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View Poll Results: Do you have a pension that has any significant impact on your retirement budget?
Yes, more than 25% 196 46.45%
Yes, less than 25% but still meaningful 57 13.51%
Yes, I have a pension, but it doesn't have a significant impact on my retirement budget. 43 10.19%
No pension 126 29.86%
Voters: 422. You may not vote on this poll

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Old 02-23-2017, 03:05 PM   #21
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Have two small pensions, one of which is COLAd; together they are ~20% of total annual expenses. Also have a rental property which we plan to convert to a CRT (annuity) which, when combined with the pensions, will cover slightly >25% of total annual expenses.

Although slightly off topic, the retirement benefit that's as valuable as either of the pensions is TriCare, which likely saves us ~$1k/mo; although it's tough to estimate the actual dollar value in today's environment. But, suffice to say, the value of TriCare is not going down.
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Small pensions & SS cover essentials
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Old 02-23-2017, 03:06 PM   #22
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We each have a pension. It covers most of our basic expenses. Traveling, eating out etc is not included. I had forgotten that we will get raises. We got paid today and I noticed the amount had increased and sure enough we hit the 4 year mark for a raise. We will get a raise from now on every year.
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Old 02-23-2017, 03:15 PM   #23
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I could answer the third or fourth choice in the poll. I won't be eligible for my old, frozen company pension until I turn 65, in 12 years from now, and 20 years after I first ERed 8 years ago. That pension is fairly small ($1,000 per month, non-COLA) and is one of my "reinforcements" I can add to my retirement income starting at age ~60. Hence, it's "No Pension" for now and the first 20 years of my retirement, and "No significant impact" after that.
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Old 02-23-2017, 03:28 PM   #24
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I'm fortunate to have a pension (non COLA) that will cover our non-discretionary spending. DW will have a small pension at age 65.
401k, Roth IRAs and taxable for discretionary spending and inflation.
SS will be extra icing on the cake
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Old 02-23-2017, 03:31 PM   #25
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Old 02-23-2017, 03:35 PM   #26
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My two small pension checks are <25% of our retirement income, but still significant, since it allows us to not touch any of our retirement accounts until RMD's kick in.
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A what? What's a pension?
Old 02-23-2017, 03:38 PM   #27
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A what? What's a pension?

If Social Security is considered a pension (I think it is) then yes, we have a small pension. I only paid in a bit more than the minimum quarters so the $$ won't buy much, but it includes Medicare, and that's very important to us.

If we are excluding Social Security, then no, no pension. No complaints either.
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Old 02-23-2017, 03:51 PM   #28
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DHs COLAed pension more than covers our monthly expenses. It's not huge, we just don't need much in a low cost of living area with no debt.
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Old 02-23-2017, 04:22 PM   #29
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Quote:
Originally Posted by MichaelB View Post
If Social Security is considered a pension (I think it is) then yes, we have a small pension. I only paid in a bit more than the minimum quarters so the $$ won't buy much, but it includes Medicare, and that's very important to us.

If we are excluding Social Security, then no, no pension. No complaints either.
Thanks MichaelB. For the purposes of this poll, I was excluding SS since it comes to most of us in the US. A real defined-benefit pension provided by an employer seems much less prevalent overall - but does seem to be a pretty good indicator if you can FIRE, based on results of the poll so far.
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Old 02-23-2017, 04:24 PM   #30
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When DH retired, he chose a smaller monthly pension check (with survivor benefits) and a partial lump sum. We like the bird in the hand theory.

His monthly pension and social security payments pay all of our essential expenses. I will apply for social security in about three years.
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Old 02-23-2017, 04:26 PM   #31
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Fire and Police pension fund. Retired June last year. It covers expenses on a tight budget. Anything extra has to come from savings

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Old 02-23-2017, 04:47 PM   #32
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We have a combined non-cola pension of $2250. It covers 100% of our essentials and a little extra spending. Our withdrawal could be as low as 0%, but we spend 2% or less, to still keep room for a Roth ladder conversion. SS is deferred.

Since 100% essentials are covered, more than 25%. If we counted conversion amounts, or started SS, our poll number would be between less than 25% or not significant.
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Old 02-23-2017, 04:51 PM   #33
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2/3 of our income after we're both taking SS
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Old 02-23-2017, 04:57 PM   #34
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no pension here

well, other than SS..... I hope....
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Old 02-23-2017, 05:05 PM   #35
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I will have a defined benefit pension that will make up about 50% of our revenue in retirement depending on which survivor option we choose. My company is in the process of freezing the defined benefit pension and moving everyone to defined contribution funds. Anyone hired after 2008 (I believe) was enrolled in defined contribution and will not receive a pension. In 2016 mega-corp froze the income factor when figuring future pension benefits. In 2020 they will freeze the remaining years' of service factor, so my pension benefit will be frozen in 2020.

To make up the pension freeze any future retirement benefit we will receive is in the form of defined contribution. I currently receive 2% of my pay in addition to 401K matching funds to make up with the freeze in average pay. In 2020 they will increase that to 6% of pay in addition to matching funds. So in 2020 I can receive 10% of my salary from the company dropped into my 401K account as long as I contribute 8% or more. They will contribute 6% even if we don't participate in the 401K at all. A "free" 6% is nice and all, but at this stage of my life, I like the pension better.
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Old 02-23-2017, 05:09 PM   #36
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Yes. I'm retired now and eligible to collect COLA'd pension in ~ 11 years. Present value of pension is < expected yearly expenses. Social security will add on to cash flow.
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Old 02-23-2017, 05:21 PM   #37
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I have a COLA'd DB pension that covers all essential expenses plus some discretionary. SS is all gravy. Heavily subsidized health insurance helps too. They discontinued this pension plan about 1984 or so but I was grandfathered in. We haven't touched the IRA (now at an all-time high) and I'd better start on that before RMD's kick in about the same time DW hits age 66 and begins SS and we get to take the tax torpedo directly amidship.
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Old 02-23-2017, 05:23 PM   #38
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What's a pension?
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Old 02-23-2017, 05:42 PM   #39
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My FERS pension with Diet COLA, which will start later this year, will provide about 60% of my retirement income or my non-discretionary expenses. SS (at age 62) and my 401k will each provide about 20% - one will pay my taxes and the other my discretionary expenses. All my retirement income except for a small Roth IRA is taxable and I'm single so taxes will be high and I'm a candidate for increased Medicare Part B premiums and any future means testing. If I delayed SS to age 70 and inflation was high, the SS might eventually catch up with the pension in my old age.

My pension is my favorite and I worked hard for it - 32 years service and almost at top of my pay scale. But I missed CSRS by 1 1/2 years and would have come out much better with a CSRS pension and no SS.
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Old 02-23-2017, 05:47 PM   #40
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DB not COLA'd until I'm 62, pays about 75% of expenses.
Retiree employer paid medical, dental and vision. Life is good.
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