not draw that conclusion at all.
An unknown % of board members clicked on this thread and responded. 533 votes in several weeks is not a big sample of visitors.
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06-02-2021, 05:04 PM
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#260
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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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Quote:
Originally Posted by Montecfo
Again, somewhat surprising that the "early" retirement board consists mostly of pensioners.
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Quote:
Originally Posted by Aerides
I would not draw that conclusion at all.
An unknown % of board members clicked on this thread and responded. 533 votes in several weeks is not a big sample of visitors.
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And keep in mind many of the "pensioners" have mini or micro pensions.
Mine is $105/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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