View Poll Results: How many have a "defined benefit pension" here?
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defined benefit pension
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80 |
46.78% |
defined benefit pension cola
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48 |
28.07% |
No pension
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43 |
25.15% |
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05-24-2022, 06:27 AM
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#101
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2008
Location: On a hill in the Pine Barrens
Posts: 9,721
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Quote:
Originally Posted by SnowballCamper
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Thank you for posting this and correcting my mindset.
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05-24-2022, 11:42 AM
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#102
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Thinks s/he gets paid by the post
Join Date: Feb 2021
Location: Puget Sound
Posts: 3,258
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Quote:
Originally Posted by old medic
So I'll will say we are SIRE, Pension is more than my former take home by about 10%.
Defined state pension with 100% survivors benefit. No set COLA but does get some (5% is currently in the works), DW is under the same retirement system in about 5 years. Both will have SS in the future. Both have 401K and Roth that currently equal 7 years of expenses.
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I've been following along, medic, and yours is one of those cases where you don't have a big nest egg but you'll be fine. Our nest egg is a little light too, but I'm unconcerned. Your pension is a lot better off than mine!
__________________
Class of 2023
OMY to 2024
Started pension April 1 2024
Operating Engineer for a commercial plumbing contractor
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05-24-2022, 02:47 PM
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#103
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Thinks s/he gets paid by the post
Join Date: Sep 2020
Posts: 1,060
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I have a COLA’d pension from 35 years in California local government.
Pension continues on to my sons after I die.
Yes, I did take a big reduction in pension for that benefit but I’m happy with my choice.
My pension plus SS net pay is still more than my work net pay.
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05-24-2022, 03:59 PM
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#104
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Thinks s/he gets paid by the post
Join Date: Aug 2014
Location: Red Rock Country
Posts: 1,932
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In late 1988, I decided to leave my megacorp position to take a University position in Arizona. However, starting January 1989, vesting rules for defined pensions were changing and for my megacorp, vesting was changing from 10 years to 5. Since I'd joined megacorp in mid-1979, leaving at the end of 1988 would mean no pension benefit whatsoever but if I could clock even a little work time at megacorp in January 1989, I would get some pension when I turned 65. So we moved in late December, with me taking some vacation time through the end of the year and I returned to megacorp to work for a week in January 1989 before starting my new university position. I wondered at the time if it was worth the hassle but now I'm glad I did even if my monthly pension benefit is a meager $450. After experiencing the inflation of the 1970's to 1980's, I assumed that amount would be lucky to cover my phone bill 30 years later but it actually covers a lot more even without a COLA!
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05-25-2022, 06:15 AM
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#105
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Thinks s/he gets paid by the post
Join Date: Jul 2020
Posts: 1,507
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Quote:
Originally Posted by skyking1
I've been following along, medic, and yours is one of those cases where you don't have a big nest egg but you'll be fine.
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We can hope... Part of our success is with us both working public service... we learned how to get by on little money... and do most of our own work.
__________________
Went from EMS to PDN
Earn Money Sleeping/ Paid Doing Nothing
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05-25-2022, 10:34 AM
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#106
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Thinks s/he gets paid by the post
Join Date: Feb 2012
Posts: 1,500
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Quote:
Originally Posted by Dash man
Yes, not a good choice IMO. My DFIL is a type 1 diabetic and will be 89 in August. He doesn’t even take very good care of himself!
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Three Type 1 women I was close to lived into their 90s.
__________________
Chief Retirement Strategist
The AR Group
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05-25-2022, 11:03 AM
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#107
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Thinks s/he gets paid by the post
Join Date: Sep 2008
Posts: 1,009
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Quote:
Originally Posted by Irishgirlyc58
I have a COLA’d pension from 35 years in California local government.
Pension continues on to my sons after I die.
Yes, I did take a big reduction in pension for that benefit but I’m happy with my choice.
My pension plus SS net pay is still more than my work net pay.
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"I have a COLA’d pension from 35 years in California local government.
Pension continues on to my sons after I die."
Asking as a Ca. tax payer, how that is possible? Passing on a state pension to ones son's?
Lifetime for them as well?
Thanks
__________________
"I couldn't wait for success, so I went ahead without it." Ret. 2013 @ 51.
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05-25-2022, 11:37 AM
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#108
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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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^^^^^
__________________
Good Luck,
Latexman
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05-25-2022, 12:10 PM
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#109
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Thinks s/he gets paid by the post
Join Date: Feb 2021
Location: Puget Sound
Posts: 3,258
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Quote:
Originally Posted by old medic
We can hope... Part of our success is with us both working public service... we learned how to get by on little money... and do most of our own work.
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That, and a huge ++++++ for a government COLA pension or two!
__________________
Class of 2023
OMY to 2024
Started pension April 1 2024
Operating Engineer for a commercial plumbing contractor
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05-25-2022, 02:04 PM
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#110
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Full time employment: Posting here.
Join Date: Oct 2018
Posts: 530
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Quote:
Originally Posted by almost there
"I have a COLA’d pension from 35 years in California local government.
Pension continues on to my sons after I die."
Asking as a Ca. tax payer, how that is possible? Passing on a state pension to ones son's?
Lifetime for them as well?
Thanks
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I am not the original poster, but DH has a calpers pension too so I have an idea how it could be. Poster probably wasn’t married and could choose a beneficiary like all married pensioners.
You did catch the part that she had to take a huge reduction in her pension to pay for that benefit right?
Just like all annuities they use actuarial stats to determine the cost.
Hope that helps.
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05-25-2022, 02:07 PM
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#111
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Thinks s/he gets paid by the post
Join Date: Feb 2021
Location: Puget Sound
Posts: 3,258
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Mine is about a 16% hit for 100% for the spouse.
11% hit for 75%.
As you said it's on the actuarial tables and my wife is 4 years younger.
__________________
Class of 2023
OMY to 2024
Started pension April 1 2024
Operating Engineer for a commercial plumbing contractor
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05-25-2022, 02:15 PM
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#112
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2009
Posts: 9,343
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Quote:
Originally Posted by Vacation4us
I am not the original poster, but DH has a calpers pension too so I have an idea how it could be. Poster probably wasn’t married and could choose a beneficiary like all married pensioners.
You did catch the part that she had to take a huge reduction in her pension to pay for that benefit right?
Just like all annuities they use actuarial stats to determine the cost.
Hope that helps.
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Good explanation. I had that option also for my daughter, but the reduction was too great on my end to do. Plus these things sometimes dont work out. If offspring doesnt live as long as expected or even with spousal reduction. My neighbor in 1986 took spousal reduction and she died in 1988. So he had to deal with a reduced pension the rest of his life until when he passed 3 years ago. This wasnt a government pension either.
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05-25-2022, 06:15 PM
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#113
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Location: Upstate
Posts: 2,951
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Quote:
Originally Posted by almost there
"I have a COLA’d pension from 35 years in California local government.
Pension continues on to my sons after I die."
Asking as a Ca. tax payer, how that is possible? Passing on a state pension to ones son's?
Lifetime for them as well?
Thanks
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Many DB pension (both public and private) offer this kind of option. The payments are adjusted to be actuarily the same. (Thus there is no additional expected cost to the issuer.) I did this w/my mega-corp pension. It was limited to a 50% J&S option for a non-spousal beneficiary. In my case, my ex is a few years older and my child (at the time) only seven. The amount my payments were reduced (from single life) to 50% J&S w/my child was approximately the same as having 100% J&S w/my ex.
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05-25-2022, 08:12 PM
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#114
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 17,265
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I like that term 'diet-cola' as a way of referring to pensions.
Mine is also a diet-cola plan. It's yearly COLA is capped. Since retiring the nationwide COL has been under the cap, but given the past six months, it looks like inflation will take a nice 5%-6% bite out of my real pension benefit adjusted for inflation.
I am still amazed that people are so quiet about this. I would think that certain senior organizations would be screaming from the roof tops about this. Sure, the SS increase is nice, but it isn't much compared to the value lost in retirement accounts and for those with fixed or diet-COLA pensions.
__________________
Comparison is the thief of joy
The worst decisions are usually made in times of anger and impatience.
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05-25-2022, 08:33 PM
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#115
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Recycles dryer sheets
Join Date: Jan 2013
Posts: 192
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Defined pension (no cola) from first 12 years of employment in the 70s and 80s so only worth about $600 a month when I turned 65 with surviving spouse option.
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05-25-2022, 08:44 PM
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#116
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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 Chuckanut
I am still amazed that people are so quiet about this. I would think that certain senior organizations would be screaming from the roof tops about this. Sure, the SS increase is nice, but it isn't much compared to the value lost in retirement accounts and for those with fixed or diet-COLA pensions.
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What exactly would they be screaming about. The pension formulas either include a COLA or they don’t. How would a pension fund pay for a COLA benefit if it is not already included in the formula. Pensions are already endangered species and this would hasten their demise. Most Gov’t pensions already have a COLA of some sort I believe.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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05-25-2022, 09:15 PM
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#117
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Full time employment: Posting here.
Join Date: Oct 2018
Posts: 530
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Quote:
Originally Posted by Mulligan
Good explanation. I had that option also for my daughter, but the reduction was too great on my end to do. Plus these things sometimes dont work out. If offspring doesnt live as long as expected or even with spousal reduction. My neighbor in 1986 took spousal reduction and she died in 1988. So he had to deal with a reduced pension the rest of his life until when he passed 3 years ago. This wasnt a government pension either.
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DH had multiple options for his pension. 50% survivor was free, 75% and 100% decreased his pension by a dollar amount based on his spouses age.
There was also a guaranteed return of all the money he paid in.
What he chose was 100% survivor with a pop up option. If I, his spouse die before him he gets his original pension amount. The cost to cover me at 100% was much less than the 10% reduction he thought it would be. Ended up being about $500/month. I am about 8 months older than DH. He had at least 5 different options to choose from. None was a lump sum pay out.
He looks forward to the first of the month every month. I have peace of mind that if something happens to him I will only have to worry about a broken heart not $$.
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05-26-2022, 03:38 AM
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#118
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Full time employment: Posting here.
Join Date: Oct 2021
Posts: 554
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Interesting that a strong majority here have pensions while only about 20% of retirees in the US as a whole have a pension at all. Perhaps the key to early retirement for most is really a pension. If that is the case, bodes poorly for folks in the future being able to retire early as pension accessibility continues to decline.
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05-26-2022, 03:52 AM
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#119
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Recycles dryer sheets
Join Date: Jan 2022
Posts: 253
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Quote:
Originally Posted by Magus
Interesting that a strong majority here have pensions while only about 20% of retirees in the US as a whole have a pension at all.
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The majority of people responding to a thread asking about pensions have pensions. That's not a surprise.
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05-26-2022, 04:04 AM
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#120
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Full time employment: Posting here.
Join Date: Oct 2021
Posts: 554
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Quote:
Originally Posted by punkinhead
The majority of people responding to a thread asking about pensions have pensions. That's not a surprise.
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It’s a thread asking if people have a pension, not a thread about pension. Nuanced but important difference. Why would folks without a pension like myself be less likely to respond in your mind? At any rate, from other links posted to earlier threads here, not the only time with similar results.
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